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How to save on your salary


Hey guys,


Welcome back to another post on TNEW section, in this write up we will be tackling a rather taboo subject that I don't think a lot of us talk enough about. Which is how to save effectively especially on your salary.


As most of you guys may know I recently bought my first place and to do so I had to save for a deposit which I was able to do, with no help from my parents which I think is important to make clear.


My parent did/have helped me with other things like legal fees and buying furniture but for the deposit it was all me and it took me around 2 years to finally get to where I wanted to be before thinking about buying a place. ( I will have a separate video going into detail about my house buying process as well as savings for my place)


As for now lets get back to how to save effectively...


  1. Develop a saving habit - Now I know this may sound like a obvious statement but its the truth and an important place to start. Have a mentality where saving is important to you and also knowing that just because you have the funds doesn't mean you ought to spend it. Have the mentality to want to save it. Even if you have extra money one month have the desire to save it instead of spending it.

  2. Create a spread sheet/balance sheet if needed - Personally I've always been more of visual person and seeing you finances on paper is a great way to organise yourself. Seeing your incoming and out goings visually gives you a better understanding of your finances but also plan where your money needs to go for the month.

  3. Prioritise your spending - Part of growing up and becoming an adult is knowing what's worth your time, effort and energy and that is exactly the same with money. Knowing where your money NEEDS to go rather than where you would like it to go is important. If you have a financial goal you're trying to reach, you will need to allocate what's important i.e bills etc but then not forgetting what your saving budget is also.

  4. Have a separate account for your saving that collects interest - Now depending on what country you're in different banks have different savings account with different interest rates. I would strongly advise to research on the different banks and who has the best interest rates. It does also depending on what you're saving for and what you financial goal is. For example if you are trying to save for your first house then looking into a ISA savings account may be better than just a standard saving account as the return and benefits you get are better. Having a separate account also helps you with managing your money so you don't get confused with your financial funds and you know clearly where your savings are going and how much you actually have compared to your everyday money.

  5. Every little helps - even if it's not the amount you wanted/normally saved monthly or weekly, don't be discouraged and just save whatever it is you can... every little does help in this matter, every little amount and gets you closer to your end financial goal.

  6. Even if you have it, you act like you don't - a big part of growing up and saving, is having to train yourself with some self control. If you're a self confessed shopaholic like myself it's essential to therefore train yourself to think even if you have the funds available, train yourself to think you don't.

  7. Be realistic - goals, especially financial goals can be daunting however the journey shouldn't be, the only reason why you may feel anxious at times in regards to money is because we've set unrealistic pressures on ourselves. Whether that be in terms of timing or amount. Be realistic about your goal, saving for whatever your end goal is. It's all a part of life and while you're on that particular chapter or journey of life it shouldn't be a gloomy one. Enjoy life and enjoy the process and the only way to do that is by being realistic with it.

  8. Don't give up especially if the unexpected hits - Adulting can be hard but what makes it harder is when the unexpected happens and all of a sudden you have to be an adult and attend whatever issue that may be i.e your car breaking down, boiler whatever. Times like this make it very easy to get frustrated, as all the; time, effort and energy you've put in to save seems to have gone out the window. But don't get discouraged its all a part of life, you have to keep moving forward. Never see it as starting again but just slight bump in the road, stay motivated.


I hope some of these tips you guys found helpful or motivating to keep saving for whatever it may be!





CK xoxo