GETTING THE BEST FROM YOUR MONTHLY SALARY
Introduction
We go to work daily to contribute our quota towards assisting the organisations we work for to achieve their goals and targets. The reward for the hours of work we put in is our monthly income which in turn helps us to meet our personal goals and targets. No matter how much you earn, there is the need to spend wisely and prudently. By so doing, we get the best out of our monthly income.
Below are some tips on how to get maximum value from your monthly salary.
Ten Tips on How to use your Money Wisely
(1) Draw up a monthly budget: Financial experts suggest you draw up a monthly budget to guide your expenses and prevent us from overspending. Make a list of your monthly expenses and see where your money goes. Try eliminate the less important expenses to enable you have a surplus at the end of the month, no matter how small. Make sure your budget is handy close to your payday. Follow your budget religiously and you will be surprised how well you will do on cutting out unnecessary expenses.
(2) Pay Your Tithe to the last Kobo: If you are a Christian, endeavour to pay your tithe when it is due and correctly too. By paying your tithe, you pay a ’spiritual premium’ on a ’spiritual insurance’ against any negative happening that will crop up to devour your income.
(3) Avoid Impulse Buying: Often times we buy things on impulse. We may need the things we buy but they are not really very necessary at the time we bought them. We can do without them at that time. Sometimes, we walk into our offices to meet a staff or client selling some items – perfumes, clothes, shoes etc and we see our colleagues buying them. We join them immediately especially when we are told we can pay at the end of the month. Before making such purchases, ask yourself some simple questions and be honest with you answers; Do I actually need the item?, Will I use it now?, Is this the best price I can get on it?, Does it add value to my life?, Do I have cheaper alternatives?
(4) Arrange Your Monthly Expense List on a Scale of Preference: Arrange your monthly expenses on a scale of preference starting from the most important. Purchase more preferred items before others. House rent, feeding money, school fees/books are expected to top our list.
(5) Always Use a Shopping List: For women who go to shops/markets to shop for the home regularly, draw up a shopping list before you set out and follow your list despite the ’temptations’. They will say you are a miser; ignore them for you will laugh last.
(6) Avoid Careless Borrowings: Just because there is an avenue to take a loan in your office does not mean you must take one. As much as possible, execute your projects with the funds you save. If you must borrow, review the proposed repayment pattern, interest rate and the alternatives thereof before jumping at it.
(7) Research Large Purchases before Buying: Never purchase items like a land, television, deep, car, freezer, washing machine, gas cookers etc without first conducting an informal research to determine the actual cost, durability of the brand etc.
( You are not a Father Christmas: As Africans we have family ties- our parents, siblings, in-laws, relations etc and we do need to render some assistance from time to time. Be wise about it. When a request comes your way, you sometimes need to sleep over it.
(9) Have a no-spend day: Once or twice a week, have a day where you deliberately decide not to spend except on budgeted expenses like lunch at work.
(10) Save a Portion of Your Monthly Salary: After determining the pattern of your expenses in 2 to 3 months, make a decision to save some money monthly in a purse you may not have access to even when you are ’broke’. Don’t let the salary get to your account before saving it; opt for direct deduction by payroll.

God richly bless you as you heed my advice and blossom in the year 2015.

Please can this be moved to front page thanks