Make a simple budget: Make a note of your incomes and know all your expenses. This will help to know where you spend a large portion of your income.
Track your net worth: Similar to budget, it is necessary to track net worth. This will help to know your financial position and make the necessary planning for the present and future.
Cut back lifestyle if inflated: When you have a limited salary, cut back lifestyle if inflated. It is the best way to cut down the expenses and start saving some portion of it. It is never the best idea to upgrade to a brand new car, go out to eat every day, get an expensive apartment, etc. This is a trap of overspending on things that are really not required to keep up your appearance.
Create the best saving plan: It is best to look for the personal finance for engineers, create a saving scheme and start with creating an effective savings plan.
Bajaj Finserv provides different saving plans that help people to start saving a small portion form earning and get a higher return after a certain period.