Financial Tips: How to Make Your Salary Last Longer

Oh...salaries and the way they grow wings, wave goodbye and vanish into thin air. If only there was a way to just make them stay! I have had the financial blues where it seemed that there was more than enough month at the end of my money, and people often wondered what I did with all my money. The funny part of course was the fact that I could never really point out what I'd done with my money. It seemed I spent it on silly things that I couldn't even see physically. I decided after having to ask for mummy and daddy's support for the umpteenth time that I had to get my act together and start being responsible financially. So, if you are in the same shoes I was in, here are  a few tips:

Take stock: as pay day approaches, take stock of your groceries and toiletries to check what you already have, and what you need to fill up on. This eliminates spontaneous and uncontrolled spending. I literally go to my kitchen with a writing pad and a pen, and I write down the things I do not have after having checked carefully. Many times we buy things and do not use them for months till they expire. Yet we keep buying more. Why not just take stock?

Write a list: You will spend less at the grocery store if you have a pre-determined list with you based on your stock take. Always have a list. This way, you'll simply go for the things you truly need, rather than the things that catch your fancy... like an unnecessary pizza or tramezinnis... yeah, one time I bought rump sosaties and stared at them in the refrigerator for weeks because I just didn't feel like eating beef. 

Allow for 'other' expenses: Yes, you may have food at home, and everything else you need, but be honest with yourself. There are times when cravings come knocking and it's either you kill the craving or it kills you. In addition, hanging out with friends, suddenly realizing you are out of something you need urgently etc. should all be catered for. Allow for such expenses when you write your budget for the month. Allocate a fixed amount for the month, and strive as much as possible to stick below that.

Take lunch to work: This is the easiest way to avoid spending your money on nothing in particular. Always take a bottle of water, a fruit and a sandwich or something light yet filling from your home stock. It does not make sense to have food at home and still have to buy at work everyday.

Prioritize: There are certain things you need because they are essential, and there are things you want because they will make you feel good, Your needs should be first on your budget list e.g. rent, electricity, heating, water bills, groceries, toiletries and transportation. Your wants come next and not all of them have to be fulfilled in one go. Makeup, perfume, the latest Xperia, the new Samsung UHD TV (which I want so badly by the way, in case a good Samaritan is reading this) etc. are things that will still be available for months and even years to come. You should learn to budget which wants you can afford in a particular month without compromising your savings.

Regarding your savings, strive to save no less than 10% of your earnings each month, and don't forget to pay your tithes! God bless your finances! XOXO