The Art of saving, How to start saving money

The Art of saving, How to start saving money

June 25, 2021

“Save money, and money will save you one day”- one of my favorite quotes that explain the power of saving money today, helping you to survive the curve balls life throws at you later on.


The Art of saving, How to start saving money
The Art of saving, How to start saving money

Something as simple as saving money in your day-to-day life has always been one of the most important aspects of financial discipline. This brings us to the question of why something so simple, yet so effective is ignored by many either due to lack of knowledge or means.


When we break this question down there are 2 types of problems here:-

  • When people don’t have sufficient income even to survive then saving money is out of the question.
  • When people have enough income to save and they still don’t.


Let’s start with the first problem at hand, the obvious answer would be to earn more, but when you come from a low-income family, with no or very little support from your family who themselves wouldn’t have savings on their own, the problem at hand multiplies. There is a solution to this problem but be assured it would require you to put in the work.

Now if you are reading this you probably know English, this is very good news as this will allow you to earn an additional source of income.

Some high in-demand skills include web page designing, transcript writing, digital marketing (affiliate marketing, content marketing, etc. ), video editing, coding( there a lot of free resources available that will teach you to code by yourself, one of the favorites that I use to learn python is, etc.

The good thing is you can learn most of these skills quickly from the internet in the comfort of your house with the help of videos on YouTube and start making money.

If you put in the time daily within 3-6 months you can be on your way to making money on the internet.

Now coming to the second problem, I see most people stuck in situations that would otherwise be solved with the help of money. When you do have the income to save money you should do it, plain and simple.

Some of the things that could stop you from doing these are,

I have a loan to pay off:- As a general rule of thumb except for housing loans, personal loans, car loans, etc should be paid off as quickly as possible as no amount of savings/investments is going to beat the interest rates on these loans over a long period of time.

Habits such as smoking/drinking: – These habits chip away at your savings without even you noticing them, I request you to keep track to see for yourselves the percentage of your income you have spent on them for a month. These habits also tend to take a toll on your physical and mental wellbeing, my advice either stop them or keep a limit of 2-4% of your income.

Luxury spends: – One of the most common problems early on that impact how much you can save is your cost of living. Spending on costly electronic gadgets, cars, costly outings/vacations can do a lot of damage to your financial health. I recommend keeping a check on this spends.

The Art of saving, How to start saving money
The Art of saving, How to start saving money

How to go about saving money?

Now that we have identified most of the common problems, how do you start saving?

The rule of thumb here, save around 30% of your income every month and try to increase this as your income level increases.

 Maintain two separate bank accounts, transfer your savings as soon as you receive your paycheck into one of these, and use the other one for your spending and expenses, this will stop you from dipping into your savings unknowingly.

Create an emergency fund, this should be very liquid that is kept in your savings account and not invested.

Keep around 6 months’ worth of expenses stashed in there, so that in case of an emergency you can dip into it. Having an emergency fund is a major source of relief as you know you have something to fall back on.

 Do not get a credit card for the account in which you have your savings in as overdrawing this account will take you back to where you started. I suggest setting up this account and leaving it undisturbed for a period of 3-4 months at least.



Seeing the savings balance in this account should be a source of relief and a testament that you have started saving money and making wise financial choices.

Now, that you have a gist of what you should be doing as you can see this is not any type of rocket science, simple financial rules when lived by saving you a lot of stress and troubles in your personal lives.

Happy Saving!!!

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