Zeluosielie Kehie
Sovima Village, Chümoukedima
1. Create a Budget and Stick to It:
- Track your expenses to understand where your money is going.
- Make a budget that accounts for all necessary expenses, savings, and debt repayment.
- Avoid lifestyle inflation by not increasing discretionary spending.
2. Prioritize Needs Over Wants:
- Distinguish between essential expenses (needs) and discretionary spending (wants).
- Prioritize essential expenses, such as groceries, utilities, and rent/mortgage.
- Allocate a limited amount for discretionary spending.
3. Save & Invest for the Future:
- Allocate and invest a portion of your increased salary towards savings, investments, and retirement funds to grow your wealth over time.
4. Avoid Debt:
- Pay off high-interest debt, if any, such as credit card balances, as soon as possible.
- Avoid taking on new debt, especially for discretionary purchases.
5. Time Balance & Relationship:
- Spend quality time with loved ones: Use your increased salary to plan vacations or activities occasionally with family and friends.
- Prioritize open and honest communication with your loved ones to maintain healthy relationships.
- Prioritize self-care: Allocate time for exercise, meditation, and hobbies to maintain physical and mental well-being.
- Learn to say No: Set boundaries and learn to decline non-essential commitments to maintain a healthy work-life balance.
6. Cultivate a Growth Mindset:
- Focus on personal growth and development: Invest in skills and education to enhance earning potential. Use your increased salary to take courses, attend workshops, or pursue certifications that align with your interests and career goals.
- Pursue hobbies and passions: Allocate time and resources to nurture your hobbies and passions.
- Give back to the community: Use your increased salary to donate to charitable causes or volunteer your time to give back to the community.
7. Practice Gratitude and Contentment:
- Appreciate what you already have.
- Avoid comparing yourself to others.
- Find joy in experiences, not material possessions.
By following the above tips, it is of the view that one can maintain a lifestyle that aligns with our values and priorities, and ensure that our newfound financial freedom brings joy, fulfillment, and personal growth even with a salary increase.
