Haven’t you experienced asking yourself over and over again “Where did my money go?”
We all know that earning a salary is one of the best yet worse feeling in the world when you don’t know how to handle it properly. Most people feel down and aggravated when they see their wallet empty and no matter how much money left It’s really nice that your wallet has some funds in it.
But what is the key to wise spending? We listed down 5 different and doable things you can do.
Know Your Expenses
This is extremely important- knowing where your money goes. You need to determine whether the majority of your salary goes to the important spending or just throwing your money into waste. The listing method is one of the most basic yet effective ways to do it. There are still useful apps that would help you list your expenses.
Determine Your Wants and Needs
In order to save money, you must control yourself. Learn the importance of money. Even though splurging yourself into extravagant things must be thrilling, we must still learn how to control it.
Before buying anything, ask yourself. Is it worth my 8-hour shift or not? Is this useful or not? Is it worth the money or not? Are there any other cheaper alternatives?
To sum up, CONTEMPLATE.
Pay Yourself First
In other words, save before you spend. No matter how much the savings would be at least you saved something for yourself, however, usually you need to save 20% of your salary.
Build your emergency funds so that you have something for the rainy day.
Budget In Advance
Setting a mindset is essential so that you will remain calm and you know what to do when you received your hard earned money. Make sure you have budgeted for your food, groceries, bills and other necessary things in this way, you will prevent yourself from impulse buying and wasting money.
Do not be fooled by marketing advertisements
Be aware and think about all the reasons you’re drawn into a product. Don’t purchase whether you watch it on television or because your favorite artist is endorsing it. Don’t be deceived by their packaging. Be skeptical when you purchase things.
When you go out with your friends who love shopping this would greatly influence you to splurge yourself just like them. Furthermore, it might give you an idea that you need a certain product but in reality, you don’t. It’s always good to shop alone, less energy, time and money wasted.
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