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Tips to follow on Payday

Kaya 959 Lifestyle Reporter

Has anyone offered you advice on how to manage your money on payday?

Working with a budget at times looks good on paper, but unexpected expenses do happen.

At times we forget to be discipline and overspend for the following reasons:
  1. We’ve had a bad week
  2. We’re trying to impress others
  3. A lack of discipline
  4. Inexperience

Whatever the reason, having a solid understanding of what you earn versus the cost of your living expenses is always good knowledge to have.

Here are a few tips that you could follow on payday:
Self-Care

It is important to take care of yourself first. Maintain a healthy savings account by dedicating a portion of your income to it. There are many rules of thumb that you can refer to that set a standard for how an income should be divided. However, these rules don’t consider personal ambition. Assess your income and decide how much you will save monthly. Dedicate yourself to this decision.

Compulsory monthly expense charges

These are tricky because it can be argued that it is a requirement. Medical Aid and Insurance are two monthly expenses that come in handy in case of an emergency. Ways to save on Medical Aid is by reviewing the plan you’re on. Can you downgrade the plan and still have it meet your requirements?

Review insurance policies, try to negotiate a better rate or do some research to find a more competitive rate.

Reduce Unnecessary Expenses:

Expenses like credit card debt and clothing accounts are not ideal. It is advised that these two expenses assist with your credit score, but there are other ways to do this if you’re not just starting out.

If you can’t completely remove credit card and clothing account debt from your list of monthly expenses then practice discipline. Limit the expense to – in case of emergency only.

Cellphone and Car Expenses

Owning a cellphone and a car is not essential because we can do without them. The problem with that statement is that we are accustomed to owning both. Consider all the costs involved when deciding on the cellphone or car you would like to own.

Top-up contracts limit your monthly payments to the signed agreement. Take this into consideration when buying a cellphone.

Cars on the other hand come with all types of costs, that include insurance, maintenance, and petrol. The euphoria of self-gratification will easily be trumped when the expenses outweigh your need to be flashy. Keep this in mind when visiting a car dealerhip.

Monthly Grocery Cost

Try planning your meals ahead of time, list the cost, and stick to that budget. Become a smart shopper and search for discounted items. Sales like a two-for-one specials, buy three and only pay for two, take four, and only pay this amount are great ways to purchase more and save in the long run.

Track what you spend

Simple lifestyle changes can help reduce monthly expenses. Limiting frequent visits to your favourite junk food franchise and replacing that meal with your budgeted grocery list items is a start. It’s healthier for your pocket and your body.

Bad habits such as smoking and drinking can be replaced with running and enjoying nature to reduce the stress of the rat race. Understandably, not everyone will consider this option. An alternative would be to simply reduce the amount of money you spend on entertainment.

READ NEXT: Thomas and Skhumba: How much of our South African history do you know?

Written by: Dohne



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