How to save, budget and spend your salary

Last Updated on June 2, 2021 by MyGh.Online

Parkinson law states that; no matter how much money people earn, they tend to spend the entire amount and a little bit more besides that. Their expenses rise together with their earnings.

When you first started working you were earning way less you are now. But now you seem to need all your money because you must maintain your current lifestyle. It seems as if we are chasing more money to spend more.

This is where financial management becomes important.

  1. Earn more; Because your expenses increase with your income, earning more money is never a bad idea, there is always going to be increased lifestyle expectations, a better house, car, phone. Get your money up!
  2. Do not engage in Ponzi schemes: Now you earn more, and you have extra cash, Ponzi schemes seem so attractive. But they are nothing more than schemes that feed on your greed. Low risks investments are always the best.
  3. Plan all your expenses and set financial goals: So, you don’t find yourself scraping for money before the month ends, plan all you need to spend that month and stick with it. If it means moving your money to another account, then do it. Write down what your financial goals are. This is not the time to go on expensive dates or try to keep up with other people. If you do not have money, stay home.
  4. Use saving platforms: They are helpful when saving towards a goal of saving for the sake of it. Lock your money in there and throw the key away.
  5. Reward yourself for good financial discipline and buy one or two luxury items.
Read Also  Why your next small group holiday should be in Benin Republic

Leave a Reply

Your email address will not be published. Required fields are marked *

5 + 16 =