Paying bills during salary week always has us wishing we could stretch their salaries a bit further.

Getting a raise or a higher-paying job may not be realistic for you right now, but there are ways you can stretch your money to cover more of your living expenses. Here are some easy tips to help you make the most of your salary:

Create A Budget and Stick to It
Budgeting is the golden rule of personal finance, but it’s so much more than that. Beyond creating an efficient budget, you must be disciplined enough to stick to it.

Stay on track using a spreadsheet, finance app or the old-fashioned cash book. Unless you pick up the slack and control where every kobo of your money is going, it may be hard to effectively maximise your salary.

Get Better Deals On Daily Expenses
Another way you can push your salary is by getting better deals on your regular expenses. Check how much you’re paying for cable tv, internet services and other subscriptions.

Cancel out the subscriptions you rarely use and switch to cheaper alternatives for things like cable tv and mobile data. Also, look out for promos. You’d be surprised to see how much you’d be saving.

Split Costs Where You Can
If you live alone, renting a spacious apartment might not be the best for your finances.

Renting out a section of your apartment or getting a roommate saves you money on rent, water and power bills, which should free up a portion of your salary for other things.

To reduce your transport costs, you can offer to carpool with coworkers and contribute the money for fuel.

Avoid Debt
Avoid debt if you’re trying to free up more cash from your monthly income.

It’s so easy to collect collateral-free loans nowadays, but borrowing can quickly become a bad habit that gets out of control. There’s also the fact that you have to pay back the loans with interest.

Generally, frequent borrowing will eat deep into your income, so avoid it.

Final Thoughts
These tips will help you discover and cut back on unnecessary expenses, but note that the extra cash is for saving, not splurging. Put your money into a high-yield savings account where your funds will grow over time. Which of these steps will you be taking?

What other smart salary tips do you know? Tell us in the comments!

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joeytrib:
One of the ways your salary can save you is if you are fully ready for rainy days. start saving money so you can be ready for any rainy day.