Guide to Managing Your Salary Better (2016 Update)

Better Manage Your Salary
Better Manage Your Salary

A Guide to Managing Your Monthly Salary Better

How many months have you spent most of your salary within the first week? And had to live the rest of the months like a homeless person? If the answer is many months then this guide is for you! For most of us, the only income we have is the salary that we get from our job. Let us take you through a few tips on how to manage your monthly salary better. And perhaps, save some money which can then be use for investment purposes. Bringing you more money in the long term!


Pay your bills first

Always make it a habit to pay off your bills once you get your salary. You can use online banking options to do it within a few minutes. Give priority to your credit card bills since they have extremely high interest rates when you pass the due date. After all the fixed payment bills are paid, you can make clear plans with what is left in your hands. If you feel like your bills are taking up too much of your salary, try to cut off several bills if you can. You can also try to downgrade your plans until you come to a better level financially.


Pay yourself

After you pay off all the essential bills, it is important that you keep a percentage of your salary for your own. This amount is for all entertainment and related purposes. The most important factor is that you should try your best to stay within means throughout the month. This will give you a better discipline when making financial decisions as you go about your day to day life.



It does not matter how small the amount is, you should set aside an amount for saving each month. A building savings account will give you a sense of security. In addition, you will always have a place to fall back on in case you face an unexpected emergency in life.


Use – not abuse – your credit

There are many people I know who have to spend over a half of their salary to pay their credit card bills. The rest of the month will then rely on credit cards to help them tide over. This results in a never ending cycle. Using your credit where necessary is always a good thing, however, never go over the amount that you can actually pay back at the end of the month. When you always have a high amount of credit due, you will never be able to make a proper plan or strategy with your monthly income. Live within your means!

Having troubles with your bills or a hard time paying your credit card? Consider approaching a licensed moneylender to assist you. Remember to always only approach a legal moneylender. We are one of the legal moneylenders in Singapore, feel free to drop us an email at or fill in an application form to check your eligibility 🙂

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