After receiving your salary, it seems money always finds a way out of your wallet or purse, sometimes without consulting you. Your paycheck is hardly enough for expenses within the month not to talk about saving a portion for an investment or project. With these few hacks, you should be able to keep a few bucks away and still make the very best of your remuneration.
1. Make a budget and stick to it.
Immediately you get notification of payment of your salary, take a few minutes to reflect deeply and write an explicit budget. Write down all expenses, essential and trivial, that you propose to make for that month. Don’t leave excess cash as miscellaneous, even if it is for recreation or outings, always try to tie something to your cash.
2. Reverse your thinking; Pay yourself first
Get this. After you get paid for performing various duties and responsibilities at work, you pay everybody else but yourself. Isn’t that just wrong? Your mechanic, food vendor and many other individuals get a slice of the cake while you get only the icing. Take out a certain percentage monthly (say 15%) and stash it in an account that you don’t access regularly. This will can become the spine for future investments or just extra cash for exigencies.
3. Reduce your expenses
There are some unnecessary activities that you spend excessively on monthly. It is quite important to cut these short while also making the best of expedient purchases. This will include you trying to make the best bargains from your groceries, internet payment and other expenses. Do your research, ask friends where they shop and compare prices. You will be surprised at the great bargains you are currently missing out on.
4. Have a project or reason tied to your saving
When you save, have a particular project that you are saving towards. It might be investing in stocks, buying a car, getting a better apartment, starting a professional course or seed money for a small business. It’s your money so it’s your choice.
If you do not have a goal to your saving, there is huge tendency you will spend the lot on petty activities that you might later regret.