Manage your Money Wisely
Whether you are a fresh graduate on his first job or a seasoned manager, you are faced with the challenges on how to manage your salary and how to save for your future needs.
Budgeting, saving, and allotting funds for specific funding are not as easy as they seem, but careful planning can save you from getting into debt while empowering you to plan for your future.
Here are some tips on effective money management brought to you by Citibank Credit Card.
Plan for the future.
Identify your needs from your wants, what you have to pay now, and what you want to save up for. Then see if your present resources, i.e. salary, are enough to help you meet your goal. If not, determine how much you still need and how to obtain other sources of income to fill that need.
Prioritize all your payables.
Have a checklist of the things you pay regularly and prioritize what is most important. Place the least important at the bottom where you can always slash them out.
Have an idea of your spending habits.
Track your expenses to see which group they fall into: loans, luxuries, or necessities. For example, 50% of a P20,000 monthly salary goes to utilities, rent and food; 30% goes to gimmick and entertainment money; 20% goes to transportation, and only 10% is saved.
Open a savings account.
Get into the habit of saving. A bank account speaks of security.
Keep accessible cash for crisis situations.
During emergency situations, a few thousand bucks in your deposit account will come in handy.
Invest.
Consult a financial planner who can help you make a plan on how to double your income and savings through investment funds, stocks, and pension plans.