How to save money from your salary

17 Unexpected Ways to Save Money from Your Salary

Are you tired of living paycheck to paycheck? If yes, then now is the time for you to save some money from your salary. I know you have this question in mind: “how can I save money from my salary?”

Don’t worry! In this article you will get to know about 17 unique ways to save money from your salary.

Additionally, we will discuss some interesting rules which may help you to save some extra bucks from your paycheck.

So, without further delay, let’s dive in.

How to Save Money from Salary: 17 Unexpected Ways

The following are 17 unexpected ways you can consider to save some money from your salary every month:

1. Make a Budget Plan for Each Month

Planning a Budget

If you are receiving a small salary and you have a question in mind like “how to save money on a small salary?” then the best thing is to plan your budget as soon as you receive your paycheck.

However, it is better to plan your budget before receiving your paycheck. For example, write down the necessary expenses with green markers and allocate some amount of your salary to each expense.

Additionally, make sure to stick to the budget plan you planned at the time of your paycheck.

2. Track Your Spending

The most common mistake we normally make is we do not track our spendings. We assume that we will spend X amount of dollars on shopping this month. But we end up spending double the amount.

It is better to find the previous month’s bills for your groceries, shopping, and other spendings to avoid extra spending this month and save some money from your salary.

3. Plan Your Food Budget

Food Items

One of the most important tips for saving is to reduce the amount you spend every month on food and groceries. The best you can do is write down all the essential food items and avoid purchasing extra ones.

According to an Economic Research survey by USDA, Americans spend 9.7% of their total salary on food and eatables. So, it is better to cut down your food expenses to half to save extra money from your salary.

4. Plan Your Entertainment Budget

Most of us can’t control our emotions when it comes to entertainment. However, it is possible that entertainment expenses can be the biggest hurdle in your way to saving money from salary.

Your entertainment budget includes gaming, Internet service, TV services, and much more. Additionally, if you consider using prepaid plans for phone calls, then it will definitely help you with your basic problem of saving money

5. List down Your Priorities

Listing down your priorities is one of the most useful tips for how to save money from your monthly salary. Moreover, it will also help you to figure out which expenses are essential and which are not so you can avoid unnecessary expenses.

For example, you are listing down your priorities, and you realize that eating outside at a restaurant is not a priority. So, you can easily remove it from your priority list and save some money.

6. Manage Your Utility Bills

You can manage your utility bills by unplugging the appliances that are not frequently used, like your old phone or iPad that you don’t use anymore. It’s better not to charge them at all, and it will also save you some money on your electricity bill.

Moreover, suppose you are using an air conditioner during winter. In that case, it is ideal to avoid the sunshine reaching your home so you can naturally avoid heating in your home without the use air conditioner.

Similarly, you can also reduce the use of gas heaters in the winter season. Minimizing your utility budget will definitely resolve your problem of How to save money from salary.

7. Use the Cash Envelope System

The Cash Envelope system is one of the most important strategies for how to save money with 20,000 salary. In the cash envelope system, you have to get personalized envelopes with labels on them of each expense like Utility, Food, Entertainment.

When you get your paycheck at the start of the month, you have to allocate a certain percentage of your salary to each of the envelopes. Moreover, you will have to spend only the money you put in each of the expenses envelopes till the month-end and no more than that.

8. Reduce Your Spending on Your 3 Major Expenses

The 3 major expenses that consume most of your salary are housing, food and transportation expenses. Reducing or minimizing costs in these areas is an important tip for saving.

Most importantly, you have to manage these areas in order to reduce your expenses. For example, you can opt for walking instead of using a taxi for transportation. In this case, you can save some extra money from your salary.

9. Spend Less on Outfit and Clothing

Everyone loves to buy new clothes and outfits, especially girls. But it is also true that these clothes and outfits may prevent you from saving money from your salary. You can save more if you buy low-cost outfits or buy outfits only on special occasions like weddings.

10. Avoid Your Shopping Triggers

If you are one of those people who go shopping as soon they receive their paycheck, then let me tell you that you can’t save money with this attitude. You will have to hold onto your shopping triggers.

Avoid impulse buying and shopping

However, you can buy the essential things on your priority list but avoid buying unnecessary things and save money. I hope you can save some money in this way and your problem of “How to save money from salary” will not be there anymore.

11. Minimize Your Transportation Cost

Transportation costs can easily be minimized if you reduce the use of cars and walk to schools and offices if the weather allows. Try staying at home and limit your trips outside.

Enjoy at home by playing some family games, reading books, watching movies, and drawing drafts. It will certainly cost you less. If you have car repairs, find a cheaper mechanic and buy cheap auto parts to save money.  

12. Setup Direct Deposit into Your Other Bank Account

Direct deposits in your other saving or investment account are among the best tricks for saving money from salary. You can ask your payroll administrator about having two different bank accounts and ask them to transfer a certain percentage to your savings account.

Moreover, a certain percentage of your salary will directly go into your savings account every month when you receive your paycheck. This option will definitely help you in saving extra money every month.

13. Say Goodbye to Debt

Saying goodbye to expensive debt payments can save you a lot of money. There are ways you can use to opt for lower interest rates. For example, refinancing your student loan will help you to get a lower interest rate.

Additionally, you will get the benefit of lower your monthly payment. In this way, you will save more money from your monthly salary. Similarly, you can also transfer your high-interest rate credit card to a new credit card having a 0% introductory promotional rate.

14. Cancel Automatic Subscription for Streaming Services

Avoid Uncessary Subscription to Save Money

Streaming services like Netflix, Amazon Prime, Hulu, etc., have automatic subscriptions at the end of each month. You can also cancel the automatic subscription for these streaming services to avoid automatic deductions from your account.

15. Use Coupons for Purchases

Coupons give you the benefit of saving on your purchases. You can easily buy necessities like food items and clothes at discounted prices using different coupons. If you are trying to save money from your salary, then it is a good way to save some money.

16. Refinance Student Loan or Mortgage

If you are a student or a house owner, then refinancing your student loan or mortgage will help you to save some money from your salary.

When you refinance your loan or mortgage, the interest rate for your loan becomes much lower, and it is easier for you to repay the loan along with fewer monthly payments and interest. 

17. Use a Budgeting App

The budgeting apps like Mint helps you to keep track of your spending goals, budgets, and expenses. It is the easiest way to see how your budgeting plan works. Budgeting apps will allow you to change your spending habits in order to save more money from your salary.

How much should I save on my salary?

How Much Salary to Save

It is an important question of how much should you save money from your salary or, in other words, how to save money from salary percentage?

Well, the most common and simple rule is the 50/30/20 rule to save money from your salary every month.

● 50/30/20 Rule

This rule is simple and easier to understand. It states that you will have to allocate 50% of your salary to necessities (e.g., food and utilities), 30% to your monthly spending, and save the remaining 20%.

Using this rule, you can save 20% of your salary every month, and that’s a lot of money.

● 60/20/10/10 Rule

The 60/20/10/10 rule is another budgeting rule to allocate your salary wisely to different expenses. This rule states that you can spend 60% of your salary on living expenses and necessities, 20% to achieve financial goals, 10% on savings, and 10% on your wants or discretionary spending.

● Salary Savings Calculators

A salary calculator is a good option for saving money. You can find a lot of savings calculators online that will help you to allocate your salary wisely and will help you to save some money every month.

Where do I Save My Money?

You can save money from your salary every month in different forms. Some of the most common and effective forms of saving money from your salary are as follows:

High-yield savings account

A high-yield savings account is the best option for saving your money. It offers you more interest on your savings than your regular checking account.

Certificate of deposit (CD)

The certificate of deposits (CDs) allows you to lock a certain amount at a fixed rate for a definite period of time. You can withdraw your money when the Interest rate is higher.

Short-term bonds

Short-term bonds are a great way to invest and save your money. Whenever the price of a bond rises, you sell it and earn some extra money.


Stocks are more like investing money in shares. It is a great way to earn some extra return, but it is risky too. If the price of shares increases in the stock market, then you can sell them and earn a good return.

Need to know what’s the right age for buying stocks? Click here.

How to Save Money from Salary: (The Conclusion)

Today, we discussed about the 17 unexpected to save some money from your salary every month. You need have enough courage to hold onto your desires and show some patience in order to save money.

You can also utilize the budgeting rules to allocate the percentage of your salary on savings.

In addition, you can save money in different forms. You can either save money in the form of short-term bonds, or you can invest it in stocks and earn an extra return – the choice is yours.

Comment down below if you have some more useful tips!

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