How To Guide

How To Manage Your Salary Wisely

Use these 6 tips to manage your salary wisely. Go beyond managing your salary to wealth creation with Cube Wealth.
April 18, 2024
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Being able to manage your money well is not just about trying to make ends meet. You don’t have to have a lot of experience or be a math-wiz to be able to manage your finances well either. 

The challenge is to find a way to save a portion of your salary while paying off debts, covering basic living expenses and working towards your financial goals. 

So if you’re looking for advice on how to manage your salary, you’re at the right place. I've put my thinking hat on to help you save and create wealth with your hard earned salary.

6 Tips To Manage Your Salary Wisely

Let's check out tried and tested ways to help you become more diligent with your salary and create wealth for the future:

1. Create A Budget

Create a budget based on your monthly net income. Budgeting helps you stay in control of your money and allows you to keep a track of your expenses. 

Tracking your monthly spending prevents you from guessing where your money has been spent. You should set realistic budgets for yourself and prioritize paying fixed costs first such as bills or EMIs. 

The 50-30-20 rule is also a great guideline you could use to efficiently budget your savings. Spend 50% of your income on your essential bills, 30% on your financial goals and 20% on flexible spending. 

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