3 Tips Managing Monthly Income
Assamualaikum and Hi everyone. today I want to share 3 tips for managing our monthly income…
1- Save before shopping
Get your paycheck, keep it ready before you spend. This includes paying off your debt. Why? Because when we wait for new money to save, there will usually be no more. If not a lot. Try saving 10% first. If it’s 10% too hard, try saving 5% of your paycheck. Make it a habit.
2- Get your budget ready
Draft a simple budget for your monthly budget. It’s important that you include your regular monthly benefits, such as car debt, rent and kitchen expenses. So, with this you can spend some of your gross expenses. If you have a positive balance, that’s better. This means that you have more money to spend or save.
3- Separate covers (4 covers for 4 weeks)
These tips I have read, but never did. Not used to. You can also try splitting your weekly spend on 4 different covers. This means that every week you can’t spend more than what is set aside in that cover. With this, you don’t want to overdo it.