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For those of you who have not been able to manage your finances so that your monthly salary always runs out, there is an easy way to solve this problem. Here are some tips that you can do to manage monthly finances.
Create a Monthly Spending Budget
Every month, you must make a budget plan when you receive a salary. Create a shopping budget for primary needs such as food bills, electricity bills, water bills, transportation, and so on. Second, make a budget for tertiary needs such as shopping , traveling , to a budget for hanging out with the girls .
Pay off Bills and Installments
Immediately pay off bills and installments that you have not paid when payday arrives. If you want to repay something, it should be adjusted to 30% of your income. Don't let your salary run out just to pay installment bills. Therefore, think again before deciding to repay something.
Record Your Financial Statements
Get into the habit of writing down all your income and expenses. Don't throw away shopping receipts because it can help you keep track of expenses. Do this every day so you will know where your money has been going.
Create Two Accounts from Different Banks
Use one account for your daily needs such as receiving salaries, paying bills, and shopping. The other account you use specifically for saving. Also make it a rule that at least you have to save what percentage of your salary and that is something that you must fulfill.
Envelope Management
Sometimes the convenience of technology such as ATMs and credit cards makes it easier for you to access money so that it is easier for you to spend it without control. Well , for those of you who have this problem, you can implement an envelope management system in managing monthly finances. Provide three envelopes with different colors. Red envelope for investment. Yellow envelope for emergency fund savings, insurance and other short-term needs. And a green envelope for monthly expenses.
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