The best way to save money is to determine your monthly expenses.
1. Add up all your monthly bills that are essential for your survival such as housing costs and transport to and from work (if applicable), food etc.
2. If your total monthly essential bills are less than your monthly income then you can start to save the difference.
If your total monthly essential bills are more than your income then here are some options to consider.
a) Lower your essential bills by for example finding a cheaper accommodation, moving closer to your work to save on transport costs, eating out less etc. The goal here is to adjust your lifestyle to bring your monthly essential expenses below your monthly income.
b) Find additional income streams by adding a second job if possible or starting a part time business or using your skills to earn some additional income by providing services to people in your spare time.
Finding additional sources of income might reduce the need to adjust your lifestyle but it is still useful to look at your expenses and make sure that you are not wasting money that you could save.
Savings are very important in emergency situations such as time periods when important things you use such as appliances need to be replaced and many other instances.
In conclusion, keep your expenses below your income to save money and start your journey to building your wealth.
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