- Two weeks ago, you just got paid and life was great. You finally had money to spoil yourself, pay your debts and living your very best life.
- It's now October 9th, more than two weeks to the next payday and your bank account is probably drying up quickly.
- Here is what to do to avoid going broke before the end of the month.
3 great money management tips for salary earners
Having a salary, especially a great one is great, you just have to make it last until the end of the month. This part is a huge challenge for most salary earners.
But don't worry, we have got you covered. We have put together three great money management tips that will ensure that your salary lasts until the end of the month:
- Make a budget for the rest of the month
This is the perfect opportunity to finally create a realistic budget that will help you manage your money properly. Note that must include everything you plan on spending money on for the rest of the month; data, airtime, transport, food, health, e.t.c.
To create this, write down how much you currently have left and then pair it with your expenses, leaving room for the unexpected ones. Make sure you separate your needs from your wants. Ask yourself: Do I want this or do I need it? Can I live without it?
These questions should make it a lot easier for you to figure out your fixed expenses (things that stay relatively the same every month) from the variable ones like eating out and going to the cinema.
Putting these things down is the first step to taking control of your finances.
- Cut back and stick to your budget
The key to making it to the end of each month is to stop overspending, cut back and stick to budget for every week. If you have N5,000 set as your weekly budget for transportation then you have to stick to it. It's okay to use less than you have budgeted but never more. You can use apps to track your expenses for the rest of the month.
- Leave your ATM card at home and use cash instead
Switching to cash only increases your chances of sticking to your budget. Now, that you know how much you need for every week until your next payday, withdraw the exact amount for each week and uses only that cash.
This method helps you track your spending and will definitely stop you from blowing all of your money before the end of the month.
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