Pockets empty at the end of the month? Develop these 5 habits, there will be no shortage of money even with a low salary.

News India Live, Digital Desk: Salary comes and when it ends, we don’t even know!”… This is the story of almost all of us. At the beginning of the month, we feel rich and by the 15th-20th of the month, our pockets start getting empty. We feel that our salary is low, hence we are not able to save. But the truth is that saving is more related to your habits than your earnings.

If you too are troubled by financial constraints and want to improve your financial condition, then you need to incorporate some ‘golden rules’ into your life, not any magic.

1. Make your ‘Money Diary’ (Make a Budget)
This is the first and most important step. Making a budget is not about tying yourself down, but about understanding where your money is coming from and where it is going.

• What to do? At the beginning of the month, write down in a diary or notes on your phone what your total income is and what your essential expenses are (like rent, ration, bills, EMI). This will give you a clear picture of how much money you actually have left to spend. This habit gives you control of your money.

2. Understand the difference between ‘need’ and ‘hobby’ (Control Unnecessary Expenses)
We often spend money mistaking our ‘wants’ for ‘needs’. Expensive food outside, daily shopping or OTT subscriptions that you don’t even use, all this is wasteful expenditure.

• What to do? Next time before you buy anything, just ask yourself one question – “Do I really need this, or can I do without it?” Believe me, 5 times out of 10 your answer will be ‘no’ and your money will be saved.

3. Give yourself a ‘first salary’ (Automate Your Savings)
Often we think that we will save whatever is left at the end of the month. But the truth is that in the end nothing is left. The best way to do this is to reverse the rule – “First save, then spend.”

• What to do? As soon as your salary comes, immediately put a small part of it (initially 5-10% will do) in another savings account, RD (Recurring Deposit) or SIP (Systematic Investment Plan). Put it on ‘auto-debit’ so you don’t even have to do this. It’s like you’re paying yourself your first salary every month.

4. Open another earning tap (Increase Your Income)
Merely reducing expenses is not enough. If you want to improve your financial condition quickly, then you will also have to think about increasing your earnings.

• What to do? Use any of your hobbies or skills in the time left after your job. You can earn some extra income every month by doing freelance writing, designing, giving tuition or doing any small work online. This extra money can go straight into your savings and investments.

5. Put your money to work (Invest Your Money)
It is not wise to just save money in a bank account, because inflation gradually reduces the value of your money. Therefore, along with saving money, learn to grow it as well.

• What to do? Invest a small part of your savings. Safe havens like mutual funds, gold bonds or PPF could be a good place to start. Today in the age of technology, investment can be started with even Rs 100. By investing little by little you can create a big fund in the long run.

Adopting these rules may seem difficult in the beginning, but gradually when it becomes your habit, you will see that despite having a low salary, you are not only able to save well, but you are also feeling financially stronger and more secure than before.