And so you have been one of the walking trolls of the working community. This is something that you can be proud of, and amidst the trying times of the world economy, you’re still kicking and employed. You have given everything that you can over a single task that your superior had bestowed you, and every minute during your nine-hour shift, you have been displaying your best.
You have been the best team player, a key player at that, and all of the ins and outs of the job, you know you’re a master of. And then here comes the most-awaited time of the month — the portentous payday. This is a validation that as a productive employee, you are well-deserving of an income. But how are you using it so far? Need help, uh?
There had been a lot of financial seminars that tackles saving, investing and all the crazy jargons that a simple man like you can use. And we all can nod our heads in unison that there are moments that the teachings are not just suitable to how you must spend your newly-earned, fresh from the bank salary. And books are just too arduous a task to carry-out. And since it’s a case to case basis, there is really no right or wrong on managing your money, but here are some tips that you can at least refer to.
If you want to get on top of your finances then doing a budget – a record of all your incomings and outgoings – is the essential first step. Alternatively, use a spreadsheet on your computer or just write it all down on a piece of paper.
It is important that you have a visual of your finances first as this will give you a clearer picture on what to omit and what’s indispensable. By keeping a tangible or saved records of what your spending are, this can serve as a reference for future use if, say, the last month’s strategy had put you in financial shambles. And this would also give you a glimpse of the trend that you’re taking when it comes to spending.
If you’re spending more than you have each month you need to look at where you can cut back. Otherwise you’ll never be out of the red. Cut back on non-essentials like takeaway coffees or magazines. Fancy dinners and unplanned vacations would also greatly affect your budget in totality. You must be smart enough to know if the commitment that’s dangling off your schedule is too vital to miss.
Being luxurious and rewarding thy self is not a bad thing, it’s rather self-righteous but you need to always be on top of things. Cut backs are your opportunity in salvaging your nearly-empty pocket into something advantageous on your end. Picking the cut back to focus will require emotional stress (if it’s a material thing that you’d really wanted to have) or physical deprivation (like cutting a month of enrolment to your usual gym class) so you need to always keep a steady mindset.
Loan and credit card repayments can put a real strain on your finances. And only paying the minimum each month means your debt will be with you for years. Identify the debt that charges the highest rate of interest and pay that off first – it’s the fastest way to clear your debts. Use your inner accountant and be mindful of the things or services that you’re swiping the card for.
Be on the lookout to brands or shops which will charge you more instead of letting you save.
Financial freedom is not on your side if you let loans and credit card repayments be on your way in maximizing your salary. Watch Confessions of a Shopaholic for a detailed narrative and refrain your hands from touching that plastic card too much.
If you save regularly, you’ll quickly find that your money adds up and keeps growing. Set aside some emergency savings – money to fall back on if you really need it. Saving is by far the most intelligent thing that you would do on your income every single time you receive one.
Saving requires discipline, effort and calculations for it to be fruitful in the long run. By simply getting an ample percentage of your monthly salary and depositing it to your personal savings account would do you wonders in the future. Not all people are willing to save so you must be prepped on certain scenarios wherein you’ll feel constrained instead of relieved. Having a constant percentage in mind would also aid you in knowing how much is required to be saved every time.
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