Do you feel lacking with a monthly salary? Here’s a good way to manage and manage good financial management so that your salary is enough for a month.
Sometimes we fall asleep, when the date of payment arrives. Charges must be paid on time, but the desire to shop is often unbearable. In the end, it’s not midnight, we’ve run out of money. The following are tips & tricks to set salary for 30 days.
1. Make a budget
Every month you must plan your budget when receiving a salary. It would be better if you review expenses for the past three months. In this way we can find out, your money is used for anything.
Record routine monthly expenses including hobbies, such as eating out, fashion, or other hobbies. When you know what type of shopper you are, you will easily make savings. Then start making a budget to make it easier to manage your salary. The success of this step lies in the expenditure plan that is structured realistically and describes your actual lifestyle.
2. Have two bank accounts
You must have two different bank accounts. The first account is used for all transactions, such as paying bills, paying insurance, housing installments, etc. While the second, it is used to save money.
For the second, choose a bank that applies low administrative costs and a limited ATM machine network. You can also store an ATM card in a place that is not easy to see so that this card is rarely used.
3. Pay off debts and installments
Immediately pay off all the accumulated bills after receiving a salary so that later you will more easily manage your salary. This helps to calculate the budget for the long term. If, the debt cannot be repaid in a short time, analyze it, and calculate how many times the payment must be paid until the debt is paid off. If you want to repay something, it should be adjusted to 30 percent of your income or salary. From the calculation, think again before buying goods with debt.
The next step is to make a diary containing records of expenses and income for a month. You can record goods or services purchased, the amount, nominal transaction, time of purchase, and place. It needs perseverance, but this helps you to put the brakes on spending.
5. Compare Expenditures with Budget
The final step to set a salary for 30 days is to compare your budget plan with your expenditure diary. If the budget plan is different from reality, then you need to revise the budget. Double check that you know what your biggest shopping needs are.
To find out the calculation of your expenses for a month and how much money you can set aside each month to save.… Read More