Many people end the month wondering where all their money went. But with a bit of awareness, planning, and effective budgeting tips, it’s entirely possible to save at least 5000 Taka every month. Given the current economic scenario in Bangladesh, a well-structured monthly budget plan is not just helpful—it’s essential.
Monthly Budget Plan: Secure Your Savings with Smart Planning
A monthly budget plan is a strategic approach to maintaining personal and family financial stability. It goes beyond cutting costs—it’s about allocating funds to essential needs, investments, and savings.
Start by tracking income and expenses: List your monthly income and all expenses. Use an expense tracker or Excel sheet to easily identify unnecessary spending.
Follow the 60-20-20 rule: Allocate 60% of income for daily expenses, 20% for savings, and 20% for personal enjoyment. This is a proven budgeting formula.
Always shop with a list: Unplanned shopping often leads to overspending. Create a list of necessities before heading to the market.
Review digital subscriptions: Check how much you spend on Netflix, YouTube Premium, and other apps, and cancel those that are non-essential.
Savings on a Low Income: Smart Strategies Work Best
Many assume that saving is impossible with a low income. In reality, with the right plan, even limited income can yield savings.
Control your expenses: Identify and cut down on non-essential spending such as dining out and frequent ride-sharing.
Set personal goals: Whether it’s buying a smartphone, a bike, or planning a trip, set a goal and save a fixed amount every month accordingly.
Use savings apps: Utilize savings features on apps like Bkash, Nagad, or Upay to automate daily or weekly savings.
Think of cheaper alternatives: Walk instead of taking a rickshaw, bring homemade meals to work, or learn to cut your own hair—these habits add up to big savings.
Expense Breakdown by Category (With Table)
| Category | % of Total Income | Remarks |
|---|---|---|
| Rent | 25% | Try to keep it within one-fourth of income |
| Food | 20% | Home-cooked meals are more economical |
| Transportation | 10% | Use public transport when possible |
| Savings | 20% | Also consider investments |
| Education & Medical | 10% | Essential expenses—must be budgeted |
| Entertainment & Personal | 15% | Spend moderately |
Smart Budgeting Tools and Apps
To simplify your monthly budget plan, use modern tools and apps such as:
- Wallet: Great for personal expense tracking
- YNAB (You Need A Budget): Helps with saving and financial control
- Splitwise: Effective for shared expenses with friends or family
Know This –
Is it possible to save on a low income?
Yes, saving is possible even with a small income. The key is planning and maintaining a frugal lifestyle.
How much should be saved monthly?
Ideally, aim to save at least 20% of your income each month, adjusting as needed based on your earnings.
Which app helps with monthly budgeting?
Apps like Wallet, YNAB, Bkash, or Nagad are useful for creating and tracking monthly budgets.
Where should you record income and expenses?
Use Excel sheets, Google Docs, or various budgeting apps to safely and conveniently record your finances.
Why is it important to make a list before shopping?
It helps focus on essential items and avoid unnecessary purchases, thereby increasing savings.
If you want to save 5000 Taka every month, following a monthly budget plan is the most effective strategy.
A structured budget plan ensures long-term financial security. Start today with your monthly budget plan and step into a financially secure future.
