Today in this pandemic we really need to think about saving a lot of money because we are not at all sure about our future. We do not know about the market and we cannot predict what will happen to the market in the next few years. So the people who are having a fixed source of income must think economically and try save those extra money from the first salary day of your life. 

Even a decade back we were not so much concerned about making a lot of savings. Many of us have had the vision to save money from a decade back and that's the reason they are enjoying a good life now.

So saving money to the best possible capacity is the best option these days. One of the most important reason I will tell you is that, today job opportunities are decreasing. Today most of the manual jobs are done by technology and computers. We require lesser people today than what we used require few years back. With passing days the number of workers would decrease more, so there is high possibility of the market sinking.

But we should not worry so much because new things are going to come in the working scenario and the market is not going stop, but to make the saving plan from Day 1 should be an effective strategy in the long run.

Today I would suggest  some ways to make an effective savings.

Savings account

This is the most basic thing that you can do to save money in the first few months of your salary earning. You can have a salary account where you can save most of the money after spending on your expenditure for a month. Now if you earn about 20 thousand rupees and you got to spent on your rent about 5 thousand rupees, then for a single person  you got to make a strategy to cut on your expenses. your monthly rent cannot be cut short because that's fixed. All what you can do is shift to a shared accommodation or to a cheaper accommodation if you can. You have to spend on food and transport because you cannot do without them. So the strategy should be made in such a way that you buy basic raw materials from places where you get in relatively cheaper prices but a good quality product. So to cut short your expenses you really have to make a strategy to cut short your expenses. The salary is fixed and the other charges like house rent is fixed . So all you can do is cut the expenses shorter. Then only a good amount of savings can be made from the first day you earn a salary.  This was just an example, but you got to make your own convenient strategies to make more savings.

Fixed deposit

You can go for a fixed deposit for long term or short term, where you can earn some interests which can add to your savings. many people make a lot of savings by earning from the interests of the fixed deposits they make. So you have to study the market and find out where you are getting more interests so that you can earn some money from there.

Recurring deposit

This is also a very good idea, you can plan according to your earnings.

Post office savings account

Previously, a good amount of money could be earned from post office savings. But today scopes are decreasing. So you have to keep a constant eye on the market just to save those extra amount. And that's being wise.

Wallet account

This is the most convenient way to make a huge lot of money. You can make wallets in banks where you can save the money which you cut short from your expenses. Suppose if I do not have a housemaid and the average salary of a housemaid is about 2000 rupees in my locality. Then I can save that money in my wallet each month. At the end of a year I can save up to 24000 rupees and I would also earn extra interest from the wallet account. If I stop taking newspaper daily then that price I can add to the wallet. So at the end of the year, I can even make a fixed deposit  easily. Yes, you have compromise on your newspaper and work harder without a housemaid. So , you have to make your strategies according to your affordability and wise thinking.

Gold scheme

 This also you can try. Because today online wallet gold schemes are available where you can invest on gold for making an asset for future. And you can start these schemes from little money also.

So planning from the first earning is the most wise strategy which could make you comfortable in the long run.