Making your salary go round

The issue of resource management has become the core theme of seminars, conferences and all that in our society. This is because any resource mismanaged ...

is hard to recover. In the larger society this situation is paramount and the same goes to the individual. Money as we believe is meant to be spent, but the spending should be done wisely. Salaried workers have the notion their take home pay is not enough to take care of their basic needs. The truth remains that money is never enough as far as human being is concerned. That is why even the opulent ones in the society strive to acquire more of it.
However, the fact that we do not have the whole money in the world does not mean that our basic needs would not be taken care of. All trails down to the manner in which we manage it and get that satisfaction we so desired.
The following can serve as a guideline to making your salary, no matter how small it is, take care of your necessary needs.
Know how much you earn monthly – It will be surprising to know that some people do not know how much that gets into their pockets monthly. Yes, they know what the basic salary is, but how about other monies that come your way such as allowances, gifts and the likes. Do you ever take time to calculate how much all the monies are? This might sound funny, but majority are falling prey to it. Take out time and record any money that enters your pocket or account every month. By the time you do it for five months, you will be sure to know the actual average if not actual amount that you get monthly. This will help to watch your expenses.
Have a plan – When you talk about planning your finance, some people get pissed-off. Why because either they are ignorant of it or they know but do not just want to imbibe the attitude. Having a good plan towards your salary helps you to be in control of your money and ensures maximal utilization of any money that comes your way.
Budget monthly – Budgeting is very essential in the financial life of anybody who wants to be prudent. A good budget helps you to know your incomes as well as expenditures. Make your budget a realizable one, or else you will be left in the middle of uncertainty. Be sure that items listed in the budget are the necessary ones which you cannot do without. Remember it is not making budget that matters, rather sticking to the budget is where the problem lies. Some after making a budget will just dump it and continue their normal way of spending. Is only when the account starts running red that it will dawn on them that they have been over spending.
Track your expenses – After budgeting, try as much as possible to curtail the way and manner in which you spend your salary. There is this spirit of 'spending' once salary is paid. It is then you remember all the things that you feel are good and which you want. Try and be shrewd in spending, is not everything good in the market or shopping mall that you need.
Live within your means – Avoid the temptation of imitating a colleague in the office or co-tenant in buying things. Know that all fingers are not equal and as such, you should cut your coat according to your size. Do not buy very expensive things because you see someone else has it and you want to show that you are, also, capable of buying such. The truth is that some go to the extent of buying things on credit just to show-off and putting themselves in huge debt. Always check your pocket and settle for the items you can afford without entering into debt.
Buy in bulk – Many a times, it is good to buy items in bulk especially food stuffs. If you have a large family, buying food stuffs in the neighbourhood stores and in small quantity can be costly. Rather write a list of all the things you need, then go to a larger market or supermarkets that sell at low cost and do your shopping. Stick to the list while shopping and avoid window shopping or else you will be tempted to divert the money meant for the listed items to other things.
Utilize promotion period – Some companies do embark on product promotion from time to time. If such is happening around you, cease that opportunity and buy things because the prices will be pretty low and some discounts goes with it.
Avoid too much debt – I say too much debt because debts sometimes seem unavoidable. In any case, try as much as possible to avoid debt when you know you can. Some people purposely turn themselves to debtors everywhere, that before they know what is happening, the debt profile has shoot up tremendously. This is seen mostly among ladies who love shopping a lot. Sometimes, they buy goods both from fellow colleagues in the office and from neighbourhood shops on credit. If for any reason you are in debt already, map-out a away for repayment that every month you pay back certain amount until the debt is defrayed. However, do not extend the repayment period too long so as to give you space for savings.
Never stop saving – No matter how little the salary might be, squeeze out some amount as savings monthly. The savings keep you in a better position in case of investment or emergency situation.
Minimize the use of ATM – As much as possible; aim at reducing the rate at which you use Automated Teller Machines (ATMs). When there is no need for it, just leave the ATM card at home, because once you go out with it, you will be tempted to withdraw money unnecessarily. And while withdrawing, use your bank's ATM to avoid some charges.