06-09-2024, 02:56 PM
First of all determine your monthly or quarterly savings budget, start by calculating your total income from all sources. Next, track and list all fixed and variable expenses, such as bills, groceries, and entertainment. Identify your short-term and long-term financial goals, like building an emergency fund or saving for retirement. Allocate a percentage of your income towards savings after covering necessary expenses, following guidelines like the 50/30/20 rule, dedicating 20% to savings. Regularly review and adjust your budget to stay aligned with your financial objectives.