10 Ways to Make Your Salary Work for You

If you think saving money is difficult, you’re not alone! According to a 2017 survey by GoBankingRates, 46% of people have no savings at all!

Yes, savings can be tough, but sometimes, all it takes is that first step in the right direction that will get things moving the way you want it to. These 10 practical tips can help you take control of your finances and save more!

Create a monthly budget
1. Create a budget

Instead of trying to recall where your whole month’s salary went, write it all down before your expenses begin.

A budget should tell you where the money needs to go, rather than where it all went. Make a financial action plan for each month and stick to it.

Create a budget like a pro!
Pack lunches for work
2. Pack lunches for work

Over a weekend, make a meal plan for the next week. By shopping according to your plan, it will cut down those little food expenses that crop up during the week.

Cooking your own meals is not only good for your pockets, but your health as well. Commit your cash towards a healthy diet, and save!

Eat healthy, spend less
DIY – Do It Yourself
3. DIY – Do It Yourself

Be it for beauty treatments, or fixing a broken wall clock at home, the internet is filled with so many DIY tips!

DIY is basically things that you can do yourself at home, rather than paying someone else to do it. Gaining new skills + Saving money = A win-win!

Want to try home repairs?
Grocery shop smart
4. Grocery shop smart

Shopping smart means knowing the prices of different stores, buying things only when needed, and stocking up for the whole week.

By creating an effective shopping list and avoiding psychological traps (like buy one and get another for half price), you will save quite a few bucks. You can even take it a step further by growing your own greens, instead of buying packaged vegetables!

Grow your own veggies!
Exercise at home
5. Exercise at home

You’re into physical fitness and have a gym membership, great! But there are other ways to exercise and save money.

From Yoga to regular fitness routines, you can accomplish your fitness goals from the comfort of your home.

Get buff, not broke
Your insurances
6. Compare insurance

House, car, life – whichever type of insurance you have, don’t just renew it every year.

Once in six months or a year, take some time out and shop around to see if you could be getting better rates with a different company.

Understand insurance better
Have a financial goal
7. Have a financial goal

One of the best ways to save money is to set a goal. Having a goal like investing in a house, or paying off your debts, can keep you focused towards saving money.

Each time you spend you will think of your end goal, which will motivate you to cut down on unnecessary expenses. Each time you save, you will know exactly what you’re saving for, keeping your end goal on track.

What’s your financial goal?
Pay in cash
8. Pay in cash

Studies show that people tend to spend more when using a credit or a debit card because it doesn’t give them the sense of excessive spending.

When you carry cash, you will stick to spending whatever you have in your pockets. When this becomes a habit, you will plan your expenses ahead of time and carry limited cash based on your needs, giving no room for unnecessary expenses.

Keep track of your cash flow
Pick the right tools
9. Pick the right tools

Research and choose finance tools that suit your goal, to help you get the highest interest rates from your savings.

For example, if it’s a short-term savings goal, a savings deposit account can lock in your money for a specific time period. If it’s a long-term goal, securities such as stocks or mutual funds might work for you.

Watch your savings grow
Seasonal smart shop
10. Seasonal smart shop

Buy things when they are least in demand, for the best price.

For example, buy cold-weather clothes in Summer, and vice versa. January is the best time to buy Christmas decorations, and November is a great shopping month with Black Friday deals. Avoid buying jewellery during the Christmas season when it’s more expensive than usual.