Struggling to Save? Follow These Steps Today.

In today’s fast-paced world, saving money isn’t just an option—it’s a necessity for securing your financial future. Whether you're dreaming of financial freedom, building a safety net for emergencies, or simply trying to live stress-free, the time to start saving is now. Every day you delay could mean missed opportunities to grow your wealth and prepare for life’s unexpected turns. If you’re unsure where to start or feel overwhelmed by your financial goals, this step-by-step guide will give you the tools you need to take control of your money, today — not tomorrow. Keep reading to discover how small changes can lead to big financial wins! 

To stop yourself from overspending, one should learn how to save their income. In this blog, we try to simplify saving money with actionable steps which can be applied by all - students, employee, business owner or retired person.

Step 1: Track Your Expenses

You can't save money if you don’t know where it is going. Start by tracking EVERY expense for at least 21 days. It is simple to track it using finance apps like Moneyfy, CRED, etc. or on Notes app of your phone. It'll help you get a clear understanding of your spending patterns. Categorize your expenses into fixed (rent, utilities, insurance) and variable (groceries, dining out, entertainment).

It looks like a big task but will not take more than few seconds to record it. After 21 days, it'll become a habit and come naturally to you like sending a WhatsApp message or checking Instagram. If you forget to enter few expenses, it's alright! Enter as many expenses as you can. Slowly, it'll become a habit.

It is not easy but simple. You'll have to force yourself in the beginning and remember about entering the transaction. So STOP giving excuses that you don't have time and take control of your expenses in less than 5 seconds per record.

Step 2: Analyze

Now that you've recorded down all your expenses, its time for Step 2. Analyze your expense for a clear picture of how much money you have earned, how much you are spending and where you are spending it.

Major expense buckets for most should be Housing, Food and Transport. If your expense tracker shows high spend on Food in a month then maybe you can cut down on it in next month by ordering fewer meals or cooking at home. If you are spending too much on Uber, maybe try to bring it down by using public transport.

Saving Rs. 10,000 annually and investing at 12% in an Equity Mutual Fund can be worth -

After 1 Year - Rs. 11,200

After 5 Years - Rs. 17,600

After 10 Years - Rs. 31,050

After 20 Years - Rs. 96,500

(I know, inflation! but something is better than nothing.)

Go through the list at end of each month and try to reduce all unnecessary evils. By analyzing your spending habits, you’ll be able to spot areas where you can cut back and start saving.

Step 3: Review and Adjust Regularly

Saving is not a one-time activity. You need to review your progress regularly to ensure that you are on track. If your circumstances change (new job, marriage, kids), adjust your budget and savings plan accordingly.

ADDITIONAL TIPS:

a) Automate Your Savings

To make saving easier and less painful, automate your savings. Set up a system where a portion of your income is automatically transferred into a savings account or investment product as soon as you receive your paycheck.

b) Avoid Lifestyle Inflation

As your income increases, it’s easy to fall into the trap of lifestyle inflation – spending more as you earn more. To avoid this, stick to your budget even when your salary rises. Instead of increasing your discretionary spending, increase the amount you save or invest.

To summarize...

Saving money isn’t just about setting aside cash; it’s about securing your future, reducing stress, and achieving financial independence. Every step you take—from tracking expenses to automating savings — brings you closer to the financial freedom you deserve. But here’s the catch: It all starts with taking action today and repeatedly every day, every month and every year.

Ask yourself, can you afford to wait any longer to start saving? If not, it’s time to implement the strategies we've outlined in this guide. Start small, stay consistent, and watch your savings grow over time.

Ready to take control of your finances? Start by following these steps today and experience the difference it makes in your life. Your future self will thank you!

Do you have other savings strategies that work for you? Share your thoughts in the comments below - we’d love to hear from you.

Disclaimer: The apps mentioned in this post are for reference only; we do not endorse, nor receive any compensation from them. Nothing in this post should be construed as investment advice. We are not investment advisors. The content is for educational purposes only. User discretion is advised.