Extend your Salary’s Life Cycle

If you can relate with the salary alert picture above, then we need to talk. LOL (We need to talk sounds too serious like we are in a relationship. But yeah we are.)

So, back to the matter. I have worked 9-5 long enough to know this feeling but the good news is I have learned how to do better. It’s not that I have “thirty billion for the account o” but I know YOU CAN GO THROUGH LIFE WITHOUT BEING BROKE.

I noticed the accounts of salary earners has a constant life cycle through the month. For me it was,

• The first week – You live like a king. Boss mode. Blossom. Plenty money… Chinese Rice and Chicken stage.
• The second Week – You are fine and comfortable. Average. All is well… White Rice and Beef stage.
• The third week – A kind of struggle begins. It hasn’t hit you too hard… You can still afford fried yam stage
• Fourth week – Garri and groundnut Stage. Owu don blow stage. Nothing in your account. For some, borrow borrow may start here.

Often times, the reason this cycle was steady was because I had a few habits that you might relate to:

1. I had just one source of income
2. Planning on my salary and money before it came
3. I had all these people come to me with great stuff and they permitted me to pay later
4. I did not save before spending. Most times I had to pay all the people I got great stuff from and live like a king because the money will soon finish.
5. My money used to disappear (I didn’t seem to know where it went)
6. I didn’t have a financial plan.

Truth be told, I was gradually getting used to it but I was very unhappy about it, so I decided to check what I was doing wrong.

When I knew what I was doing wrong, what I could do right became clearer.  I made changes and took steps to improve my financial power as a salary earner.

First, I found a side hustle. You too can. It doesn’t have to be too elaborate. You can freelance or join freelance communities. You can also do something you love and earn from it. If you dress well, tell a colleague to snap you every morning and upload on IG. If you have many followers, network with influencers, so when they get called by brands, they can suggest you. Influencers make good money! You can also find ways

Next, I stopped living above my means. If I cannot afford it, I can pass on it especially if it is not a need. It is important to package but on a budget. I had wardrobe plans and factored them into my finances, so I did not have to patronize my friends to pay later. My current wardrobe plan is based on a capsule model. Every quarter, I buy elements to create my capsule and that forms the bulk of my outfit for that quarter in addition to clothes I owned previously.

Saving before Spending was a myth I never thought was possible till I found Piggybank, Cowrywise and Stanbic Mutual funds. PiggyBank deducts an amount daily, weekly, or monthly with amounts ranging from 100 naira to thousands of naira. You set it and determine what you want. This will help you achieve financial goals. I use it, and I know it works. Click this link to start. My current strategy is to save and then reinvest lump sum in mutual funds and treasury bills.

I wasn’t too proud to negotiate or get a discount. It came to my realization that, I could get discounts on ASOS and almost anything online by just googling “ASOS Discounts”. I also noticed that people are open to a bargain (Maybe not spar and all) but even those big stores have sales. They will help you save some change.

Other Salary tips that worked for me:

• Don’t plan for the money you have not seen or that was just promised to you. You might be disappointed and get into debts.
• Don’t borrow. If you already do, have a payment plan to pay off in bits. There are trusted hacks for debt payments.
• Have a budget and reconcile your accounts so you can know where your money goes.

Always remember that your salary will not make you wealthy. It will be enough but never become what you need to become wealthy. Your money has to work when you’re not working for true wealth to be attained. Investing is a great way to make that happen.

Save, spend and invest wisely and that Game Of Thrones picture will not be your story.

With Love,

Blessing Abeng

About Money Matters