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It is that time of the month when salary earners look forward to the chiming notification sound on their phones – credit alert!
Well, it is also not surprising that even before the much-anticipated salary arrives, one already has a long list of expenses piled up, and rightfully so, because these bills are meant for paying!
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A lot of people have argued that the main reason their salary does stand the test of time is that they don’t earn enough. But is this really the case? Or are they simply overspending?
To make your monthly pay last longer, we have put together these 5 tried-and-true tips to help you:
Calculate your monthly income and expenses:
By keeping track of your income and expenses, you would be able to see where your money goes and nip unnecessary spending in the bud. A popular saying goes thus “the easiest way of becoming bankrupt is by not paying attention to your expenses.” Tracking your expenses gives you better control over finances. By doing this, you will not only cut down on unnecessary spending but also build a financial safety net for yourself ahead of rainy days.
Ace Your budget game:
Having a budget helps you keep things together; it is more like a divide to conquer strategy. With a budget you get a full view of what your expenses for the month or a given period would be like.
One realistic way to budget your expenses is by using the famous 50:30:20 rule: 50% of your income should be spent on your needs, 30% on wants, and 20% should go into savings.
Avoid buying on impulse:
Whilst this might not be the easiest habit to change, here are a few tips to help you succeed at it:• Shop with a plan in mind or budget at hand
• As much as possible, use cash not credit/debit card
• Take only the amount of cash you will need when going shopping
• Avoid retail therapy at all costs
• Wait a day or a week longer before making an expensive purchase, if it is not important you would naturally lose interest.
Set aside emergency funds:
Emergency funds refer to that bulk amount you set aside to cater for unexpected expenses when they arise.
Based on recommendations by expert financial advisors, your emergency fund should be six months of your living expenses. So, if for example your monthly income is N100,000, your emergency will be N600,000. Surprised? Not to worry, you are not expected to raise an emergency fund in one swoop. Just like a savings plan, you can set a portion of income aside and build it up over a period of 1 to 2 years.
Make wise savings and investment decisions:
The best way to make your money work for you or last longer is by having an ultimate plan that puts your money to work and earns you high returns.
With tons of investment options in the market today, you might be asking yourself “which investment plan is great for me?”
Let’s introduce you to the Salary Plus Plan by Heirs Life Assurance.
The Heirs Salary Plus Plan was specially created for salary earners like you in mind and it works like a savings plan with a life insurance topping.
Here is how it works:
You automate the deduction of a steady amount from your salary which earns high interests over a desired period.
This way, you can conveniently save towards your goals and reach them faster. At the end of the plan, you get all that you have saved thus far plus interest accrued.
How cool is that? And it does not just end there.
The Heirs Salary Plus Plan comes bundled with a life insurance benefit that pays an agreed amount to your beneficiary if the unexpected happens to you before the plan expires. If such happens, Heirs Life pays your beneficiary the amount you chose at the onset of the plan, plus your total savings plus interest. This way your hard-earned money still stays with your family.
Are you ready to make your salary work for you? Take the ultimate step by signing onto the Heirs Salary Plus plan today.
Call 0700 434 7754 to get started!