You don't have to be a financial expert to manage your monthly salary wisely. Follow the rules below and you'll soon be amazed at how much you can save. It's often said that small rivers make big ones.
1. draw up a budget for the month
List all recurring monthly expenses, such as groceries, fuel, insurance premiums, rent and various loan repayments. Also include daily expenses such as newspapers, travel and lunch.
2.create a reserve fund
Once you've established your budget, set aside an extra, non-negotiable amount as a monthly "expense". By setting aside a reserve each month, you can, for example, make a down payment on a future apartment or use it to treat yourself to that vacation you've always dreamed of.
3.pay all your invoices
Pay your expenses by credit card and pay your telephone, electricity and other regular bills by direct debit. For greater convenience, pay these bills at the beginning of each month, just after you receive your salary. That way, you'll know immediately how much money you have left, and you'll avoid any surprises.
4. save your premiums
Receiving an annual bonus from your employer is an excellent opportunity to set money aside. Of course, you can spend some of it on yourself, but try to limit your spending to 20% of the total amount. That way, you can keep as much as possible for long-term investments.
5.make your capital grow
Hiding your savings under the mattress won't earn you any interest. On the contrary, inflation will reduce your savings.
Instead, place your savings in an account, preferably an online savings account with a high interest rate.
6.spend less
You'll soon realize that a small change in your daily expenses can have the same impact on your financial situation as a small increase in your salary. So try to keep your expenses to a minimum. Don't forget to compare prices. You'll be surprised at how much you can save each month by changing insurer, energy supplier or telephone operator.
7.start saving for your pension
Pensions are expensive. So start saving today. To get the level of pension you want in retirement, you need to invest less money.
You don't need to be a financial expert to manage your monthly salary wisely. If you follow the rules above, you'll quickly be surprised by how much you can save. It's often said that small rivers make big ones.
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