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 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 Both of you should have same ATM which is only able to be withdrawn with certain agreement.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 For instance the money for meal can be withdrawn if not more than $100 per week.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.