The first step toward managing your monthly expenses is being organized. The best way to do this is to create a budget tailored to your needs so you can check and adjust your savings progress at any time. Before drawing up your budget, it is advisable to break down your fixed income and expenses to obtain a clear picture of how much money you can afford to save each month.
There are several money-saving strategies that you can adopt, such as the 50/20/30 method. This model is based on a rule of proportions: 50% of your income is allocated to fixed expenses, 30% to personal expenses, and 20% to your savings. This is a simple method. In fact, the only difficult part is deciding how to categorize your expenses. It is essential to complete this step before you start.