Six tips to help you stretch your salary

Cover the most important expenses before your secondary ones

Those expenses would be your bond, rent, electricity, car insurance, medical aid, groceries, petrol and debt repayments, for example. Secondary expenses would be clothes, entertainment, beauty and grooming products, home repairs and décor, among other things.  

This way, even if you run out of money before your next pay check — at least you’ll know that all the important things are paid for.

Saving starts on payday

You shouldn’t wait for days or weeks to try to save — put money into your savings on the day you get paid. Remember that you’re the most important creditor on your list.

Shop around

Avoid buying any items before finding out if you can get them for cheaper somewhere else. By doing this you’ll realise that in the past you were probably spending much more on items than you needed to.

Shop online

If you’re not used to online shopping by now, now’s the time to try it. Shopping online is beneficial because the majority of online stores have lots of discounts and promo codes that you can use to save. Additionally, shopping online is convenient because it’s safe, quick and easy.

Consider moving to a different insurance company

The best way to save and stretch your salary is ultimately to cut down on your expenses, so why not consider changing your insurance company if you think you’re paying too much? MiWay offers a wide range of affordable premium plans for business, car and home insurance, so that you can save more.

Cut down on ordering takeouts

Yes, we know you’ve had to make your own food for a few months, and it’s so tempting to order junk food regularly, but this isn’t the best option for your bank account. Prepare your own meals — not only is it good for your health, it’s good for your wallet too.

Follow these tips to stretch your salary and live your way with more money in your bank account.

This article was paid for by MiWay.