Post
Personal Finance
6mo (edited)
an operations executive
New to Corporate Life, Need Help Saving!
Hey everyone,
I'm a 24-year-old who just started working at an MNC in Pune last November. This is my first corporate job, and I'm struggling to save money. I know I'm lucky to live with my parents and not have to worry about rent or food, but my salary still seems to disappear by the middle of the month! I've already set up some automatic SIPs, but I need help figuring out where my money is going. Any tips on budgeting or saving would be greatly appreciated!
prodfixer
6mo (edited)
works at
The way you are saying it looks like you are unaware of how the money is going. Nobody can help if you don't mention category wise spend and few other informations.
Better to sit down and open the bank account statement for the month. Start putting each transaction in a category (like food, travel etc)
This is the 1st step
Then find out how much you are spending on fancy items or dine.
This is the 2nd step
If you are still not able to understand,you can mention the above these 2 steps value
"Want" vs "need" spend
View 3 more replies
noobengineer
6mo
works at
hmmmm looks like you haven't figured out yet, well I too was initially confused at some point where my money went, salary came and by mid of month I'm clueless where the rest of money is. Create a sheet jotting down every expense you've made(open your phonepe history, gpay history, bank statement), every investment you've made. It's tiring but worth it once you see everything in front of you it'll be clear to you.
Don't use a credit card unless you've made significant control on your spending or you know what you need to spend on, what is necessary and what is not else there's not going to be much savings even if you start earning twice what you earn now.
Invest more! Spend less!
60-20-15-5 rule, 60% goes to investments, 20% to personal expense, 15% for parents, 5% to bank savings(trust me)
lot of people will say why 5% to bank savings buddy unless you're burdened with lots of loans or constantly in fear for need of money, practically speaking 5% is more than enough every month to keep in bank rest let it invest.
a senior associate
6mo
It's awesome that you're already thinking about saving at your age. Living with your parents is definitely a plus, but it can be tricky to see where your money goes. For a month, write down everything you spend. This might sound tedious, but it's the best way to see where your money's going.
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