Here's How to Achieve More with the Same Income
Every month you wait for the day when you receive the message of “salary credited” on your phone. It brings you immense happiness, and you straight away start planning on the bills to pay, things to buy, places to travel to and so much more.
However, while you start making a list, you realize that you the salary that you receive is inadequate to fulfill all the things on your list. You require either a large salary or a strategic plan to meet these necessary expenses and goals. While the former is not always easy, the latter is within your reach.
Below listed are a few tips on how to achieve more so that you do not scramble to fund your expenses:
Creating a monthly budget will indeed manage your money. As a first step, calculate the amount you need to spend on bills and shopping. Accordingly, characterize the goals for which you might need money in the future. Calculate the time horizon that you will require to fulfill these goals. You can likewise create a hierarchy of needs and decide which ones are to be addressed first.
A budget allows you to give each penny you make a purpose. Having a budget in front of your eyes puts you in the control of your cash flow. This lets you track your spending and helps to measure whether you are meeting your financial goals. At a macro level, creating a monthly budget affects every aspect of personal finance or achievement of goals.
Regulating your expenses is not rocket science, and you need not be from a financial background to do so. It would help if you were wise about it. The most useful tip to do so plans all your expenses and not go for unplanned expenditure. You can start by characterizing your costs into fixed or variable; urgent or not urgent; negotiable or urgent.
For example, if you need to buy a new car, you must first calculate how much amount you need — followed by if you can spend that amount during that month or not. If not, then wait for the next month or go for an car loan option and use EMI calculator to know what you need to pay. In this way, you can regulate your expenses and stick to the boundaries.
One of the most significant drawbacks of having a surplus of cash is that you are likely to indulge in overspending. To limit impulsive spending that can in disrupt your budget, one should go for alternatives like credit cards or debit cards.
With the new trend of plastic replacements to hard money, many people consider carrying cash as a throwback. Sure, cash is easy, but paying with a debit card means you won’t have to worry about carrying cash and you can have your iced tea on the tab. Therefore, to achieve more with the same income, you must go cashless.
There are co-branded debit cards that offer exclusive rewards and discounts specific to the brand. For example, there are different airlines that offer free check-in for extra luggage when they purchase the tickets from that debit card. There are debit cards that offer cashback on the purchase, and other offers pay points.
You can apply for debit cards online from reputed financial institutions like Axis Bank, that provides you with a plethora of benefits that shows swiping plastic is always better than paying in green.
Follow these carefully to help you achieve more with your income!