Tips to Help Manage your Monthly Finances | We all find it hard to make it through the month until our next paycheque arrives, some more than others, and all it takes is a few unexpected expenses to cause a money issue. Of course, a lot depends on your standard of living and with that in mind, here are a few tips to help you manage your monthly finances.
- Keep a coin jar – Leave a large jar on the hallway and put all your coin change in whenever you return home. This soon builds up and if you get a speeding ticket or double-parking fine, you have the money if you empty the jar. We never actually miss the change in your pocket and before long, it becomes second nature and you drop your change in the jar without thinking.
- Get a Cash Card – Rather than carrying around a wallet full on notes, get a cash card; you can get Quick Cash without pay slip from a leading online lender who offers a wide range of services. There are many benefits to a cash card; you can withdraw cash up to the agreed limit and there are no third-party fees to pay, while if used responsibly, there are no fees as such.
- Crunch the numbers – Sit down and list all of your expenses, dividing into two columns; essential and non-essential. This will show you how much of your salary is left after essential expenses and you can begin to eliminate non-essential items to reduce your monthly outgoings. Those little luxuries you enjoy could be cut out, at least for a while and when you have a few thousand baht left at the end of the month, this will motivate you to continue with the program. If keeping cash in the home is too tempting, you can deposit cash into an ATM, which is secure and will be deposited into your account within a short time.
- Supplemental Income – Aside from looking for ways to save money, if you have free time, why not earn some extra money? You could work as an online blogger or even spend a couple of hours a day filling out online surveys, which you would be paid for. Do what you can to secure OT at work or if you have a friend who runs a business, ask them if they need any help. Click here for rewarding career paths to consider.
- Set Excitable Goals – It might not motivate you to save a few baht here and there, but if you set a goal, such as buying a new bike or treating yourself to a new laptop, this can often give you the incentive to make sacrifices. Spend some time thinking about what you would like to buy one year from now and set yourself a figure to reach within that time. Some stretch to a 2- or 3-year goal, which might be to put down the deposit on a new car or bike.
- Limit Credit Card Use – Most people are smart enough to keep their plastic for real emergencies, as credit card payments can quickly mount up. It is comforting to have credit cards in your pocket, knowing that you can deal with any unexpected bills, but a level of self-control must be exercised.
Wherever you are in Thailand, make sure you keep an eye on the current Covid-19 status, especially before making any travel plans. Even if you only save a couple of thousand baht every month, this will gradually build up and then you can start to think about potential investments.