5 things to do immediately you receive your salary
Payday is finally here. We have all dreamed about this day. In fact, some of us have allocated a certain amount to cover certain bills like family runs, NEPA bills, decoder bills, school fees, etc. While some people simply follow the 50–30–20 rule which says you can allocate 50% of your salary to needs, 30% to savings & investments, and 20% to wants such as luxury purchases, and movie dates.
Frankly, nothing beats the sound of a credit alert on your smartphone. However, before the ecstatic moment starts to fizzle out in a puddle of deductions, here are five things you should do with your money immediately to ensure that your source of income never runs dry.
Clear off your dues
Now is a good time to sit back, carry out an audit on the loans you took and bills you need to settle, and clear everything. Living debt-free is one of the most effective ways to enjoy your funds in peace. And the truth is there is no right time to clear off your dues. When you have the funds, take a bit of the money and settle your loans.
Set up direct deposit to save automatically.
We can all agree that saving money in this current economy can be daunting. Surviving with the rising inflation is hard but putting some cash away can save the day. Simply set up automatic withdrawals and transfers for a direct deposit to your savings or investment accounts. This will make saving money easier for you.
Invest what you can
There is a saying that you spend money to make more money. In this case, you invest money to double your gains. It’s important that your money does not lie idle. One of the biggest dilemmas most people is where to invest their money. While crypto and the likes of it are good, you should start considering alternative investments such as investing in agro-commodities. It is low-risk and highly rewarding because we all have to eat every day. A great place to start is ComX, a trading platform for grains where you can diversify your portfolio through commodities trading and investments.
Track your spending
One habit you can cultivate for effective money management is to keep an excel sheet to keep track of all spending and what percentage of your earnings goes to what. This is helpful to reconcile your income with expenses. It is highly recommended. You need to know how much you spend on various needs. Once you’ve identified the outgoing amount, put away 10–20% of your salary every month before you start spending.
Enjoy your life.
Remember the song by Zaltan “ Overthinking no fit solve problem…Better days are coming mawobe…Say! I can’t come and kill myself…Make another man kon chop my sweat” in order words, while you save and invest, don’t forget to treat yourself to a nice meal, a nice spa date, or anything that makes you happy. You worked for this money, enjoy yourself.