No matter how good our salary is, the future can be secure only when correct planning is done to spend it. Yes, if we do the right planning of how to spend the salary, then apart from making good savings for the future, we can fulfill all our needs. Most people do not know how to spend their salary and how to save it too. There are some smart and simple ways, with the help of which you can do good savings from the salary...so let's know about them.

Now the new financial year has started, so now there is a change in the salary as well. In such a situation, if the salary is increasing this time, then manage the salary in such a way that you never feel the lack of money. So for this, smart money management and correct planning is necessary. Everyone should follow the popular formula of 50-30-20 to manage the salary. So let us understand how we can secure our future by saving our salary properly.

Everyone should know the popular formula of 50-30-20 for saving salary. According to this formula, 50% of it should be spent on essential things, 30% should be spent on lifestyle, 20% should be fixed for savings and investment. Through this simple formula, you can make good savings by taking out all the expenses from your salary, which can make you financially strong.

As soon as your salary arrives, you should immediately make a complete plan for the expenses of the whole month. If you want that you never have a shortage of money in the future, then proper savings are very important for this. To save for the future, make a habit of saving first from the salary, then spending. When you get your salary, put 20% of it in savings. Saving 20 percent can give you good financial strength.

Emergency can strike in everyone's life at any time. So, it is very important to prepare an emergency fund so that you do not face any financial problems in an emergency. To prepare an emergency fund, first of all, create an emergency fund of at least 6 times your monthly salary. Keep this emergency fund safe in a place from where it can be withdrawn only when needed. You can choose options like savings account or fixed deposit for emergency fund.

The burden of EMI often troubles everyone. Our entire financial planning gets messed up due to the burden of EMI. So, to avoid this, EMI should not be more than 40% of your income. If there is EMI of house, car or personal loan, then it should never be more than 40% of the salary. If you cross this limit, then you can get trapped in the debt trap to meet your essential expenses. In such a situation, controlling EMI is considered most important for smart money management.

Everyone dreams of doubling their money, so if you also want this, then definitely follow the rule of 72. If you understand the rule of 72, 72 ÷ interest rate = in how many years the money will double. Let's assume if you are getting 8% interest, then your money can double in 72 ÷ 8 = 9 years. So if you want to double the money, then you will need to save at the beginning of the month. (Note- The news is based on general information)