5 Tips to manage your income

Don’t toss and turn in bed thinking how to fit all your needs into meager pay. With strong will, you can easily manage your income so you won’t have to give up on a side dish of a simple meal. Here are five money-management tips that will keep you away from the sidewalks, scanning for loose change.

1. Track your spending.
Have you ever found yourself wondering where your money went just a few days after you’ve received your salary? That’s not uncommon but also not a good feeling. If you don’t realize how much you spend on little things, your total expenses would later come as a shock. Just by tracking, you’ll start to curb your expenses.

2. Pace yourself.
If you spend, spend, spend early in the month, you’ll end up scraping the bottom of the cash barrel later. Have a spending limit for each week and stick to it.

3. Go easy with the credit cards.
One quick way to spend beyond your means is to charge it. Use credit cards sparingly. Once you get into the habit of reaching for the plastic, it can be hard to stop.

4. Look ahead.
Whether it’s tuition fee or a credit card bill, if you know a big expense is coming, start putting money aside for it. It’s a lot easier to set aside P1,000.00 every month that to cough up P10,000.00 when the bill is due.

5. Allot ‘guilt-free’ money.
Life is short enough to spend on counting beans. Give yourself guilt-free time to enjoy the fruits of your hard work. Every hardworking employee deserves time off from the daily grind so as not to be burned out. The trick is to spend smart.

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