Ways To Cut Spending And Save Money – Home » Saving Money » Strategies To Save More » How To Save Money From Your Paycheck: 10 Top Tips

You finally find a job that pays you consistently. No more wondering if it’s going to be a slow tip day or wondering if you’ll get a sales commission check this week. Welcome to the world of being a salaried employee! Now you’re probably wondering how to save money in salary?

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Well, saving money from your salary should start in that first paycheck. Don’t fall into the trap of putting it off until the next paycheck. It’s easier to start now and adjust your spending after you save money in your first paycheck.

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At your job for a while? Following these tips can help you save money on your salary too! These tips apply regardless of your income. Whether you earn 5 figures or even 6 figures!

Now that you are a salaried employee you will likely have more consistent income. It is important to have a spending plan for your income before you receive a paycheck.

Determine which budgeting method or tool will work best for you. Do you prefer to write it in a notebook? Have you tried a budgeting app? Or are you a chiffon like me and you would shine with a spreadsheet? (See what I did there!)

Set up payments to yourself, for example, Roth contributions, deposits into your savings account, or you can even set up contributions to your 401k through your employer before you receive your paycheck. Plus, you can learn more about the differences between IRAs and 401ks while you’re at it.

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Prioritize saving money and your real needs such as housing, transportation, and food expenses. Once your needs have been met you can budget for items that are necessities but important for you to have. If your budget allows for it, leave room for fun money!

Saving money should not be a chore. In fact, you can set up automatic transfers and withdrawals from your checking account to your savings or investment account.

Check with your payroll administrator to have two bank accounts for your direct deposits. You may be able to allocate a certain percentage or dollar amount to a second bank account making your ability to save money from your salary even easier.

One of the reasons we fail to budget is because we fail to track our expenses. We assume we spend X amount of dollars on supplies when in reality it is double that amount.

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Tracking your expenses will allow you to know how your earnings have been used. Before you give up on saving money from your salary, review your expenses for the past few months. Often, we find that there are areas that we can cut in order to prioritize saving.

The three budget areas that make up the bulk of our transportation costs are housing, food, and transportation. Reducing expenses in these areas will leave you with extra cash from your salary to save.

Grocery shopping costs can be reduced by meal planning. One of the things my husband and I like to do is dine out during happy hour or take advantage of the early bird specials.

Transportation costs can be reduced by car-pooling, purchasing monthly travel passes vs. daily or weekly ones. And even get off your car if you own one.

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Are you getting the most for your money? This may be the most tedious of the tips but really a 15 minute phone call can save you money. If it’s been a while since you last had an insurance quote now might be the time to evaluate your service providers.

Home and car insurance aren’t the only areas where you can cut costs. Previously there were only 4 or 5 cell phone carriers. Now, with prepaid plans and other alternative cell phone carriers, you may be able to cut your cell phone bill in half.

Simple adjustments can help you reduce utility costs. Check for devices that are plugged into outlets, even if they are not used often. Unplugging your cell phone and other electronic chargers when not in use can lower your electricity bill.

As the weather warms up in the summer or cools down in the winter, it’s common for there to be fluctuations in our utility bills. Before turning on the air conditioner try to minimize the amount of sunlight entering your home. Or maybe turning on a fan instead of lowering the thermostat might give you the same effect.

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And don’t forget to check your bulbs! LED bulbs use more than 75% less energy than incandescent lighting.

When your money is less accessible, you will find that it is not as convenient to spend it. This is simply because it is just not there for you to spend right away.

A good idea is to put your savings in a separate bank account, which you can access when you need. Extra points if you skip the debit card and check option!

Online retailers have made spending money easier than ever. With one-click purchasing options, impulse buying has never been harder to avoid. Don’t save your credit card information and create barriers to buying items online if online shopping has been a problem for you.

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Entertainment is another area where you may be able to save money. With so many subscription services out there, it’s easy to have more than a dozen. Between Amazon Prime, cable, Netflix, Hulu, Pandora, and Spotify, just to name a few it may be time to evaluate alternatives to help you cut your bills.

Consider outdoor activities like hiking or camping as spending money alternatives. Check your local city for reduced or free museum days. Socialization doesn’t have to be expensive either. Try hosting game nights or potluck dinners instead of meeting at restaurants.

Paying yourself first isn’t about getting that cute purse, finally spending a day at a spa, taking that necessary girls’ weekend trip, or even upgrading your tech gear. Paying yourself first is the process of saving for your future.

In the future you may have a health crisis, you may want to leave the workforce to raise a family, start a business, buy a home, or simply have a comfortable retirement.

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Have you ever wondered how your future will finance these circumstances? These reasons and more are why it is important to save money from your salary.

Personal finance is personal, but here is a general rule of thumb for the amount to save from your take home pay, 50% for living expenses, 30% for lifestyle expenses, and 20% for savings.

The problem with general rules is that it does not take into account personal goals. If you are saving for a house, how long would it take you to save for a down payment if you are saving 20% ​​per paycheck? What about other short-term goals like vacations or other long-term goals like retirement?

The key factor in your financial goals is setting up a savings plan that works for you. You do not need to use 50% of income on living expenses. In fact, I would argue that it should be closer to 40% but again, this varies, especially if you are in a high cost of living area.

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If you don’t save money in your current salary, saving 20% ​​can be almost impossible until you adjust the other two categories. Check out this calculator from Mint. Try to reduce your expenses by 1% every month and increase your savings by 1% for a few months.

What you do today and where you put money from your salary will determine whether you have options. Options can give you freedom. No amount is too small as long as you start.

Think about it this way, when you start an exercise routine you may not start with 100 sit-ups, maybe you start with 30 or even 10. The strength and improvement comes from the exercise always. Every time you exercise it gets a bit easier. Slowly you add a few more sit-ups and you will see improvement.

Exercising and saving money are very similar. You may not see instant or drastic results, but slow and consistent action will lead to an improvement in your physical or financial health.

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I’m a bit of a money nerd and love to talk about money but you don’t have to. Simplify saving by making it automatic and putting it on autopilot.

Saving 20% ​​of your money from your salary is a good goal but it doesn’t have to be the ultimate goal. To successfully save money, you do not need to restrict yourself. Living frugally is a lifestyle choice and also a mindset.

Prioritize your savings and cut things that aren’t really important. Have fun and get creative and find ways to spend less.

The math behind saving money is simple but not always easy, but that said, it is entirely possible for you to save successfully.

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A freelance writer and financial coach who writes about the lessons she’s learned about money and is passionate about teaching financial literacy. It helps women to get assets and money, build wealth and become work-optional. WALESKA “WALLI” MILLER ON INSTAGRAM.

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