What Can I Do To Save My Salary As An Employee?

Filed in Article by on April 12, 2022 0 Comments

I know lots of folks who spend their entire salary in their head even before payday, I inclusive. It’s funny, I know, but it happens. This could be due to our inability to cut off some stuff that isn’t necessities in our lives or maybe you think your salary just isn’t enough but no matter how little it is, you should be able to hand a little sum to your savings and let it stay there.

As an employee I know there are multiple issues to attend to, the cost of transportation, food, housing and let’s not leave out clothing but you don’t need to stock your wardrobe monthly or visit that eatery just yet, you will, later but not at the moment when you should be saving.

I know we all wish to live the Vida Loca life but not when we have things to save up for, imagine you need to build a podcast channel in two months, you’ve needed the sound system and the rest of the things to start which you know you’d need to buy, embarking on a tour wouldn’t be such a nice idea yet still you’ve met your target or you want to buy a car, changing your wardrobe beyond have to wait for the bigger plan.

What Can I Do To Save My Salary As An Employee

After all, said, talk is cheap you know but here are a few tips that will help you save up instead of only talking about doing it.

1. Budget Before Payday

I do that these days and it helps so much. I literally write down what I need to get, and I make a list of preferences before payday so I don’t get confused after payday. You know how it feels when you get your salary, thoughts fly-in, things you wish to do, debts to settle, goods to eat but planning ahead of time makes those thoughts know their place.

2. Know How Much You’ll Save

You may decide to save up 30% of your salary, that’s fair, but be sure you’ve made a list of things you wish to get and taxes to pay. You could let your savings be the last on the list to ensure you don’t go back to adjust your saving because you wish to add more stuff to what you need to buy or bills to settle.

3. Cut Down On Some Expenses

I know how easy to experience impulse buying, oh you see this lovely handbag and you like it and want it for yourself you should cut down most of the stuff on your list that isn’t paramount. On your scale of preference, decide what the forgone alternative becomes so you don’t spend more than you budgeted. You can have that trip next time when you are financially buoyant and yet again cut down on some expenses.

4. Scout For A Savings Platform

Look out for investment platforms that could hello you save up or you could transfer your savings amount to your savings account if that is okay or get a piggy bank account and keep it safe and out of reach.

5. Stay Away From Debt

One other thing that causes a crackdown is if you are in debt. Owing to multiple people, organizations or businesses can increase the amount of money you need to spend from your salary further increasing the rate of income you’ll have to spend after payday.

6. Save Up Bonuses And Gifts

There are days you might get tipped at work or your boss decides to surprise you by gifting you something you didn’t have but wanted, save up the money or the tip, you might need them and do not have to buy, this is a way of saving income.

7. Reduce Utility Bill

Try switching off the light in your house when it’s not in use to reduce excess cost on services you don’t make use of. Next time try to fix stuff yourself this could also help reduce utility costs and help you save more and plan better.

There are more than one ways to save up as an employee, friends could help you or you could join a contribution society that helps as long as it helps you cut down on the things that make you spend too much, it could be leveraged.

You know the quote, “save for rainy days”.

Leave a Reply

Your email address will not be published.