Monday, August 15, 2016

How do I make the most out of my monthly salary (Part 1)

 

I hear a number of persons who say that they are not able to save anything out of their salary. I wonder why, especially for single people who only spend money for themselves.

I am single. No one depends on me financially. Basically, my 15th and 30th money are just for myself. So how do I budget and spend it in such a way that I still get to save something every month? Here are the things I have been doing since I started working.
  1. I do not have a credit card and I do not intend to apply for one in the future. I do not want to incur debts. Period.
  2. I do not own a car. I live in a country that is known for its traffic-prone and flood-prone cities. Also, we need to pay for parking spaces depending on the number of hours your car will be parked in a certain location. Same goes true in buildings with parking spaces. Not to mention, the rising price of diesel or gasoline. Taking all these into consideration, it would be practical to just take the public transportation. It will save one's time and money.
  3. I only spend on needs. I spend  my money on food, toiletries and rent for my place. My rent is inclusive of water and electricity. I don't buy new clothes or shoes. I buy them if the need arises and usually, I purchase those things from thrift stores.  If there's no need to buy one, I use them for 3-5 years.
  4. I don't buy the latest gadgets. I only have one locally made  phone which I bought in 2013 for $10. It is only intended for texting and call. It does not have sophisticated features.
  5. Also, unlike other ladies who spend money for their nails and hair, or anything that will make them look good, I don't spend money for the sake of beauty.




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1 comments: on "How do I make the most out of my monthly salary (Part 1)"

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