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How to make your salary last more than 2 weeks

Making your salary last more than two weeks requires careful planning, disciplined spending, and smart financial habits. Here are some practical steps to help you stretch your paycheck and avoid running out of money before your next one arrives:... CLICK TO READ THE FULL NEWS HERE▶▶

The first step to making your salary last is knowing exactly where your money is going. Create a budget that outlines all your income and expenses.

List your fixed costs like rent, utilities, and transportation, as well as variable expenses like groceries and entertainment. This will help you see where your money is going and where you might need to cut back.

Budget your income [wikiHow]

Once you have a budget, prioritise your essential expenses—those that you absolutely need to cover, such as rent, utilities, and food. Make sure these are paid first before spending on non-essentials.

By ensuring your basic needs are met, you’ll have a clearer picture of what’s left to spend on other things.

Meal planning can significantly reduce your food expenses. Plan your meals for the week, make a shopping list, and stick to it when shopping. Avoid impulse purchases and buying things you don’t need. Cooking at home instead of eating out can save a lot of money over time.

Write a meal plan

When you use cash, you’re more likely to stick to your budget because you can physically see the money leaving your hands. If you tend to overspend when using Momo, try switching to cash for your everyday purchases.

Impulse buying can quickly drain your bank account. Before making any non-essential purchase, give yourself a cooling-off period—wait 24 hours or even a few days to decide if you really need or want the item. Often, you’ll find that you can do without it.

As soon as you get paid, set aside a portion of your salary for savings. Even if it’s a small amount, it’s important to build the habit of saving. This can act as a buffer for unexpected expenses and help you avoid living paycheck to paycheck.

Savings

Keep track of every cedi you spend throughout the two weeks. This will help you stay accountable to your budget and give you insight into where you might need to adjust your spending habits.

Track your spending

Eating out and entertainment can quickly add up. Limit dining out to special occasions, and find free or low-cost entertainment options. This might mean having a movie night at home, going for a walk, or attending community events that don’t cost money.

If you’re carrying debt, try to pay it off as quickly as possible. Avoid taking on new debt unless absolutely necessary. Interest payments on credit card debt or loans can significantly reduce the money you have available each month.

If your salary isn’t enough to cover your expenses, consider finding additional sources of income. This could be a part-time job, freelancing, or selling items you no longer need. Even a small amount of extra income can make a big difference.

Consider additional income streams.

Making your salary last more than two weeks is all about planning, prioritising, and being mindful of your spending. By creating a budget, cutting unnecessary expenses, and being disciplined with your money, you can avoid the stress of running out of funds before your next paycheck.

The key is consistency—small changes in your habits can lead to significant financial stability over time.

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Kylian Walterlin

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