You have a large or small income was never enough to make ends meet if you do not stop the word satisfied. Consumer behavior, as well as the cost of living, continues to rise makes us think hard about how to manage finances with smart tips.
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The following are some tips to manage finances with a small salary as a personal financial management.
Define Financial Goals
Before proceeding, you should first determine the where your financial goals. It is true if you have a goal that will surely make it easier to manage personal finances. It also would be the motivation to collect revenue. The point is how you can manage your finances wisely, do not need to buy unnecessary things you buy, do not force the desire to buy something that is not beneficial for you and your family.
Sometimes for women is very troublesome, but if you have the mindset (though) dynamic it would not be an obstacle for you personally. Think of the needs of families, homes, and shopping is your main priority in undergoing this.
Create a Monthly Budget
It is important for you to allocate a budget to each of you and your family expenditure items, ranging from food, transportation and gasoline, entertainment, installment motorcycle or car, as well as children’s school fees. You should create an annual budget by allocating a shopping destination based on the sharing of posts each.
Start by making monthly details on paper, for each expenditure and detailed budget out by registered (list budget). When you have your list one by one meal expenses will be seen how much should you spend per month on the meal would be very easy to split expenses with your salary.
How to Manage Finance With Small Salaries by Saving and investing
Allocate 10% -15% of your total income in advance to save and invest 5% for you.
Difficult? we think not, go back to the first point, your mindset about your financial goals should be laid first. Why should allocate a certain percentage of your salary for savings? because there were always unexpected expenses should you spend, whether it’s a pain and other expenses?
If you have more funds (such as bonuses, commissions), you could add or you invest in investment products such as mutual funds or precious metals.
Set up an Emergency Fund
As we discussed, this emergency fund depends on how big your expense. For example, for you are still single, 2 times the number of emergency funds from your expense. With an income of $ 230, spending $ 153, meaning the emergency fund of $ 307 must be prepared.
Managing finances is not easy, it can sometimes take several trials in a few months. But it did not complete without their willingness, perseverance, and discipline in managing finances. Be realistic with the ability of each individual, and do not be tempted by the new products that make our living lavishly.
Of all the discussions that we describe above, a lot of benefits you can reap, the positive value is going to be confused when you do not require additional funding when you have more savings. For that use your money wisely by not squander. Thus the article how to manage finances with a small salary. May be useful