Although managing your newly acquired job is a difficult task on its own, managing your finances is an even bigger challenge especially if you are moving from a cost saving city like Ibadan, to an expensive city like Lagos. Here are some tricks you can use to manage your finances and save money while on an entry-level salary.
It is never too early to start investing in low-risk stocks, mutual funds and treasury bills. While it may seem unattractive to start saving for retirement when you’re in your early 20s, doing so can have a drastic effect on how much money you’ll have when you’re ready to retire.
Creating a budget isn’t a responsibility of the government or corporate organizations alone. You should also seize the opportunity to understand how and what you spend your income on by drafting a budget. This would help you in cultivating financial discipline and impact your economic well-being in the long run.
If your job presents you with some spare time, you could use this time to earn extra income. Care must be taken however, to avoid picking up extra jobs that could affect your productivity or work schedule.
Making smart decisions about what to spend money on will go a long way in determining your financial standing. Instead of eating out at a fancy restaurant, go grocery shopping and prep your meals. Substituting foreign brands for local brands of the same quality, will also help you cut down your expenditure and save more.