How to set up quick money so that it doesn’t run out quickly

Pay day is definitely something every employee has been waiting for. Few people feel enthusiastic and plan many things. because the money has been received Buy your dream items, pay off debt, buy basic necessities, and so on. The obstacles that are often encountered are difficult to manage. and ends up being wasted in terms of spending

Managing payday money is very easy as long as you understand how to divide your needs by priority. and not handing out the needs that are not too important

We’ve got some tips for managing your payroll so you don’t run out of money quickly.

1. Salary budget according to priority needs

if you need Set a salary allocation of 2 million. or less/more than that Try to set your budget in order of importance. Needs that need to be prioritized include debt or installment payments. Daily meals, bills, savings and emergency funds

Debt payments, installments, and home payments are among the top requirements. because if not prioritized You will feel overwhelmed and confused about rearranging your finances, so prioritize these three things. Then set a new budget for daily food needs, savings and emergency funds.

If you are not collecting debt or paying in installments but intend to use it for purposes such as the purchase of property, vehicles, etc., you should not exceed your ability to pay off your debt. At least not more than 30% of your income because more than that can actually interfere with your finances in the future.

2. Use 50/30/20 . Salary Setting Formula

Financial management from monthly income can also use the salary management formula is 50/30/20, details are as follows.

• 50% Allocation: Bills, Installments, Basic Needs
• 30% Allocation: Desire Shopping, Hangout, Sightseeing
• 20% Allocation: Savings, Emergency Funds, Investments

You don’t have to follow a salary formula of that size to adjust to existing conditions. For example, an allocation of 30% is for saving, then 20% for the hangout. Using this salary setting formula is very useful for people who find saving money difficult and feel like your monthly money is running out quickly.

Still having trouble managing your monthly finances? Try your mobile finance application to know how much detail you need to save and spend.

3. Do not be lazy to follow other people’s lifestyles.

The development of current trends is more diverse. Even people can find it easily. due to interference from the internet and social media which can distribute all information more quickly The trends are endless if you want to follow too much. Don’t be afraid to go out of fashion!

Latah follows other people’s lifestyles, such as social media. Pay your salary faster Especially if you often have trouble saving. Try to assess your personal finances if you are now allocating more monthly or salary for savings and basic needs, or are prone to being lazy. lifestyle other people?

4. Prioritize needs over wants.

Everyone has a desire to shop with payday money, especially if you’ve been dreaming of having it for a long time. Times that you want to buy a product because it is absolutely necessary. or just to satisfy a need without a purpose

For example, you want to buy the latest smartphone. But nowadays the smartphone you have is still in good condition and is only two years old. before you buy Consider first what the product is for. And why should you buy?

5. Set aside money as an emergency fund

In addition to saving Also need to prepare an emergency fund. The function of an emergency fund is like money in the event of an unforeseen event such as medical treatment. Lack of money to buy daily necessities, etc. The allocation can be adjusted according to needs, such as 5-10% of the salary.

An emergency fund is different from savings. Because savings are money that is kept to buy needs or wants. But it is not required for urgent need. At the same time, an emergency fund is a savings account that is needed if conditions are urgent, so it is not used to purchase desired items.

How to manage salaries for an emergency fund can use the payroll management formula in the second part of this article. At least don’t leave you without an emergency fund, okay!

6. Track Trusted Insurance

As an employee in a company, all employees are generally insured in the form of: BPJS of employment not only that There are also other types reliable such as BPJS Health etc. The importance of insurance is to protect you when the unexpected happens all the time. and still have costs from accumulated premiums paid

every month or for a period of time You will be asked to pay a premium to the insurance carrier. Although different from savings, later on, the savings that are paid as insurance premiums can be used whenever necessary, such as paying for medical expenses. medical expenses or other

7. Allocate a portion of your salary for investment.

One way to organize your payday money so that it doesn’t run out quickly is to set aside some for investment. don’t have to be very expensive An ideal investment product for beginners.One of which is a less risky mutual fund product. In addition, virtual gold saving is also the most suitable step for long-term savings (learn. how to save gold at InvestBro)

According to the salary control formula, 20% of the total salary goes to savings and emergency funds. Investment details can only be entered, for example, 5-10%. It is also possible to make all savings as long-term investment allocations so that they are not easily managed and run out quickly.

8. Create a weekly meal budget.

The best way to manage your payday bills so they don’t run out quickly is to budget for weekly meals. Especially for newlyweds and homeless young couples. Manage payroll by doing food preparation Save money because you don’t have to go out to eat often. besides that, benefit food preparation is to make it easier to prepare meals each day.

but if you can’t food preparation Because there is no kitchen and limited facilities. you can rearrange budget Eat for a week. For example, with a salary allotment of 2 million, the specified amount of food is 250,000/week or about 30-35,000/day These expenses can be saved further so that you don’t run out of money quickly if you have a rice cooker. So you only need to buy a side-by-side device.

9. Reduce the habit of traveling and eating out.

whether on purpose or not Traveling and dining habits can drain your payday if you can’t manage them properly. Going outside, like coffee shops, shopping malls, etc., for some people, can help refresh your mind. So it’s normal. However, if you make a habit, it’s not good, because it will cost your salary.

It can be difficult to reduce the habit of hanging out together. So you have to be self-committed to reducing it. For example, every week you used to go to a coffee shop 4-5 times to buy coffee for 30,000 at a time, try to reduce it to once a week. Can save up to 90-120,000 in a week.

The same is true for eating out habits, so payroll management can be done with control. budget Eat out (as in Section 8) if facilities are available. Food preparation. At the same time, if the facilities are limited (Try having a rice cooker.) Buy an external side dish to make it more efficient.

10. Always record and evaluate income and expenses.

The most important thing in managing your payday money so that it doesn’t run out quickly is to always keep track of your income and expenses. This is very effective so you can find out where the money is being spent and know where the money comes from.

Manual recording of expenses and income on the calculator note on mobile phone or always notebook is not practical at all, so use personal finance recorder app which can be installed in smartphone Make it more practical!

Try the salary management tips above to avoid running out of money quickly. If you’re still having trouble recording, try it now. Savings Challenge It’s both fun and challenging to try!