Tips for Managing Monthly Finances

 

Managing finances every month is a dilemma for some circles. Especially if the monthly income is not sufficient to meet the daily needs of the family. Some families feel that they are lacking in the income they get, even though they may have more than enough income. This indicates that there is waste in managing finances. It could be that you spend money on things you don't really need. It may sound trivial, especially when these items are not expensive enough, in your opinion. But if you keep doing it. You will experience a financial deficit, so you feel dizzy yourself when managing money at the end of the month. Don't buy things that you like, but buy things that you really need. These tips, will provide steps so that your money remains durable or you can even save your money easily every month.

1. When you receive your salary, take all of your salary from your bank account. 

Why is that ? because it will make it easier to manage your finances. You will no longer take your money one by one at the ATM, but all of them! This may sound really weird, but if you are committed to being thrifty, you have to do it. Take all your salary in your bank account and start taking savings action by sorting out what items you have to buy! 

2. Immediately separate the money for several purposes.

After you take all of your salary money, immediately sort it out. Set aside money for consumption or your food allowance. You must take into account what your expenses are for daily meals and do not take money for your food expenses for other purposes. Then, set aside money for your household needs, such as buying bath soap, detergent, toothbrushes, toothpaste, and other household necessities. This may sound strange, but you have to do it. Then, set aside the need for your monthly electricity payments, and your children's school fees, and transportation costs for you and your family when working and school (gasoline and vehicle maintenance costs), and your family's travel expenses in one month. You have to separate food needs, household expenses, home electricity costs, tuition fees, transportation costs, sightseeing costs, and others in a separate place. Do not mix needs with one another, and do not take other fees for different purposes. For example, when you want to go on an excursion, you do not take your child's school fees or necessities for sightseeing.

3. Hold on to everything you want. 

If you want to buy goods, think about whether these items are really needed for you and your own family? If indeed these items are really needed by your family, of course you have to set aside money from the beginning of the month to buy these items. If the item is your only desire, prevent your hands from reaching for it. Maybe you already have this item, so why should you buy it? You will certainly be very sorry if your money runs out just because of goods that are not necessarily useful to you. Remember, you have to be thrifty! You have to think a thousand times if you want to buy the things you want. Stay focused that you have to buy the things you need. If indeed these items are needed, prioritize whether these items are very urgent for the moment? if so, buy the item. If it doesn't really matter, it's better for you to use the items in your house for use. 

4. Buy the things you really need. 

As I explained in point 3. you may buy things that you really need. Buy really good quality items, however, it needs to be emphasized that good things are not necessarily the most expensive. Buy goods with trusted and original brands. So that can be said, the item is durable and useful. You should not buy goods with fake quality or mediocre quality. Quality that is not good still causes losses for you. If the item is cheap and not of good quality, of course it is easily damaged, and you may be spending money each month to buy the item.

5. Save the rest of your salary. 

Every month you spend your salary for important purposes. Save the rest of your salary for savings. These savings can save your life if you experience difficulties, whether in the case of an economic crisis, job layoffs, expensive children's education costs, or the cost of excursions that you want to visit. Do saving activities regularly, every month. 

Hopefully this info is very important and useful for you and your family. Keep doing a frugal lifestyle, if you have the desire to buy something, hold on to that desire, try to think whether it is enough to shape your life? otherwise, don't buy useless things. Hopefully you can manage your family finances well.