Once again, it’s salary week, and for a lot of us, this is the week when we make bad financial decisions. Sadly, after two or three impulsive purchases, we’re left to fend for ourselves until the next credit alert. However, you don’t have to spend every month living on the brink. Therefore, we’ve put together some useful advice on practical tips to make your salary enough for you.
Table of Contents
1. Set up an automated savings account.
Yes, you should have a savings plan. Ideally, you should set aside 20% of your income for savings. I know you’re sick of hearing this by now. You can set up automated savings with a lot of apps, such as Piggyvest, to make this process easier and prevent you from being tempted to spend money on other things. You’ll be able to save regularly and form wise financial practices in this way. You can save in EUR, GBP, and USD if you’re concerned that inflation will devalue your money.
2. Refuse to give in to peer pressure.
Never forget that there is food in your home. If your pals are going to eat out for the third weekend in a row, this can be extremely useful. Reducing the amount of money you spend each month on expensive meals and outings will help you make ends meet.
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3. Make use of public transit.
The amount that car-hailing services like Bolt and Uber charge has more than doubled due to the current gasoline price hike. Nonetheless, since public transportation is less expensive and even more environmentally friendly, taking it more often will help you save money. This tip also applies to those who own cars, as it will enable them to save money on petrol each month.
4. Buy items through thrifting.
Thrifting is another excellent strategy to make your salary go further. By purchasing from online thrift or declutter stores, which can help you connect with people looking to sell their reasonably used stuff, you can save money on furniture, electronics, and other household products. People with distinctive tastes benefit greatly from thrifting, particularly when it comes to clothing since you can almost always find one-of-a-kind pieces that perfectly capture your individuality.
5. Keep a record of your daily spending.
It can be challenging to determine how or why you run out of money at times. For this reason, it’s critical to establish and adhere to a budget. This makes it simple for you to keep tabs on your spending and spot wasteful spending. With our expense insights tool, which provides you with a thorough analysis of your income and expenses, there are apps online that can assist you in managing your expenses.
In certain cases, earning more money is the appropriate course of action given the continually rising cost of living. But in the interim, while you’re waiting for things to happen, you can experience the calm that comes with having money in your bank account by putting some of these suggestions into practice.