Infomediaku.net | 5 Smart Tips to Manage Your Monthly Salaries
Many workers are trapped in the old date cycle when they enter the 3rd week after receiving their monthly salary. If you feel that you are experiencing it, of course, you will be moved to manage your finances as well as possible so that you don’t encounter difficulties like that continuously.
However, sometimes there are lots of problems faced when you want to manage your finances so that the payday date arrives in the following month.
5 Smart Tips to Manage Your Monthly Salaries
Running out of money in the middle of the month can be caused by yourself not being able to manage your monthly salary intelligently and wisely. Therefore, you need to get used to managing your monthly salary well. What are the tips?
1. List a Monthly Budget
So that your financial planning doesn’t get messy, you can make a monthly budget list by separating basic needs and secondary needs. Payments such as electricity, water, telephone, etc. are included in daily needs, while vehicle installments, shopping, etc. included in the financial account for secondary needs.
One way to make the monthly salary you receive last until the payday date arrives in the following month is not to postpone bill payments.
You see, if you delay paying bills and so on, the money you have will accidentally be used for other things that have nothing to do with your current needs, or it can be said as an impulsive shopping.
2. Set Aside a Monthly Salary for Savings
For this, it’s a good idea to have an account that is specifically used for saving activities. You see, if you put the money that is used to pay for necessities and save it in one account, then chances are that your savings will be used to pay for various needs.
Therefore, try to immediately set aside money from your monthly salary before you use it for daily financial needs.
3. Create Daily Financial Reports And Perform Month By Month Comparisons
Smart tips for managing the next monthly salary are not to throw away your evidence or shopping receipts. Because you can save these shopping receipts and record them as daily financial reports.
You can use Microsoft Excel to more easily record expenses and income every day. From this daily financial report, you can reduce unnecessary expenses.
By making comparisons or evaluations of your daily financial statements every month, you can find out what costs really contribute to your expenses each month, and whether your monthly income and expenses are still balanced or not.
As is known, saving in the current era is considered insufficient, because the nominal money you save in savings will experience a reduction in value due to monthly administration costs.
Therefore, you can save part of your income to invest. Types of investments such as mutual fund products, gold, and insurance can be safe options in this case.
In essence, you can consider the types of investment instruments that have a potential return higher than the inflation rate per year, but have guaranteed safety and have a relatively low risk.
5. Use a Credit Card Wisely
Credit cards can indeed be a savior god when you are running out of cash in your wallet. But what you need to know is the long-term risks. In this case, you will have a debt obligation that needs to be paid.
Therefore, it is okay for you to use a credit card for financial purposes as long as it remains within reasonable limits and is adjusted to your financial capacity. This will prevent you from a consumptive lifestyle when using a credit card.
The use of credit cards not only needs to be maximized to avoid a consumptive lifestyle but also to prevent online crimes from hackers who can hack your personal data. How to? Check out “Tips for Safe Online Shopping With a Credit Card“.