Salary over by 15th? 6 ways in which you can make it last longer

Salary over by 15th? 6 ways in which you can make it last longer


June 15, 2017

‘A penny saved is a penny earned’. Yet every month there comes a time when we have to choose between an evening out with friends or a boring dinner at home. Yes, a financial crunch is a bad situation but the truth is that we have all been there and done that. So let us tell you simple yet effective ways to last your salary a little longer.

1. Start budgeting:

Have an opinion on the Annual Budget? Well, how many of us have documented a budget for ourselves? There you are – Step 1: Budget your expenses. This helps us prioritize and thus keep a check on discretionary expenses. So yes, this means you cannot set aside money for a pair of shoes without paying your insurance premium. Learning how to choose what purchase desire can be postponed is probably the key here.

2. Make a list:

How many times have you gone out to the neighborhood departmental store and returned with stuff you had not planned to buy? Making unnecessary purchases is a tempting urge. And the best way to control this urge is to make a list of what is necessary and stick to it firmly. Tick the ones that you’ve taken and look only for those present in the list.

3. Do not get lured by combo offers

How exciting are BOGO (Buy One Get One) offers!! Sometimes they excite us so much that we end up buying 2 of something we didn’t need at all. If you are on a tight budget, this temptation could be dangerous. Allocation of money on the basis of need is the essential element here. Deals like these are usually to tempt the customers to buy things they don’t want. Are you going to fall prey to this tactic? Now you won’t!

 4. Use Prepaid plans

Despite excellent postpaid plans, we tend to be careless about the frequency and duration of our phone calls. Long distance calls, roaming and data consumption is something we don’t really keep a tab on. If this describes you, then you probably need to shift to a pre – paid plan. A pre – paid plan will not only help you reduce your phone bills, but will also help you inculcate a habit of putting a budget to the same.

5. Restrict usage of credit card:

While usage of plastic money is something even our Government is encouraging, it has its own flip sides. You must have felt the psychological difference when you pay with cash vs a credit card. When the crisp notes flow out of your wallet to the cashier, you tend to realize the amount of expense you are making. However, with a credit card, we sometimes don’t even look at the bill and just hand over our card for a convenient swipe. It is only when we get our credit card bills that our eye balls tend to drop out. Therefore, it is almost compulsory for us to restrict usage of credit card. We also recommend that you minimizing the number of credit cards you possess. However, as we move towards a cashless economy and rightly so, using a debit card is better to keep expenses in check.

6. Pay your credit card dues on time:

Often times, we overlook the due date of our credit card bills. While the bill amount might be low, penalty charges for late payment can be as high as 36% annually. Unknowingly, a sizable cash outflow indeed. It is therefore of utmost importance to pay our credit card bills before due date. A helpful tip in this regard is to pre schedule the payment a day prior to the due date. That ensures that the bill is paid even if we forget or get busy with something else.

How do we help?

At CAGRfunds, we help you craft a financial plan which will help you manage your salary better. We guide you to make disciplined investments right at the start of the month. This enables you to not worry about savings. As a result you become more organized with your spendings.

Whatsapp or call us on +91 9769356440 to know more.

CAGRfunds Team

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