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Salary week is here again, and for many of us, it’s that time of the month to make poor financial decisions.
And, unfortunately, after 2-3 impulse buys, we’re stuck trying to figure out how to survive till the next credit alert. But you don’t have to live on the edge like this every month. So we’ve put together some practical tips to help you make your salary last till the next payda
You’re probably tired of hearing this, but yes, you should have a savings plan, and ideally, you should save around 20% of your income. To make this process easier so you’re not tempted to spend money on other things, many apps like Piggyvest can help you set up automated savings. This way, you’re able to save consistently and develop good financial habits. Also, if you’re worried about your money losing value to inflation, you can save in EUR, GBP, and USD using a Grey account.
You should never forget, “There’s rice at home.” This can be especially helpful in cases where your friends are planning on eating out for the third weekend in a row. Minimizing the amount of money you spend on outings and overpriced meals every month will help your salary go further.
Also read: A Gen-Z’s Guide to Financial Independence
The current increase in the price of fuel has more than doubled the amount charged by car-hailing services like Bolt and Uber. However, using public transport more will help you save money as they’re cheaper and even better for the environment. This advice also applies to car owners as this way, they will be able to reduce the amount spent on fuel monthly.
Another great way to stretch your paycheck is by thrifting. This way, you can save money on furniture, electronics, and other household items by buying from thrift or declutter stores online, which can help connect you to people looking to sell their fairly used items. Thrifting is also helpful for people with a unique sense of style, especially when it comes to outfits, as more often than not, you can find one-of-a-kind items that best express your personality.
Sometimes, it’s difficult to figure out why or how you run out of money. This is why it’s important to create and stick to a budget. This way, you can easily track what you’re spending money on and identify unnecessary expenses. Grey can help you with your expense management with our expense insights feature that gives you a detailed breakdown of your spending and income.
We agree that with the cost of living rising steadily, sometimes, the best solution is really a higher salary. However, while you’re still waiting for that to happen, in the meantime, you can try out some of these tips to enjoy the kind of peace having money in your bank account brings.
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