13 Money Saving Tips for Employees Who Are Tired of Being Broke

  • Whatsapp

Saving money is supposed to be monthly obligatory, no matter what. However, some people have more challenges due to low income, salary packages, and lifestyle. 


A salary package generally comes with several benefits fo employees. Some of them are a guarantee of work safety, free medical expenses, eyeglasses fees, etc. 

Particular employers do not include these benefits in the packages. This certainly forces the employees to manage their income wisely. 

At the same time, they have to save some money while allocating some budget to cope with unexpected incidents related to healthcare, education, and other expenditure that are commonly covered by some companies. 

There are some tips worth trying to manage income and in the end, save some money.

Money Saving Tips for Employees

1. Write Down Your Monthly Spends

May sound classic, but writing down every little spend in a month is useful to find out your cash flow. 

Every time you receive your income, immediately write down your necessities. 

Divide them into categories such as monthly bills, daily needs, transportation costs, and saving.

This way also helps you notice any unnecessary spending. A clear record will make your spending more controlled.

This note as your financial plan for the whole month. It helps your cash flow more manageable.

2. Complete your dependents and debts first

Before you start saving, pay off all your dependents. Do not set aside money to save first if you have not paid your debt.

This is done so that it is clear how much money you actually have. Pay as soon as you get your money.

You can start by paying debts to banks, paying houses, electricity, water, and so forth.

After spending the debt, you will get the rest of your net money without dependents that you have to pay.

3. Set Your Monthly Saving Target

It is advised to allocate 10% of your income for saving, no matter how little you earn. A strong will is an important step. 

Set a nominal target to save every month. Do not save money after you have spent all the necessities. 

Instead, save some nominal immediately after you receive your income. Be committed to the nominal target you have set earlier.

You can also try to save some money from your daily spending. It may sound useless, but you never know until you find out. 

Small changes from the grocery shops, cafeteria, or transportation cost may grow into a considerable amount that you can use to pay bills or save to the bank.

4. Save Some Emergency Fund

It is vital to have a monthly emergency fund, especially if the company benefits are not included in your salary package. 

The emergency fund avoids you to take from saving in case of unexpected incidents.

As well as saving, you have to set some emergency budget immediately after payday. 

Emergency cases generally relate to unexpected health risks.

5. Be A Wise Shopper

Are ways of managing your monthly spending. When It comes to shopping, be a wise shopper. 

List your needs and do not take excessive cash or credit card. This will keep you from unnecessary spending. Before you purchase an item, spend some minutes to compare prices. 

To save more time for a manageable shopping session, you can browse our information about discounts and promotions. It is applicable for both online or conventional shopping. 

To save more budget, you can also explore information on forums or communities about ‘dupe’ items or the right quality products at economical prices.

You are in the budget; window shopping may not be a good idea. Avoid unnecessary spending on shopping effectively.

In an online platform, take advantage of searching or filter tool to shortlist the items you are looking for (also read how to online shopping safely).  

6. Be Disciplined And Consistent

And consistency is the basic rule in saving. It may be difficult at first, but it takes time to make this a habit. 

Continuous effort will not only help you to reach the target. Moreover, you will pass the target and have some extra budget to start your own business. 

You may have heard some success stories which are built from discipline and consistency in managing the budget.

7. Invest In Gold

A long journey and hard work of disciplined financial management, you may think of investing your money for the plan. 

Beginners can start buying gold from trusted providers. It is another way to lock down your savings. 

For some people, money-saving is challenging as they always find excuses to keep withdrawing it even from a particular account. 

Remember that gold investment is strongly advised for long term occasions to make it beneficial.

Do not invest in gold jewelry as the value tends to decrease. Gold saving is so much simpler nowadays that banks and other providers offer related services. 

No more hassle because of putting a bulky deposit box around the house. Put away worries about robbery, floods, or fire. Keep yours safe at the trusted providers.

8. Asset Management

More severe effort to save? You can try listing your assets. You may think of selling a movable asset, for example. If you are badly in need of cash, shortlist only productive assets or those which you regularly use. 

Post your assets on reliable online selling sites. You can use the cash for saving or investment.

It is known as asset management. Another benefit of asset management is you do declutter at once. It means more capital, more space, and more time to do anything more valuable.

9. The power of a coin

Don’t underestimate coins.

The coins you usually get when you get a change should be saved and placed in a special place. Or, you can also put a small change in your piggy bank.

By not trivializing change, you can save even more. Of course, this will make your expenses more controlled.

10. Get around how to save with one type of money

If you usually have trouble saving, you can create a unique way to save. This method is done by keeping using one type of money.

For example, you specify that you will save money at 1 USD denominations. When you have 1 USD in your wallet, you must immediately put it in your piggy bank.

This method is quite popular and makes your brain respond to these activities as an automatic thing.

If you have made this a habit, putting certain pieces of money in your piggy bank or savings will not be a burden.

It might feel hard at first, but later, when it becomes a habit, it won’t be anymore.

You will feel awkward if you do not enter the fraction you have specified to save.

11. Know The Points Of Saving And Insurance 

People mistakenly assume saving and insurance are the same. They are two different forms of saving some money. 

Saving can be irregular, and the amount is not precise. Meanwhile, insurance has to be paid monthly with an exact amount that is previously approved. 

Saving can be withdrawn anytime, while insurance cannot. Insurance is intended for long term purposes, such as education and health. 

Customers only get compensation if they pass away, get injured, or attend a certain level of education. 

If a customer intends to withdraw their fund from the insurance one day, do not be surprised with the amount which is less than the amount has been deposited or you can’t take it back (depending on the type of insurance).

It is because most of the fund has been allocated for the insurance party’s benefit, administration, incidents such as hospital care, death, injury, and school tuition, for example. 

So do not take insurance to save money.

12. Give yourself a gift

After you have saved consistently for some time, don’t forget to give yourself a present. This is done so that you are even more eager to save.

You can give yourself gifts such as clothes that you want with some savings, travel, and so forth.

In addition to gifts, you can also give yourself a penalty if you violate the commitments you have made.

This is done, of course, solely so that you are increasingly disciplined and apply high self-control on yourself.

13. Doing side jobs

You can save if you can add money to your savings. If it turns out that your primary income does not leave a lot of money, you can do side jobs.

There are many side jobs you can do that also don’t take much time (also read 27 small business ideas you can start from home). For the money from your side job, you should save almost all of your salary.

It is because your needs have been met with your main money. Even so, don’t forget to leave your money for fun.

That way, you will not feel bored when doing your side job.

Saving does look difficult at first.

But the thing you have to believe is, by saving, then you will live more efficiently going forward. By saving also you can expect to get financial freedom in the future.

Related posts

Leave a Reply

Your email address will not be published. Required fields are marked *