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Many people find themselves running out of money just days after payday. If you’re tired of feeling broke before the week ends, here are five simple ways to stretch your salary and enjoy more financial peace.
1. Create a monthly budget
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The first step is knowing where your money goes. Write down all your expenses, from rent, transportation, snacks to airtime and internet bundle. Set limits for each category and stick to them. A clear budget helps you avoid overspending and plan better for the month.
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2. Prioritise essentials
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Always take care of the important bills first, like rent, food, transport, and utilities. Once these are covered, you’ll know exactly how much you have left for extras. Avoid spending on wants before needs. Hence, sometimes you must let go off the weekly chilling and clubbing.
READ ALSO: How to survive an entire weekend with just 100 Ghana Cedis
3. Use cash for daily spending
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It’s easy to swipe your card and lose track. Also, limit how you spend money in your mobile money (MoMo) wallet. If you’re a reckless spender, you can as well choose to unlink your mobile money wallet from your bank account.
Try withdrawing a set amount of cash for your weekly spending. When the cash runs out, you’ll know it’s time to pause and rethink your spending until the next week.
4. Cook at home more often
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Eating out or ordering takeaway drains your wallet quickly. Cooking at home is cheaper and often healthier. Plan your meals and shop smartly to save more every week. Put your phone down, and don’t call that delivery rider for some time.
5. Save a little straight away
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As soon as you receive your salary, set aside a small portion for savings, no matter how little. Even saving 5-10% each month builds up over time and prevents you from spending everything at once. There are banking tools that you can use to automate this so the moment the salary alert drops, it goes into your savings account.
MUST READ: 5 Reasons why your salary doesn’t last more than a week
By following these simple steps, you’ll have better control over your money and reduce stress between paydays. Remember, small changes make a big difference.