Trust us guys, we know that this isn’t what you want to hear especially at a time like this. No cash, scarce naira notes, no transfer networks, hike in the prices of essential commodities, and worst of all – no salary increase.
We understand, but hear us out as we tell you the importance of having a solid savings plan from your monthly income. The truth is, saving money from your salary requires a lot of discipline and determination, especially during this period.
In this blog post, we’ll talk about 4 ways to save from your salary in order to have a better financial future.
Savings Tips For Salary Earners
- Have A Monthly Budget Plan
‘Oh, here we go again with the word budget budget budget.’ This is what you may be thinking but let’s further break it down for you.
Making a monthly budget plan helps you to split your monthly expenses into different categories. This way, you get to see what works and what doesn’t, what you should stick to, and what expenses to cut out.
Your budget helps you avoid overspending, meaning you have more money to save from your salary every month. And guess what? Your budgeting doesn’t need to be complex. You can easily draw up a simple budget or use a free app like this to get started.
- Cut Down On Your Monthly Expenses
Bravo! You’ve taken the first step to identifying your essential and non-essential expenses. The next step is to cut down on these expenses however you can.
You can carpool to work instead of taking a cab; shop for groceries in bulk; eat home-cooked meals more; unsubscribe from streaming platforms you don’t use often and take other measures to reduce your monthly expenses.
- Say NO To Debt
Getting into debt as a salary earner is quite easy after all, you’re expecting income by the end of the month.
DON’T fall into that trap else all you do is repay debts month in and month out, leaving you with nothing to shore up your savings plan with.
If you have existing debts, work towards paying them and avoid new ones. The idea is to save more and earn interest on it and incurring debts will not make this happen.
Never take on new debt unless you have a good enough reason.
- Automate Your Savings
At least 20% of your salary should be transferred to a savings or investment account as soon as it is received. It is advisable to automate this process as it helps you to ensure that you never miss a payment or spend it on something else.
Are you looking for a comfortable and rewarding way to set funds aside for long or short-term financial goals even as you enjoy competitive interest rates? There’s no better way to make the best out of your income than the Rosabon Earning Plan – REAP. With as low as N5,000 you can get started. Click here to get started today.
