Make That Money Work For You
Ever wondered how to save more money and stretch your pay check each month? Of course, we all have, especially when we already have plans for the money before it even lands. Everyone wants to snap their fingers and boom! There’s enough money for everything. I laugh in account balance.
But even though a pay raise or higher-paying job may not be feasible just yet, here are some ways you can make your current income work for you:
1. Budget
Yes, I know, planning your income and expenses is not very fun. But you need to realise that if you carefully plan for your money, there will be more to spend on necessities.
Having a budget is one of the surest ways to manage your money and prioritise for maximum productivity. An emergency fund is equally as important to prepare for unforeseen circumstances that might arise.
‘Money is supposed to work for you. So, if you spend it on anything you don’t really need, it ends up becoming a liability.’
There are several ways to budget your income. A generic method is the 50–30–20 rule of 50% for living expenses/needs, 30% for personal spending and 20% for long and short term financial goals.
Another way to switch it up is to go the hardcore way of 50% for long and short term financial goals, 30% for living expenses/needs and 20% for personal spending.
Living expenses like rent, light, water, transportation, food or bills.
Long and Short term financial goals like savings, investments, shares or real estate.
Personal Spending like shopping, travel, movies, books, courses or events.
2. Search for Better Rates
It’s so annoying that bills get to take such a high percentage of our earnings…jeez.
An easy way to stretch your pay check is to search for better rates on some monthly expenses like mobile data, WiFi, electricity or car servicing. You can get a prepaid meter instead of paying a fixed electricity bill that’s overpriced.
Or like me, you can find a route to your workplace where you get to spend less on transportation when you don’t have your own car or power-bike or bicycle…lol. In any case, most companies offer new clients better deals than existing ones because competition is everywhere and they want to grow.
Use your gift cards, coupons and whatnot, no shame in saving that extra cash and channeling it somewhere else like savings.
3. Flee from Debt
You can also make your money do more when you have no debts to pay off dear.
Just look at it like this, the more you borrow, the less you can spend on actual needs because a lot of your money will go to paying the interest on debts.
Whenever you can, pay with cash and avoid additional bank charges when you transfer or use the POS machine.
‘Less debts equals more money to spend and save per month.’
4. Split Bills when you can
Instead of buying in bulk when you will likely not finish it, you can just split the cost with friends and share.
This can help you save money on food and other provisions. Also, technology has made it easy to share things like rides. There are a number of car-pooling apps and you can even order a taxi with friends so one person doesn’t have to bear the entire expense.
What’s more? A lot of businesses have discounted services when two or more people book sessions e.g. spas, some salons etc.
5. Go for Free things…you won’t die dear
Leverage on some free or cheaper activities, events or even services to save money over time. You can borrow books or movies from the library instead of buying…this saves more money than you can imagine trust me.
The internet is also a good place to find creative, fun and cost-effective ways to have a good time with your special someone on dates.
In fact, you can save money and exercise by walking some distance instead of paying for transport all the time…kill two birds with one stone dear, not every time taxi, bus, keke or bike, sometimes leg.
6. Maximise your Bonuses
Be wise about what you use your bonuses for by making a proper plan for spending it.
If and when you get a bonus at work, don’t be quick to use it for day to day expenses. Actually, it is important to never add your bonuses to your budget.
No matter how consistently you get bonuses, consider it as money to be channeled towards goals such as owning a house, saving for your old age, getting married, raising children or whatever your financial goals are.
7. Take Lunch to Work and Eat Out Less
This may not be the most exciting or ‘tush’ thing to do but it helps you save major cash on lunch per month.
If you calculate the cost of buying lunch five days per week, four weeks a month, you’ll realise how much you’re actually saving in the long run.
‘Bring your own lunch when you can and build your financial well-being.’
8. Reduce Energy Consumption
Turn off lights and unplug chargers and other electrical appliances when they’re not in use to save energy.
This can only work really well if you’re using a prepaid meter; you only pay for what you use.
In fact, getting an affordable inverter is also super cost-effective and you’ll spend way less on generator fuel. You may end up saving 5–10% or more on annual energy bills.
9. Save! Save! Save!
No matter how high or low the money you make is, be committed to saving a percentage of it every month in an account where it can accrue interest a.k.a Jetseed.
10. Keep a Bag/Wallet for Loose Change
This may seem like something only children should do but you’d be surprised at how much you’ll end up saving. Just put aside all cash less than 200 naira in your loose change bag/wallet at the end of every day.
When you calculate what you have at the end of the month, you’ll definitely want to keep this culture for the rest of the year. By then, you’ll most likely need a bigger bag. Better still, put it in Jetseed vault.
Bonus Point: Invest- Yes, this is super important. Investing in real estate and agriculture is one of the most tried and tested means for earning passive income historically. It has been made quite affordable, transparent and stress-free with the new Jetseed investment feature which allows you to invest with as low as 5000 naira for 10–40% ROIs (Returns on Investment) in 3 to 18 months.
If you’ve read this far, then you’re a star. Start applying these tips to your life and see how much change you’ll see soon!
