Quite a number of people especially those who receive their salaries at the end of the month always find it very difficult to manage the little money they receive for another 30 days. They struggle with how to pay their bills, save or invest, pay their transport or fuel their cars to the office and even feed themselves and their dependents till the end of the month when the next money will come.
It is possible you get stocked at the middle or tail end of the month and had to look for a way of getting through the month. You will either beg friends, family members or go borrowing. As you can agree with me borrowing money will definitely render your next pay almost useless as you will have to pay back the money you borrowed before thinking of how to spend the rest. There is every tendency that you will continue to borrow each month to make up but this method will lead you to nowhere. You will not be able to put yourself together not to talk of saving or investing for the future.
Below are some great ways you can adopt to manage your salary and remain financially responsible:
1. Do Monthly Budgeting: For you to manage anything well, you need to forecast, calculate approximately or budget how it is going to be. It is wise for every salary earner to sit down before the end of the month to make a rough estimate of how much you expect to spend on a particular month. This will enable you to compare your salary with your expenses to know the area you need to add or remove to remain on course. It will also enable you to spend or live according to your income.
2. Try and Pay Off all Your Bills: Immediately you receive your pay cheque or cash in your hands, you should as a matter of urgency pay all your bills; electricity, water, telephone, etc. By so doing, you will know exactly how much you are left with and how to spend it. You will also be assured that there will not be disruption of such amenities till the next money will come.
3. Purchase your Needs in Bulk: Do not indulge the habit of running front and back in the stores. From your budget, you will know everything you will need within the month. Endeavour to buy them in bulk so that you will not need to lack when there is no money. Some of the items you purchased may not be used up in that particular month, even when the next salary is delayed, you will still have some items to use.
4. Save or Invest Something: Each month you must set out a portion of your salary as savings. I do not advice you save it at home but you can have two accounts, one for your everyday expenses and one for your real savings. For the one for real savings, do not have a debit card for it, with this you will not find it easy to withdraw money from it because you will only withdraw when you visit the bank. The bottom line is that you must save something at the end of each month no matter how little it may be. At the end of the year you will find out that you have a tangible amount which you can even invest on a viable business and earn more money.
5. Sow Seed: This may be in the form of giving to charity, paying your tithe or alms giving. When you do this, you are building a better financial position for your self. No one who give to those in need that will go empty handed. Find a charity home around you where you can visit once in a while and touch some lives. You should also make yourself available to help those in need. Do not close your door when someone is out there looking for help.
6. Spend your money wisely: Only buy the things you need not the things you want, this is because human being by nature is insatiable and it is only those who are wise that controls this nature. Do not engage yourself in credit buying especially on things you can do without. Sellers will always entice you with "discounts", "pay at the end of the month" or pay in bits". Always ask yourself if you really need it and wait for two weeks if you still need it, buy but if not, do not buy. This kind of purchase will at the long run make you pay double of what the item is being sold in the market.
"Be wise in spending your money because you labored for it".