finance, tips

Managing Your Monthly Salary Like A Pro

Do you feel like your monthly salary is not enough and always need more money before the next paycheck due? Having your life decisions depend so much on the date of your next paycheck can be frustrating. If you’re spending more than you are earning, then you surely don’t have saving at all. Worry no more because in here, we have some tips to make your salary last until the very end of the month and even have some extra cash in your bank account.

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• Make a Budget Plan
If you haven’t made any budget plan yet and your expenses are on always too high every month, then you should start preparing it. Budget Plan is the best way to saving money. Start finding things that are costing you a lot and come up with some alternatives to it. With a budget you can figure out what your income is and what your expenses are. Once you know these two things, you can look for ways to reduce your expenses or increase your income to allocate an amount of money that you can afford to save. Don’t wait for the salary to get credited for making your monthly savings and expenditure plan. You need to have a basic financial plan in place beforehand.

• Always Pay Your Bills On Time
Many people living paycheck to paycheck waste money to pay late fees. The best solution for handling this as you move towards financial stability is to start paying your bills as soon as they come in–that way, you avoid the late fees. This refers to the installments you have to pay and bills on your phone, electricity, credit card and whatever else you know is critical to sustain your lifestyle. Therefore, the bills get paid and you know exactly how much you are left with. Later on, you can develop your own bill-paying routine as you’re saving more cash.

• Track Your Expenses
Make a list of your expenses and income on a daily basis to keep a track on what is coming in and what is going out. List down your monthly fixed expenses such as your bills, rent, transport charges and calculate if there is anything remaining. Try to trim your monthly expenses by reducing some of less important bills. You can also start cooking at home more and eating out less. All of these simple things will ease the monthly pressure on your wallet.

• Use Cash Instead of Credit Card
Use cash for your daily expenses, because it will help you keep track on your expenses and prevent you from spending recklessly. Using card will motivate you spend carelessly without understanding its consequences and you will end up buying something which you actually don’t need it. If you really have to bring a credit card, don’t carry more than one because you will be tempted to spend more than you should. The only reason you should be carrying a credit card in your pocket is to cover emergencies or for specific purchases.

• Try To Save As Much As Possible
Create a saving goal that is within your reach to motivate yourself to make the tough financial decisions needed to save responsibly. You don’t have to spend money for insurance and investment but just start by using a piggy bank. This simple idea really works well if you are consistent and save money on a regular basis. Over a period of few months, you may be surprised to find out how much money you can save!

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