Now That It's Salary Week: Budgeting hacks that actually work

It's that glorious time of the month—salary week. We all know the bank alert will soon hit, and we're constantly checking our phones in anticipation. But do you have a plan for how you want to spend your salary already?

Or do you just want to treat yourself to an all-time high? There's nothing wrong with giving yourself a needed treat, but you must be careful to stop your whole salary from disappearing.

But what should you do? Budget wisely and spend money on the things that truly matter, depending on your salary.

Here are some proven budgeting hacks that will make your money last and work for you.

ALSO READ: How to eat healthy on a budget in Nigeria

Use the 50/30/20 rule

Although old, this method still works wonders for salary earners and business people. It allows you to ration your salary into useful portions. The first 50% goes to needs, including rent, food, and transport. The next 30% goes to wants. This is where frivolities like cable subscriptions, outings, Netflix and Showmax come into play.

You know the size of your salary, and of course, that should guide you in making the right choice. The last 20% should be exclusively for savings and debt repayments. Be disciplined with these formulas, and you'll see how far your finances go.

Name every naira 

One of the biggest money mistakes many people make is spontaneously spending without planning for it. This leaves you wondering where your money went. What you should do instead is to use a zero-based budget. Use a zero-based budget where every naira is assigned a job - whether it’s groceries, data plans, or your emergency fund. There are even apps these days dedicated to helping you budget efficiently.

Plan for your meals 

The cost of meals may seem insignificant, but if you add them up for the month, you'll see that you've spent a lot of money. So, one of the best ways to save money and stay healthy is to plan your meals. Spend time on Sunday to plan easy, budget-friendly meals for the week.

Instead of buying food outside, learn to cook and package your food in a flask before going to work. You'll soon see that the little cash you spend here and there buying extra plates of food will be better used.

Budget for fun - yes, really

ALSO READ: How to plan a budget-friendly trip with friends

A budget isn’t a punishment. It’s a plan. Set aside money specifically for guilt-free enjoyment. You’re less likely to overspend if you know you already permitted yourself to splurge (responsibly). So, while you're making all your plans, remember it's not a crime to have a little fun.

Track. Review. Adjust. Repeat

Budgeting isn’t one-size-fits-all. What worked last month might not work this month. Track your spending weekly. Be honest. And tweak where necessary.