How to Manage your Salary

Someone once defined salary with an acronym, Something Always Low And Ridicules You. Well, that may not be the right definition of salary but you know what it means to you. When it’s 28th of the month, and I’m sure salary has entered or you’re constantly looking at your phone for the credit alert. Even as a business owner, you should have paid yourself or planning to do so.  You know how money can be these days, once you change ₦1,000.00 that’s just the end but as per this period no time to calm down, shoulder pad has been doubled. You’re already adding to cart and thinking of how to ball and “spoil yourself”. In this article, we share with you some tips on how manage your salary.

Save First
I’m sure you have heard this phrase a million and one times and you’re tired but trust me the truth remains consistent hence you’ll keep hearing and seeing that phrase. You might be thinking “How much do I even earn that you want me to save” or “I’m not even done with my bills yet”, that is exactly what happens when you don’t save first. To make it much easier, make your savings automated and assume what is left is your actual income and plan with that. You definitely won’t die if you earn ₦5,000.00 less. Try this out and your future self would thank you.

Buy in Bulk
another tip on how manage your salary is to buy in bulk. Buy in bulk if you can especially foodstuff, groceries and toiletries. You get to save some amount of money and even have a chance of getting discounts when you buy in bulk items that can last you through the month rather than buy in bits. This also helps you avoid impulse buying.

Unsubscribe
unsubscribe useless apps is another tip on how manage your salary. Subscribing to apps, channels and programs can be money-wasting if you’re not using them efficiently. Always ensure you are getting enough value for your money, have a free alternative or you never can tell how much they are eating into your finances. Sit back and take an hour of your time today to check through those subscriptions. Unsubscribe or delete your debit card if you have to, you don’t have to wait till you receive a debit alert. That would save you some money.

Internet Data Management
As they say “Data is life”. Everything happens online, everything has gone digital and there’s no reason you should be left out but I know, yes I know. Data subscription—no day passes by without me hearing someone complain of their data consumption and how all the money they have spent on data could have bought a mansion in Banana Island. You can be smart about this, do a little research of various data plans available across different networks and pick one that suits you. Also, check and adjust your phone settings to consume less data e.g. disable app that uses data in the background, disable auto-download on WhatsApp and Telegram, disable autoplay on YouTube and Instagram etc.

Track your Spending
Tracking all your expenses can help you learn how manage your salary. This cannot be over-emphasized! It makes you know how much you have spent, what you have been spending on and how you’re doing financially so at the end of the day you won’t be finding one ₦3,000.00 that didn’t lose in the first place. Create a budget today and start tracking your spending.

I hope you find these tips helpful and apply them.

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