How To Spend Your Salary Wisely: Six Tricks That Work
How To Spend Your Salary Wisely: Six Tricks That Work: Salary is spent in many ways these days, while some spent there in a way that cannot be accounted for, few spend their wisely and have no cause to borrow before the months ends
There are mysteries behind how salary is spent when collected, some will tell you, they don’t know how the money left them, others will tell you, they have even spent it even before it came
Salary as we know is not enough to foot out bills, if not spent in an accountable manner, the earner may face series of hardships during and before the month runs off.
A friend earns $1,120 per month, before the month runs to an end, he has packed his car in his garage (no money to fuel it), and he barely has three square meals each day. Not only is he borrow to finance his extravagant habits but will be left with huge debt even before the month’s finish
Was it perversity some salary earners longed to spend wisely? To what extent salary earners can make good use of their monthly income? What hope lies in secrecy on how best to advise salary earners?
This article pinpoints some valuable tips and recommendation on how to make good use of your monthly salary
Don’t Buy What You Don’t Need
Yes! It has become a norm for people to live an extravagant lifestyle, buying unnecessary things they may not like. To spend your Salary wisely, only items of primary importance should be considered
During college year, a friend in New York buys anything that sparks his interest, funnily enough, he dashes them out before he reaches the hotel
Some salary earners do the same, they buy anything they see, ranging from clothes, shoes, food, car, etc, that they don’t need now, only to regret it later.
It takes discipline to buy only the things needed. Following this guide will help in minimizing the extravagant style of living
Don’t Borrow To Buy Wasting Assets
Funny right? Some salary earners borrow just to buy assets whose lifespan is limited and will have no gainful value to them.
Buying Iphones, Cars are good, but having fleets of cars and 10 Iphones, where your financial status is “still shaking” is a road to poverty. Some salary earners whose income is below the minimum wage, have a high taste for things beyond their financial capacity. An earner who borrows to finance wasting asset does that at his own risk
Have A Saving Habit; It Helps You In Rainy Day
Another best way to spend your salary is not to spend them all, a decent percentage of your salary should be saved each month. You never can tell when the rainy days will come
A wise earner saves 10% to 20% of his/her salary, such fellow will easily gather reasonable sums before the year runs to an end.
Inculcating a saving habit while earning your monthly income may be the best for a win against “August Rain” as one may not know when “trying times may come”
Don’t Try To Impress Anybody with Your Clothes or Cars
This is where many salary earners are getting it wrong, one must understand the difference between a salary earner and a businessman/woman
It will be wrong to impress people with material things you are not financially buoyant to buy, such action leads to wastage, and there is nothing you can do to please or impress anyone on earth
It is you and you alone in this world, try not to impress anyone, this is because, no one cares about you, yes! A salary earner must be smart and clever on this.
Avoid Friends Who Make You Go Into Debt Because You Want To Belong.
This is another problem on its own, many salary earners have gone astray due to “feeling among”, you follow friends to buy you into debt, and they leave you alone to face your financial difficulty.
“Belonging” to any social class is not the issue here, take a good look at Mark Zuckerberg, the founder of Facebook, he wears but one color to shirt frequently, such a man of wealth and influence is not moved to be class or friends, why should you? How does belonging solve your problem? It only adds to it
Have Annual Financial Plans
Having a financial budget on how your salary would be spent maybe the best each year, when there is a plan, there is a direction.
A feasible financial plan should involve, what money will be spent on and how much could be saved every month in a year