Here’s what can be done to reduce your costs:
You can reduce food costs by planning meals, buying seasonal fruits and vegetables, going to stores organized with a shopping list, and buying larger packages. You can reduce the cost of clothes by following sales, buying at flea markets or second-hand clothing stores, and not buying impulsively. You can reduce transportation costs by using public transportation, cycling, sharing a car, or walking.
The 50/20/30 rule means: Set aside 50 percent of your salary for necessary living expenses such as food, housing, and clothing. Set aside 20 percent of your salary for savings, to achieve your financial goals, create a fund for unforeseen situations and a pension. 30 percent of the salary remains for variable expenses such as outings and travel.