Money Management after Receiving Salary
It is so common in many companies that employees are absent on the middle of the month because many of them will search side jobs since their salary money has run out. On the day you receive salary, it is for sure that all of your friends in the office will present too even they are sick. They don’t want to wait payday until next day. All of eyes will be so bright when receiving salary.
You have to manage your salary money, so you don’t get out of control after receiving this money. Good salary management will make you easy to spend money on priority scale. Start with your duty that you have paid each month like vehicle installment. Make sure that the debt is not more than 30% of your salary. Your meal, transportation and utility bills must not more than 30% too. You can separate 30% for purchasing insurance and investment.
The rest 10% must be a spare budget. It is for preparation in case you have emergency situation which force you to spend money. Nevertheless, you need to enjoy life too. Don’t forget to separate money for holiday purpose. This will make you enjoy meaningful life.
Money Management for Students
Although students have to focus in their study but they are able to earn money with side jobs after class. Look around to your colleague. Surely you have canteen in the colleague. You can sell some snack there. Perhaps you don’t need to stand by many hours after class and renting a space. Just put your snacks on the canteen and tell the sellers about the price. The sellers in canteen may increase the price, so they also have profit.
After class, you can calculate the rest quantity of your snack. You also can calculate in weekly or monthly depends on your time. You can fry some tasty snacks on the weekend then put them on the fancy plastic. For example: making potatoes fried chips 200 pcs then calculate the rest quantity of these snacks at the end of the month. Don’t forget to calculate the omzet and profit. Put several percentage of your profit into your bank account. With this simple money management, you can earn money and use it for purchasing books or even continue your education. .
Do not make this side jobs as a reason to leave your lesson. Students also should manage money which they receive for their parents. Don’t spend all of the money!
Money Management for Couple
If you have been married, your money is her money, so does her money. Both parties’ money should be written into family accounting book. Decide together about the posts of expenses. If necessary you can make envelope system to separate the expenses. For example transportation expenses are in the orange envelope. Meal expenses are in the green envelope. Entertainment expenses are in the red envelope.
With these envelope system, both of you will be so easy to arrange family cash flow. This traditional method is very good to control your finance. If you want to skip this traditional method, you can use bank account method. Both of you should have same ATM which is only able to be withdrawn with certain agreement. You can make some percentage of financial management to withdraw money from ATM. For instance the money for meal can be withdrawn if not more than $100 per week.
If you already have kids, you must not ignore their needs. Do not only think about meal aspect, but think about their education and happiness too. You can plan holiday together if it doesn’t destruct your cash flow. Don’t forget to give several percentages of your salary to those who are unfortunate as a part of your sympathy.
Debt Management Payment
Difficult economic situation forces people to think hard in solving their economic problem. Borrowing money to money lender is general option chosen by many people. Money that you borrow should be returned on time. If you aren’t, you need to have more amount of money. Many people are careless in borrowing money. When borrowing money, it should match with your financial capability. Good management is needed to organize debt payment.
When talking about debt payment management, you need to discipline yourself. You need to know when you need to prepare to pay your debt. Money should be available when the payment time for your debt has come. You shouldn’t use your money to pay your debt for consumptive activities. Scale of priority should be composed in order to make you stay focus to pay your debt. Place it at the number one of your list if it is very urgent and important.
When you pay your debt on time, you will finish your debt problem step by step. Finishing your debt problem, you can feel freedom from the responsibility of the debt. You can think about other problems in your life. People who are difficult to pay their debt, perhaps they don’t have good management in paying their debt.