Salary week is back, and it’s every worker’s favorite time of the month!
While it is acceptable to spend your hard-earned money frivolously after receiving it, try to think of better ways to spend it; after all, it was hard earned, right?
Here are some pointers on how to properly manage your finances so that you can save, invest, and still have fun.
1. Put your money where your mouth is: It’s easy to be hard on yourself by limiting your enjoyment of things. This may eventually lead to you succumbing to peer pressure and overspending. So, when budgeting, make sure to leave room for some of those things you really want. When you reach one of your financial goals, treat yourself to a nice dinner or a short vacation. Have a little fun.
2. Budget: Make and stick to realistic budgets for yourself, and pay fixed costs first, such as essential bills. Budgeting allows you to keep track of your expenses and stay in control of your money, allowing you to avoid’stories that touch’. This strategy keeps you from having to guess where your money has gone. You could apply the 40-30-30 rule. save 40% of your money, spend 30% of your money, and give 30% of your money
3. Don’t do pass your self: It’s easy to keep spending on depreciating assets, gifts, that box of pizza, that cup of ice cream, but these costs add up to far more than you realize. Keeping a record of every purchase, every good purchased, and every service paid for, no matter how small, is one way to help you track your spending. At the end of the month, you can use your record to determine whether you spent more money on non-essentials or not, which will help you limit how much you spend and what you spend your money on for the following month.