AttitudeGuest Post

How to Manage Your Salary Wisely

Earning a comfy salary often lulls people into overlooking their financial future. Unfortunately, only when their earning years have peaked do people realize that the annual salary they are receiving isn’t permanent. Avoid this situation by taking command of your finances and laying the bricks to a sound financial future. Here’s seven tips on how to manage your salary wisely that you can start practicing today:

Figure Out How Much You Need

Plan everything

Before you can save money, you’ll have to pay for basic needs, such as monthly rent, utility bills, insurance, groceries, car upkeep, etc. Construct a detailed list of expenses that’s divided into annual, quarterly, and monthly categories. Make sure to include everything that you spend cash on, whether it’s a necessity or a desire. Don’t underestimate the small ticket items. Even a $10 monthly subscription to a media streaming provider can add up to $120 a year.

Plan Your Trips to the Grocery

Plan Your Trips to the Grocery

In fact, plan any trip that involves you spending cash, whether it’s a trip to the grocery store or a night out with friends at a fancy restaurant. Planning is a commonly underestimated habit; it’s too simple and doesn’t have as much weight as other more sophisticated ways of managing money, like automated 401(k) contributions or asset management software. Nonetheless, practicing the habit of planning your trips can save you a lot of money in the long run. Have a schedule, whether it’s weekly or biweekly, and a detailed list of items you need to restock in.

Consider the 50/20/30 Rule

50/20/30 Rule

Rather than have to divide your budget into 20 different categories, the 50/20/30 guideline divides everything into three easy-to-follow categories, namely Fixed Costs, Financial Goals, and Flexible Spending. Fixed costs pertain to bills and expenses that recur on a monthly basis. Financial goals, on the other hand, are costs that help towards building your financial future, such as retirement and emergency funds. Last but not least, flexible spending pertains to day-to-day expenses that vary in amount and frequency, such as gas and eating out. Following this guideline, you should direct 50 percent to fixed costs, 20 percent to financial goals, and 30 percent in flexible spending.

Be an Active Investor In Stocks and Website

Investing your extra cash in stocks and currencies is another way to boost your salary without having to work longer. Online forex trading offers opportunities to make short-term gains from the ups and downs of currency pair prices. Starting a website is a great way to add to your income. For under $1,000 you can create a review website that earns hundreds or thousands of dollars per month very passively. Plus these websites are highly desirable so after it’s cash flowing you can sell it, here is more about my story doing this.


Want To Start A Money Making Website?

I’ve created a masterclass to teach you how to create a money making website in just a few hours by following 12 videos. My goal is to help you earn several thousand dollars per month with your website through affiliate marketing. The course is ON SALE for only $49


Pay off debt


Pay Off Debt

Interest accrued on outstanding debt, such as credit cards and mortgages, can cripple your personal finances. Pay them off as soon as possible. If you borrowed money to invest or start a business, make sure to pay the debt off as soon as you start generating revenue. Use an investment loan repayments calculator to see how much you should expect to pay in interest over a set period of time. If you can repay the loan earlier than the agreed upon terms, make sure to exercise that option.

Take Advantage of IRAs

Take Advantage of IRAs

While individual retirement accounts aren’t a budget saver, they do help you grow your savings through better tax treatment. Different types of IRAs are available including Roth, Rollover, and Traditional IRA. With Roth IRAs, you make after-tax contributions and so you withdraw it tax-free when you retire. Rollover accounts, such as 401(k), handle cash that rolls over from certain types of retirement account. In a traditional IRA, you make contributions with cash that could be deducted to your taxes. Talk to your employer or HR representative about ways on how to manage your salary wisely with retirement accounts.

When deciding on an IRA, you can use a traditional IRA like those on M1Finance, or a nontraditional self-directed real estate IRA or gold IRA.

Set financial milestone

Set Financial Milestones

Nobody wants to pay rent forever. Set financial milestones including first home buying and investing in higher education. Continuously learning and adding on to your skill set can boost your earning potential. Financial milestones help validate that you are on the right track and that you are actually increasing your net worth over time.

How I Flipped A Website and Made $40,000

In just 4 months I bought and flipped a website that earned me over $40,000! I used a website broker to buy and sell the website, and did not do any SEO work to the website. I simply optimized the revenue streams among other simple changes. Learn how you can do the same!

Guest Post

This post was written by a guest contributor. Money Nomad accepts high quality, informative, guest posts. If you have unique insight to share with the Money Nomad audience, then please email with your article idea.

Related Articles


  1. Aside from the bad advice of Forex trading, this is a good post. 🙂 Ask almost any long-term Forex trader and they’ll likely admit that it’s more likely gambling than investing. Better to pick a long-term strategy with a diversified portfolio that you can put on autopilot to grow over time.

    1. You’re absolutely right Brad. I’m not a fan of Forex myself either. Some people make money from it. But the only way you can make money is if someone else loses money. Thanks for stopping by!

  2. Great advice for managing our income! I must say that your article is really awesome, interesting and full of useful information. I find many important information here. Thanks for sharing!

Leave a Reply

Your email address will not be published.