Tips for Managing Finances With Small Salaries

Tips for Managing Finances With Small Salaries

Tips for Managing Finances-Every family must have plans for their future, such as: vacations, owning their own house and car, to their children’s tuition fees, and retirement funds. The plan requires a lot of money, while looking for additional income is not something easy.

Therefore, you need several ways to manage household finances with a small salary so that the plans that have been prepared can be achieved.

No need to be upset or sad about a small salary, prioritize being grateful and managing your salary well. Check out the description of 12 ways to manage household finances with a small salary.

Tips for Managing Finances

1. Evaluate Installments/House Costs

Many people find it difficult to manage their family finances because the mortgage (KPR) has already deducted a large part of their monthly salary. It is recommended that the mortgage loan is no more than 25% of the total salary earned each month.

Tip: Look for a mortgage that offers the smallest installments, or if you can’t afford to take home mortgages, you should look for a cheap rental. There are bound to be some offerings that match your abilities. The key is that you have to be diligent and keep looking for information.

If you own your own home, you can set aside a portion of your salary to make savings or invest. If you are single, you can rent a room in the house for 1 or 2 friends. The money from renting out the room can help you pay installments cheaper and is a good way to invest. In this way, you can repay the house and set aside some of the money for other investments such as savings and emergency funds.

2. Plan Monthly Shopping Carefully

Tips for Managing Finances is to plan your monthly shopping carefully. Financial waste tends to occur when using money to follow desires, even though wants are not necessarily needs. The best way to use a small income is to make a monthly spending plan using a written budget.

Spend money according to the plan that has been prepar. When it’s time to buy what you need, you already have a budget for shopping. However, do not use money beyond the budget that has been prepar, because the remaining money has been allocat for other needs.

Tips: Plan a monthly budget in writing, by dividing the list of expenses into two, namely: primary needs and tertiary needs.

Primary needs include: food, transportation costs, electricity, water and telephone bills, house installments, motorbikes and cars and others. While tertiary needs include: a budget for shopping for clothes, traveling, to a budget for hanging out with friends or coworkers.

Planning a grocery list is very efficient because by shopping in bulk, prices will be much cheaper, so you can save more on buying food and have more savings. In addition to getting us to making a monthly spending plan budget, you also have to get us to complying with the financial budget that has been made.

3. Buying Items That Are Still Worth It

Tips for Managing Finances. Buying items that are still fit for use can save your budget, such as: us cars, used electronics, used furniture, and so on. Many people give cheap offers for us items that are rarely used, some are never us.

Sometimes people can find items whose boxes have been opened, but items that have never been used, but not sold at like new prices because the packaging has been opened. There are many online stores that offer these rarely used used items, you have to be diligent in looking for them on the internet.

Tips: Buying used items that are still worth using or used items in conditions like new items will really help you save money. For example, for families who have just moved house and need furniture such as tables, chairs and other household furniture.

It’s a good idea to buy used goods that are still good at thrift stores, flea markets, or online stores, but don’t forget to bargain. With a little spray paint, used tables and chairs will look like new.

4. Has Automatic Temperature Control

Automatically programmed thermostats can help you save money, making it easier to set aside money for savings. Choose an air conditioner that has a temperature control with the lowest energy power, so it can save energy and save money, even though the purchase price is slightly more expensive than the regular model.

Tips:  Even though it is programm automatically, you can still manually change the temperature of the house as you wish. Sophisticat temperature control can sense when the owner is away from home, thus automatically reducing energy use, this is more efficient. Although a little expensive, but more energy efficient and more durable. Currently, many air conditioners are design automatically according to the required power.

5. Use Credit Cards Wisely

Tips for Managing Finances. Shopping using a credit card is easy and everything can be purchas. Credit cards can help manage finances, if you use them smartly, such as: using the promos given to buy the items you need.

But credit cards can also get you stuck in long-term debt if you use them carelessly. Research has shown that credit cards are the easiest way to spend money, because in addition to the amount of money spent there are also interest and credit card administration fees.

Tips:  If you can’t control your credit card, it’s best to forget about credit cards, if you want to save money and save money. The habit of using credit cards carelessly will make it wasteful and have serious financial consequences, don’t let the household make a fuss because of credit card debt.

6. Save Expense for Multiple Activities

You can do several activities at once to save expenses such as: buying lunch while doing errands outside the office. This will save more on fuel costs than making some trivial inefficient trips.

Tips:  Save the difference in the money to a savings account periodically. Even if your house is close to work, you can grab your own lunch and coffee at home. There are always ways to save money to make savings, it’s up to you.

7. Reduce Riding Motor Vehicles

You can walk, ride a bicycle or take public transportation instead of using a car to go to the store or work.

Tips: You can save money on fuel and you will also get additional benefits, namely a healthier body with lots of exercise.

8. Looking for Additional Income

Take advantage of the time you have to look for additional income. There are many ways to earn additional income such as: selling credit, being a freelance writer, selling online, and so on, the most important thing is that it doesn’t interfere with your main job. The more additional income, the more salary that can be set aside for savings.

9. Reduce the habit of eating out or ordering food online

Occasional dining at restaurants and ordering meals online is fine. But if this becomes a regular habit it will drain your paycheck quickly.

Restaurant food costs at least up to 4X more than homemade food. Not to mention if you often order food online, of course your meal costs will go up.

Tips: If you want to save money, you should make your own food at home. Try to eat at restaurants or order food online (Go Food or Grab Food) only occasionally and not every day. Do this and see how much money you can save by cooking yourself.

10. Use PayLater Wisely

In meeting household needs, PayLater is nothing new. The convenience of getting a loan of money online through a loan application or e-commerce can make you mistaken.

Make sure you use paylater wisely. Not for consumptive needs or use paylater because you want to shop not because of important needs. You have to realize that paylater is the same as debt, you still have to pay it and try not to be late paying off debt.