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6 Useful Tips to Maximize a Small Salary – Part 1

6 Useful Tips to Maximize a Small Salary – Part 1

One of the toughest problems that entry-level workers commonly face (especially in the aftermath of the economic crisis) is to that salaries tend to be depressingly low, with most workers earning usually between $10,000 and $30,000 per year, amounts which are by no means high, and could even be consider meager by most.

Naturally, for anyone earning a salary as low as this, facing the costs of everyday life can be dating, which forces a lot of workers in this lot to apply for personal loans and other forms of financial aid. Of course, if you are in this situation and would like to have your paycheck last for as long as possible and to avoid acquiring personal loans to face your expenses, then here are six, very important suggestions straight from experts and other in your situation:

1. Know How (and Where) to Trade Duties:

This has happened to all of us at some point in time. Your car breaks down on a Sunday afternoon and it is almost impossible to get a car mechanic at that time and day. To save money instead of spending it on acquiring a personal loan or repairs though, you could simply ask a friend or neighbor to help you fix your car. Who knows, he could be quite knowledgeable about it and could even save you a trip (and a bill) to the auto repair shop. In exchange for that, you could help you friend or neighbor with something you are skillful at, so both will benefit and without spending money at all.

2. Discount Shops are Your Friends:

Naturally, we all like brand shoes, designer shirts and all those fancy brands out there, specially when they look so nice when walking through the shopping mall. However, as tempting as it might be to buy something for hundred of dollars, avoid justifying those purchases to yourself and learn instead to shop in discount stores that don’t require you to get a personal loan to pay. In fact, if you search patiently, you ail surely find several thrift shops that sport great clothes for cheap. Additionally, make sure your friends are of the same income level as you are, so you won’t feel the need to get a personal loan to upgrade your clothes and stuff right away.

What is even more, once you learn to find the best discount shops, you will actually enjoy shopping there and will learn to find the best deals with much effort, all the while saving a substantial amount of income.

3. Learn to Commute Smarter:

For many people with low incomes and those who just start working, sometimes not having a car in good shape can become the norm. Naturally, you could start saving for a new car or for a second hand one. However, this will take up to months or years of savings or will require you to apply for a personal loan, which is, of course, less than ideal.

In order to avoid this, you can start taking care of your car since early on, making sure car maintenance is always on time.

If you really think you could do better without a car, you could always start biking and even walking to work, which in the long run will save you impressive amounts of money while at the same time helping preserve the environment. Even better: some places across the country offer bike rentals, and virtually every working place has a designated area for bike parking. And all of that without considering the substantial savings that you will get for the almost non-existent bike maintenance fees, which won’t require you to get a personal loan to cover for your expenses.

That would be it for now. Check our next entry for the last three tip on how you can maximize a low salary and avoid acquiring for a personal loan.