Saturday, June 22, 2024

5 ways to manage your money even if you earn a small salary

Managing money is often more difficult than many people assume. In fact, the majority of financial problems you might be facing stem from lack of proper financial management. This is a financial mishap that can be remedied. Here, Rose Muturi looks at the five ways you can manage your money and grow:

Create a budget: Budgeting is essential to money management. It helps track our income and expenses, so you know where your money is going and where you can cut back.

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Set financial goals: Envision your short and long-term future – think about the kind of life you want in the next few months, and in the next few years, and then set SMART financial goals to help you achieve them.

7 ways you can build wealth even if you earn a small salary

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Pay yourself first: When you receive any income, set aside some cash for your savings or retirement fund. You can create standing orders, or sit down at the beginning or end of every month to deposit cash into your savings, investment, and retirement accounts.

Use technology: There are many apps and tools available to help you manage your money. Take advantage of budgeting apps, financial tracking tools, and saving apps that can help you stay on top of your finances.

Seek professional advice: If you’re struggling to manage your money, consider seeking the advice of a financial advisor or credit counselor. They can help you create a budget, set financial goals, and develop a plan to achieve them.

Finally, always keep an eye on economic conditions and the government policies that can affect your finances. Read the papers, follow key opinion leaders, and stay up to date with industry trends.

Rose is the Managing Director, East Africa, Branch.

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