How to Start Saving Money: A Beginner's Guide

Saving money may feel like a luxury or an impossible task, especially with bills, rent, and daily expenses stacking up. But the truth is, everyone can start small and build a habit that pays off long-term. Whether you're a student, a young professional, or someone trying to get back on track, here are some practical tips to help you begin your savings journey.

1. Track Your Spending

You can't save what you don't understand. Start by listing all your monthly expenses—everything from rent and groceries to that occasional coffee run. This helps you see where your money is going.

2. Set a Realistic Goal

Don’t aim to save half your income right away. Start with something manageable, like 10% of what you earn. Even ₹500 a month adds up over time.

3. Use the 50/30/20 Rule

Divide your income like this:

• 50% for needs (rent, bills, groceries)

• 30% for wants (shopping, eating out)

• 20% for savings and debt repayment

This rule brings balance and control to your finances.

4. Open a Dedicated Savings Account

Keeping your savings separate makes it less tempting to spend. Consider opening a high-interest savings account for even better growth.

5. Automate It

Set up automatic transfers to your savings account as soon as you get paid. That way, saving becomes a habit without extra effort.