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.
Money Management for Single People
It is very easy to manage money if you are a single person. Unfortunately many single people do not have good money management after receiving payday. They always lack of money in the middle of the month.
How to overcome lack of money in the middle of month? Firstly, analyze your habit for spending money. If you always go to big restaurant and purchasing expensive clothes, so you need to reduce these expenses. You can eat healthy foods which are not so expensive in the cheap restaurant. Do not hesitate to move several percentage of your money into insurance instrument which has investment plan. If necessary you can buy gold as saving for your wedding plan. Well, you must be discipline to have good money management, so you can continue this habit until you are married. This small habit will give many advantages when you are in unfortunate situation like sick.
As a single person, you must think about future expenses which will be so high because of inflation effect. With good cashflow management from now on, you will be ready to face worse economic situation. If many single people do not ready for marriage because of their economic situation, so you are not one of them.