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How to Manage Monthly Finance

Do you often have difficulty managing monthly finances, even money often runs out at the end of the month? This can happen because you are not able to manage your salary or monthly income properly. But don't worry, there is a surefire way to manage your monthly finances wisely so you don't run out of money before it's payday. Check it out below!

How to Manage Monthly Finance

1. Create a Monthly Budget

Of course, it is very important to make a monthly budget because you know what costs you have to spend each month. Sometimes people can't keep track of their expenses so they tend to be wasteful and overspending. By making a monthly budget, you can list what your expenses are and then see if it's more than your monthly income or not. Try to make these expenses detailed, fixed and the same every month, for example, such as boarding house fees, transportation costs, insurance costs, and others.

2. Determine Financial Priorities

Now, after making a monthly budget, it's time for you to determine your financial priorities. A good way to manage finances is to prioritize buying the things you need that are out of stock and you refill the stock or goods for daily needs. Also determine the maximum amount you have to spend each month so you don't overdo it when shopping.

3. Immediately Pay the Bill

Don't assume you get rich right away as soon as you receive your salary, because the first thing you should do after your payday is pay all your bills up front. Such as electricity, water, telephone bills, credit card installments, and so on according to the monthly budget that you have made. This is very important so as not to interfere with the cost of your daily needs. Prioritize paying bills on time and evaluate if there are bills or installments that can be repaid or closed so as to reduce the financial burden.

4. Allocate for Savings and Investments

Allocating some of your income for savings and investments will not make you poor, you know. Instead, you can protect yourself from unforeseen conditions and have enough savings for the big things you want to achieve one day. The amount of funds that you can set aside is quite adjusted to your other needs. It would be better if you set aside a rather large amount so that your personal expenses can be reduced.

5. Have Two or More Bank Accounts

The next tactic to keep your monthly finances safe and secure is to have two or more bank accounts for different purposes of saving money. For example, you can use the first account for daily expenses, while the second account is used for saving. Especially for an account used for saving, you should choose one that has low administrative costs and can be accessed without an ATM card. By creating two accounts, you will be able to tell which money you can continue to use and which you cannot bother with unless there is an urgent matter.

6. Record All Financial Transactions

Maybe this method is one of the laziest ways to do it, even though it is very effective for controlling your expenses. Now there are also several detailed financial recording applications that make it easier for you to record your daily expenses if you don't want to be bothered by having to write in a notebook. That way, you can calculate how much you spend on average and also determine the maximum spending limit that you can spend for one day.