Surviving until your next pay day

2011-02-26 00:00

JOHANNESBURG — Beep, beep. It’s the sound of money going into your bank account. It must feel good, especially after the rough month you had. But you also realise that half your salary is gone and you still have a list of expenses to pay off. Plus you still have 25 more days until your next pay day. Does this sound familiar? Here are some tips to help you break the cycle:

Budget, budget, budget

Have a clear plan of what you need to do with your salary and always put 10% of it in a savings account. Draw up a list of your expenses and income(s). If the difference is a positive­ amount, then you can use it to spoil yourself. If it’s negative, go back to the drawing board and see where you can cut costs.

Food, glorious food

Eat out less and have more home-cooked meals. Takeaways can be expensive. The idea of a home-cooked meal might sound like a drag at first, but it’s a cheaper and healthier option. Invest in a recipe book or Google inexpensive recipes or ask your friends for their favourites.

Night life

Reduce the number of times you go out and also opt for clubs and bars that have cheaper or free entrance. Host chill sessions with friends and split booze and snacks costs.

Keep it in the bank

It is easier to spend money when it is in your pocket as opposed to in your bank account. With some banks you can open up to five savings accounts within your main account. Take advantage of this by splitting up the money in your account into various smaller accounts. Your split can be transport, accounts and 10% savings, etc. Separating your money makes it harder for you to dip into it.

Store accounts

If you’ve ever walked into a store with the intention of paying off your debt and walked out having purchased things thereby increasing your debt, rather use Internet or cellphone banking to pay your accounts.

Coin collection

Make a habit of depositing spare silver coins in a jar. The money could go towards paying for whatever you’ve run out of during the month. Following this could make you a happier person until pay day. Always remember that being broke is childish. — Moneyweb.

Paballo Rampa is an accounting student and the editor-in-chief of a campus newspaper.

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