By creating a budget you can:
There is a culture of household savings in China, and savings, as a percentage of GDP, is currently more than twice the world average.
If your expenses come to less than your take home pay, you have a surplus, which you can prioritise for paying off debts or putting into savings or investments.
If your expenses come to more than your take home pay, you have less money at the end of the month than at the start. Before you can save on a regular basis, you should focus on ways to reduce your spending.
If your budget indicates that your expenses are higher than your income, you might want to look at ways to reduce your spending. What might work for you? Could you:
Everyone's circumstances are different, so there's no specific amount of money you should save each month. Your budget will help you determine what you can afford to put aside.
Some people find it helpful to follow the 50-30-20 model, where you aim to spend no more than 50% of your income on the things you need, 30% on the things you want, and 20% on building up savings or repaying debts.
HSBC China offers you a wide range of products and services for savings accounts and time deposits, empowering you to accumulate and manage your wealth with ease for all your future plans.