Colleagues, do you find it difficult to arrange a monthly salary? The difficulty in managing monthly salaries is not only experienced by a few people. Many modern society today has difficulty managing salary every month. Greater expenditure and needs than income make you often run out of money before mid-month. If this happens continuously, you will always feel less and certainly cannot save for future needs. So, starting today, try some of the tips below so you can manage your salary wisely. Curious? Come on, see the tips.
1. Arrange a monthly financial plan
The first important thing for you to do is arrange a personal financial plan. Start making a list of monthly expenses for needs into two parts, namely primary and tertiary needs. Primary needs, for example, such as food, work costs, electricity bills, home or vehicle installments, and others. Whereas tertiary needs, for example, are for shopping, cinema, traveling, to hangout budgets with friends or colleagues. Don’t forget to provide emergency funds, such as the cost of sickness or service of a vehicle.
2. Directly set aside savings
If you are accustomed to setting aside the remaining salary for savings, this time try to set aside a savings salary before you use it for other daily needs. You can set aside around 10% of your salary to save. In addition to setting aside savings, you also need to take notes and collect shopping notes every time you shop for necessities. This will help control expenses and reduce the desire to buy that is not too important.
3. Create a special account to save
You can create two different types of accounts to help manage monthly money. Choose an account with a low monthly administration fee or one that does not have an ATM card facility. Use one account for daily needs, such as receiving a salary, paying bills, and shopping. You can use other accounts specifically for saving. Don’t be easily tempted to tamper with your savings account for daily needs. Tube your money like an obligation that you must fulfill every month.
4. Create daily financial reports
Don’t throw away the receipt you get every time you shop. Record all your expenses every day. This method will help you know where the money is used so far, and analyze what items actually do not have to be bought or reduced in the coming month.
5. Make a comparison between expenditure and budget
If at the beginning you have compiled a clear financial plan, of course you can already guess how much money will be used in one month. Well, after that you can start comparing these estimates with the reality of monthly expenses. You must do this to find out whether your expenses are in accordance with the budget that has been made or even exceeds the budget. If that happens less, surely you have to make a revision of the budget. Compare that with your daily expenses record to find out what the most expenditure needs are.
6. Immediately pay the bill
Once your monthly salary goes into account, the first thing you have to do is pay all bills at the beginning of the month. Starting from electricity bills, telephone, installments, and so forth. This is very important to note so as not to disturb the cost of your daily needs. Paying all bills at the beginning of the month will certainly make you more calm to arrange other monthly needs.
The final step, after you set aside a monthly salary for savings and daily necessities but there is still excess funds, it’s a good idea to use these funds for investment. You can join insurance, mutual funds, or buy gold and jewelry with high selling value. This method is certainly different from saving, because when saving you can take it anytime. In contrast to investments that you cannot take at any time as you wish. Investing will give you profits in the future.