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How to Save 10% From Your Salary

It is very important to save money from your salary every month. Putting money into a savings account will help you create financial stability for the future. It means that if a financial emergency crops up such as an unexpected bill or you find yourself suddenly unemployed, you will have a cash reserve to get you through. Without these savings you will need to consider personal loans to get you through, but these need to be repaid. While personal loans may be a suitable option for an emergency, if you have managed to save 10% of your salary every month, they may not be necessary.

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How to Save

If your income is greater than your expenses and you are not spending all of your income each month, it is wise to create a savings account with a direct debit in which to save money. Putting your savings directly into a savings account will remove the temptation of spending the cash on luxury items just because it is available. However, if your expenses are greater than your income and you are not managing to make ends meet, you will need to find a way to either reduce your expenses or increase your income.

Increasing Your Income

Increasing your income is generally a more difficult way to save money. If you already have a job, you may not be able to find one that pays more or have time for another job. If you can manage, you might consider taking on odd jobs for extra cash.

Reducing Your Expenses

While this will take some time and effort, it is usually more practical to reduce your expenses. Start by creating a budget, listing all of your income and expenses in order of importance. You then need to cut off expenses that are unnecessary such as a magazine subscription to a magazine you never read or cable TV that you never watch. This may be enough to reach your goal of saving 10% of your salary and once you have met the goal, make a direct debit so that the savings become one of your budgeted expenses.

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