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How to stretch your salary till the next pay day

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A lot of salary earners find it difficult to stretch their salary till the next pay day. Some will even be in huge debt before collecting their salary and will be left with nothing to save at the end of the month.

ENCOMIUM Weekly spoke with economists and financial experts on how to stretch your salary till the next pay day.

 

‘Everything is changing, you have to prepare for the change’ – DR. AUSTIN NWEZE

Is it possible for an average salary earner to stretch his or her salary till the next pay day?

Everything is possible.

How can it be achieved?

It depends on how much the person earns and what his or her monthly commitments are. You must have a personal budget, try and stick to it. Don’t live above your means. Divide your salary into different percentages, your tithe, transport and feeding habit. If you are an impulsive spender, if you buy things without planning, for it then, you need to adjust your spending.

Plan how to spend your money, if not it, will be for everybody’s asking. For every kobo that comes into your hands, have a plan for it. Form a habit of saving, it could be personal or national saving. Nigerian is what it is now because the government refused to save for the rainy day.

Try to start an investment, don’t just put aside your money. Invest it so that it can yield for you. A clairoyantant person will be able to see before things happen. Everything is changing, you have to prepare for the change. Most people don’t have money problem. It is the individual that has problem.

Send your salary to work so that it can sustain you. It is not when you get a better job that you should invest. Every N5,000 from your salary is not too much to invest. Let your investment yield something for you because of emergency. It will definitely come one day.

Don’t think if you don’t solve somebody’s problem, heaven will fall. Don’t go borrowing because you want to solve somebody’s problem. They wouldn’t care if you go bankrupt. You must have a budget for emergency. If it finishes, don’t touch your savings, wait for the next month’s budget.

Money is a great friend if you send it out to work.

 

‘It depends on your ability to manage your budget’- SIR SUNNY NWOSU

Is it possible for an average salary earner to stretch his or her salary till the next pay day?

Everything depends on your ability to manage your budget. Set aside what will be left after the budget. By setting aside that amount, it means you are willing to save money.

How can it be achieved?

It depends on your ability to manage your budget. Budget is an all encompassing calculation. Your salary will be the net of every deduction. Look out for the rent, house up keep, fuel allowance, children’s up keep and decide on the percentage of your salary.

Some people prefer doing insurance. Some do physical saving. If your salary is not delayed, it will work out well but if your salary is delayed, you have to spend from your savings. If you are an investor, put aside your dividends and save it.

You must be able to control your money. You must be able to control your appetite if not, you wouldn’t be able to achieve your goal.

 

‘Choose your priority right’ – MR. HENRY BOYO

Is it possible for an average salary earner to stretch his or her salary till the next pay day?

Maybe you are looking at your salary as an elastic thing. Salary is not elastic. You just need to be wise about it.

How can it be achieved?

Like I said, you have to be wise about it. Choose your priorities right. Reduce impulsive purchases you make. Have a budget at the beginning of every months, have your own budget and stick to it. Don’t look across the border. Don’t compare yourself to others.

You don’t know how they get their money. Wages have been stagnant and inflation has been on the increase. So, it is quite difficult to stretch the salary. Just try your best. Put your priorities right, don’t look at Mr. A and what he has and how he spends his money. Consider your income and plan with it. Focus on the essentials, address them first, and leave the rest.

  • SHADE WESLEY-METIBOGUN

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