How to Save Money From Your Salary & Avoiding Payday Loans

2019/02/25

How many times have you lamented about not being able to save some money from your salary. This is a problem that is faced by many people – who find it extremely difficult to save a few dollars from their salary. Here are some easy ways by which you might be able to save a few dollars every month, without even realizing that you have saved a significant amount of money.

What do you do with the change you have often? Just let it go? Here is a tip, though it might seem to be insignificant but if done regularly it can save a lot of your money. You just need to keep collecting all your change and keep them in your piggy-bank. Do not open it until the last day of the month and find out how much you have managed to save.

Whenever you are shopping use cash instead of card when making payments. Whenever we are aware that we are going to make payment by card, we tend to and are often tempted to spend much more than we actually should. If you know you have limited cash, you won’t spend on unnecessary things.

Whenever you are sorting out payments make sure that you are making payments for the utilities first. Do not spend money on anything until you are sure you have paid your telephone, electricity and other bills. Try to spend your weekends at home at least twice a month. Rediscover your culinary skills and offer to make something sumptuous in the weekend. You will surely save a lot on your movie and restaurant bills.

If you can, you should leave at least 20% salary as an allocation towards emergency fund. Once you have kept the money for this fund, do not count this as your savings. You just need to forget that you have already saved from your salary and make your month’s budget as if you have not earned the money at all.

Try and avoid loans before the payday. If you feel there is a need, put it off till next month. If you are aware that the loan option is there, you will always spend more and repay the next month. This way the vicious circle continues.

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