End month was just here. A little party here, pay a few bills there, get that dress you have been looking at on this internet for a while and before mid month you are broke again; and the cyclical nature of your financial life goes on. Another mobile loan, another loan form a friend. You know how that goes!
But how about you break off the chains of financial misappropriation and begin a safer space of financial freedom and accountability?
Here are a few tips that will see your monthly salary last you the entire month:
Weigh your income against your expenses
To know how much you are making and how much money you have to spend, weigh your total income against the expenses that you are looking to settle for that period of time. Once you have all your expenses drawn out you will know how much miscellaneous income you have to spend for the remaining period of time, making it easier to plan for the miscellaneous amount.
Pay All Your Bills At Once
When it comes to bills, never think twice about whether or not you should pay it once or in bits. Just pay it up once and get it over with. Once you make a habit of paying all your bills in one instance, it kills the illusion of having a lot of money yet it is money that you owe someone. It may seem like something obvious but it could help you build your money management skills in a big way.
Stick To Your Spending Limits
When it comes to spending money, know when to stop. Having a well drawn budget that dictates how much money should be used on this against how much should be used for something else is a sure way of ensuring that you will not spend more money than you should on things that are not of much importance/impulse buying or spending.
Divide Your Spending Limits Per Week
Spending money wisely is hard enough but stretching a budget through 30 days is a harder thing to do. Find a way to stretch your budgets through shorter time limits for instance, having a weekly amount to spend is easier to manage as compared to a monthly budget. It also helps show on which week you went off the budget and helps you re-calibrate your spending habits
Build an Emergency Fund
Forget the blaring intensity of building an emergency fund, this simply refers to a saving account that you can dig into on a rainy day. Have a fixed percentage of your income that you keep separate for a rainy day because a rainy day will surely come; this helps you overcome the need to borrow money as you will have an amount that will buffer you against unforeseen occurrences.
No more excuses and mobile loans, ey?
