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Saving money is as important as the skill to earn money. Having a financial cushion gives you freedom, flexibility, and choice. Whether you fancy starting a company or going freelance, a financial buffer affords you time to get established without worrying about finances. By starting early, saving becomes a habit and you're less likely to miss the spare rupees. Here are some of the best money-saving tips to help you get started.

How much should I save?

There's no one-size-fits-all approach to saving as it's governed by many variables, like when you start and what your goals are. But understanding where your money goes is key, as it provides you clarity on where you can cut-back. You can use a spreadsheet to track and bucket your expenses into categories. Whether it's food, transport, or clothes, categorising them can help you quickly identify your biggest outlays.

How to save money from salary?

Armed with a birds-eye view of your income and expenditure, you can start to explore a realistic savings budget. The 50/30/20 guide is a handy start point that you can reference even as your salary grows. According to this budgeting system, half your income should pay for necessities such as rent and bills, 30% for 'wants', and 20% for saving or paying debts.

How to save for the future?

Once you've set your budget, it's time to create a money-saving plan. And believe it or not, saving can become addictive as you see your pot swell. Start by going through all your expenses like your phone, WiFi, or utility bills, to ensure you're getting the best deal available. Next, decide on your goals – whether it's for a house, further education, or a holiday. Knowing what you're saving for is a real motivator.

Use money-saving apps

It can be easy to lose track of your budget, mostly because maintaining a spreadsheet regularly can be laborious. One of the best money-saving tips that you can get is to use technology to your advantage. To your help, there are multiple apps that enable you to set budgets and receive alerts when you exceed them. These apps allow you to set budget categories and specify big-ticket goals to fund over time.

Look for different ways to save money

A little goes a long way and often without you even noticing. So why not line your piggy bank with loose change? Whether that's emptying your purse into a piggy bank or putting aside all the money you get from your elders to mark special occasions. Side hustles are also handy for increasing the pot. Make some spare cash by selling unwanted items on apps which are available on phone. You can pick a side hustle with your your skills through project basis jobs marketplaces.

Make the best of money-saving schemes

Finally, you need to consider where to save your stash. Savings accounts and interest rates differ widely and often depend on variables such as whether you need regular access to the account or if you're happy to lock your money away. Remember, the latter gives high return – so do check out these money-saving plans. Research to find the best one for you and then kick-back and let technology help you save without noticing!