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How do I achieve good savings from a single source of income? I have only on source of income where I pay my bills; phone, electricity, house rent and all. And I still must save as little as possible.
Don’t worry about how many sources of income you have. I have seen people with multiple income squandering away the money like anything & crying in troubled times.
Write a budget for the month which includes your family and your needs. Prioritize that which is important like Food , Clothing, Shelter, Medicine, Education, Travel, etc.
Once you have a proper budget follow it. Initially, for few months you can do this. Then you get a rough idea so now you have to have a goal of saving some amount every month for an year. It could start from $100 to $1000 or whatever your country currency.
After 12 months , you have $1200 or $12000 so invest it in a flexible FD where you can withdraw soon in case of any emergency. Continue the same for many years and by the time you retire from work, you have some substantial savings for yourself.
The best way to save is to first deduct a certain portion of your income that you would wish to save. This amount should be deducted the very same day your salary gets credited and it should be immediately invested. If it is not invested then there is no point, as eventually it will get wiped out in some silly expense or the other on a future date. Once you have decided the amount, the next thing to do would be to do a financial plan. This will tell you exactly how much you need to invest and for which goal. This will also give you a clear idea of what sort of investments you should do and for how long.