12 Simple Steps To Budget And Save Money Every Month

[2] The 50-30-20 Rule

The day your bank account is credited with your salary, have a certain proportion of it transferred into your savings account.

You can follow the 50-30-20 rule of budgeting popularized by Senator Elizabeth Warren in her famous book All your Worth: Ultimate Lifetime Money Plan.

Break your in-hand income into three parts: 50% of the income goes to needs, 30% for wants, and 20% to savings and investment.

This rule will instill a sense of discipline while ensuring that you don’t compromise on the quality of life.