Difficulties handling monthly salaries are not limited to a small number of workers. Many people in today's modern world, or perhaps you, are having problems controlling their monthly salary. You usually run out of cash before the middle of the month. The difficulties could be because you are not effectively managing your salary. Pay close attention to how to handle your monthly salary wisely:
1. Establish a monthly budget.
Make a monthly budget. Begin by categorizing your monthly expenses for needs into two categories. Start with necessities such as food, employment expenses, energy bills, home payments, motorcycle payments, and so on. Make a budget for tertiary needs such as shopping, vacation, and a hangout budget with your friends or coworkers.
2. Pick up the bill right away.
When you get a paycheck, the first thing you do is pay off all of your expenses. This thing is necessary to avoid interfering with the cost of your everyday necessities. Start with electricity bills, telephone bills, installment payments, and so forth. Separating or paying for it first will undoubtedly make it easier to handle other monthly expenses.
3. Create a savings plan.
If you've always set aside the rest of your salary for savings, attempt this time to set aside your salary for protection before you spend it for daily requirements. This way is more effective for suppressing non-essential expenses.
4. Make daily financial reports.
Keep the shopping receipts you get every time you go shopping. Every day, keep track of all your costs. In addition to assisting you in determining where your money has been spent thus far, it can also help you decide which goods you do not need to purchase in the coming month.
5. Have at least two bank accounts
Make two separate bank accounts. Use a single account for all of your daily needs, such as collecting paychecks, paying bills, and shopping. Another account might be used solely for saving. Make a minimal amount based on the proportion of your monthly earnings that you have to keep. Do the same with the responsibilities you must accomplish each month.
6. Use your credit card wisely
Credit cards can also help you manage your expenses if used wisely. For example, you may use the supplied promotion to purchase the products you require, or it could be used to pay off all of your bills. When you receive a credit card bill, make sure to pay it off as soon as possible.
Once you have set aside money for savings and a monthly wage for your everyday requirements, there would still be some money left over from the salary. It's a good idea to put this cash to work by investing in insurance, mutual funds, or purchasing gold or jewelry with a high resale value. This thing is not the same as saving; you can take it whenever you want when you save. When you invest, the money you save is in a different form that you can't access whenever you want. This strategy will not only keep your money safe, but it will also profit you in the long run.
8. Draw parallels
Make comparisons between budgets and spending. This step is the final thing you must do to see whether your spending is in line with or even surpass the budget that you have created. If this occurs, you should alter your budget. Compare your daily cost records to determine what needs you spend a lot on money.
Not only must you become accustomed to recording all of your expenditures, but you must also become accustomed to always adhering to the financial standards that have been established. Using the money you receive wisely is one way to show appreciation for the effort and hard work that has been put in.
Reference : https://www.cermati.com/artikel/8-cara-cermat-mengatur-gaji-bulanan