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6 Simple Tips to Help You Manage Your Salary & Maximise Your Savings

kokou adzo



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A few months into adult life, it dawns upon you that earning money is probably the easy part. The challenge is how to manage your money. Meeting your day-to-day expenses is not enough; you must save every month to fulfil your long-term financial goals.

Even though we all want to save, the temptation to spend makes us lose track of our finances. And at the end of the month, we struggle to meet our financial goals. Therefore, we have compiled a list of financial tips on how to manage your salary and maximise your savings.

6 Tips to Manage Your Salary

  1. Set a Budget – Planning your expenses is the first step to efficient financial management. Contrary to most people’s opinion, budgeting is not complicated and involves no challenging calculations. All you need to do is analyse your spending to determine costs. Divide your costs into three buckets: essentials, discretionary expenses, and entertainment. Looking at your expenses this way will help you decide where to cut down and how much you can comfortably save every month. Ideally, salaried individuals should follow the 50-30-20 rule. i.e., 50% of your monthly salary should be spent on your needs (essentials), 30% on your wants (discretionary & entertainment), and 20% on savings and investments.
  2. Prioritise Savings – A budget is only a plan for the rest of the month. Once you know how much you can save, it is essential to stick to the budget. Refer to your budget whenever you are considering a significant expense. Check for discounts, deals, and other offers before buying anything. It may seem like a small saving at that moment, but it can add up to a significant amount at the end of the month. Based on your capacity to save, you can set financial targets. It will keep you motivated to track your expenses and prioritise savings.
  3. Build an Emergency Fund – Emergencies always come without warning. It could be a medical emergency, a sudden breakdown of your vehicle, home repairs, or the loss of a job. The thumb rule is to save enough to sustain yourself and your family for at least six months in case your earning stops. Here are some tips for building an emergency fund –
    1. Create a Separate Savings Account – Maintain a separate savings account wherein you can transfer a portion of your salary every month and resolve not to touch that money unless there is an emergency.
    2. Set up Automatic Deposits – Another way to save for an emergency fund is to set up a recurring deposit account and set an automatic deposit for a small amount from your primary account on the same day your salary is credited.
    3. Considering a High-Yield Savings Account – While saving is good, it is even better when your money earns some interest. Look for a high-yield savings account where you can deposit some money every month. It will ensure you make a high-interest rate on your money.
    4. Consider Personal Loan for Salaried Individuals – Even though you are building a fund for emergencies, it is unnecessary to dip into your savings in a time of need. The intelligent way to tackle emergency expenses is to opt for an affordable instant loan for salaried employees. It will ensure that your costs are met while your savings remain intact. You can choose a suitable repayment schedule to repay the loan as convenient.
  4. Develop Smart Spending Habits – Tracking your expenses and spending wisely can help you manage your costs and attain your financial goals in the long term. You can use a mobile app to keep track of your spending and analyse your expenses every few days to ensure you can keep impulse spending to a minimum. You can also be mindful of discretionary and frivolous expenditures.
  5. Pay Bills on Time – All bills, including utilities like electricity, water, and internet, have a deadline. Paying the bills before the deadline helps avoid late penalties and extra charges. Late payment of bills can run up a high cost for you and eat into your savings. Credit cards are convenient, but paying every credit card bill on time is essential. When unpaid, the credit card bill runs up a very high-interest rate. So, use your credit card wisely and pay the bills on time, or you may spend more money than you earn.
  6. Manage Debt – Good management of personal finances calls for efficient debt management. Pay off all your debts on time. This includes bills, loan EMIs, insurance premiums, and other kinds of debt. Schedule debt payments on priority and pay off your dues as soon as you receive your salary on the first of each month. If you have several debts, analyse the due payments, and create a debt repayment plan alongside your monthly budget.

Managing your finances is a continuous process. As your earnings and savings increase, you may need to evolve your salary management techniques to continue to make the most of your money. There may be several instances in your life, such as marriage or the birth of your first child, when you will need funds to shoulder significant expenses. Efficient savings and investment planning can help you build a corpus that secures your and your family’s financial future.

Author Bio: Tanvi Kaushik specializes in Content Marketing and works with the Digital Team at KreditBee – India’s fastest personal loan platform where self-employed and salaried professionals can easily avail of personal loans in just a few minutes when in need of quick funds. Tanvi writes to-the-point articles on personal finance and budgeting which are truly appreciated by her readers. She is committed to making money matters easy to understand even for the layman. Her commitment to her work doesn’t stop her from pursuing her hobbies of hiking, trekking and going on adventurous trips.

Kokou Adzo is the editor and author of He is passionate about business and tech, and brings you the latest Startup news and information. He graduated from university of Siena (Italy) and Rennes (France) in Communications and Political Science with a Master's Degree. He manages the editorial operations at

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