Why is salary management important?

By FriMi February-23rd-2022

Managing your finances efficiently is not just about making sure to make ends meet. The most difficult part is working out a way to save a fraction of your salary while paying off debts, managing basic living costs and leaving some money for your financial targets. Since salary week is here, now is the perfect time to start planning out your expenses. So, if you’re looking for ways to effortlessly manage your salary, you’re at the right place!

Let's add FriMi as your Salary Account. 

Here are some tips to manage your salary with FriMi 

Savings pot - It's important to create a budget or savings pot based on your monthly income in order to stay in control of your money. FriMi has a useful feature that allows you to save money beforehand and split your expected monthly expenses into different categories (such as bills, groceries, trips etc.) you can then add the allocations into a savings pot and withdraw the allocated amount at the right time. Withdrawing from the pot is super easy and it can help you spend your money wisely while making better financial decisions. You should create practical budgets for yourself and focus on settling fixed costs first such as bills or fees. You can also follow the 50-30-20 rule which is a great benchmark to efficiently manage your budget. Spend 50% of your income on your needs and essentials, 30% on your wants, and allocate 20% to savings or debt.

Bucket list savings - This feature lets you save automatically for your goals every month. You can set the installment date right after you receive your salary so that the transfer will occur automatically from the salary every month. This works as a savings planner and takes some of the responsibility off your shoulders since you won’t have to remind yourself to save every month. FriMi Bucket lists also allow the users to set their other bank accounts as the source account apart from their FriMi main account which functions as an online standing order.

Bill payments - With FriMi, you can pay all your bills from one place with just a few effortless clicks! This includes water bills, electricity bills, internet bills, reloads, and even educational fees. This eliminates the need for different apps and physical bills, which saves you a lot of time and energy.

Going cashless - Cashless transactions have been increasing over the years and we’re rapidly moving towards a cashless society. Going cashless has major benefits such as increased security, transaction speed, reduced corruption and more autonomy over your finances. With FriMi you can go cashless by paying via LANKAQR, shopping online or using a FriMI debit card. Going cashless can also help you keep track of your expenses by staying digitally connected in the cashless environment, where you can see where your money goes and exactly how It is spent. Since LANKAQR has been enabled at all expressway exit points you can now pay cashless for your expressway toll fees as well.

Splitting the bill – with FriMi’s split the bill option, you no longer have to stress about managing cash when you are out with your friends. By using this feature, you can collect or obtain money from multiple friends and easily pay for a shared expense such as a restaurant bill or your multiple user subscriptions at any given time.