Managing finances is one hell of a challenge for lots of people including me. The “I cannot come and go and kill myself gang that enjoys shawarma and ice cream with their minimum balance and put all our hopes in God for the rest of the month… lol!
But in order to control this bad habit and become more responsible with cash, here are some ways you can become less of a spender and more of a saver and investor.
You will not know what to cut down on if there is no record of it in the first place. So, start by keeping record. You could make use of mobile apps like the Pocket Guard or Wally Next. They all work on Android and iOS devices.
You can also get cheaper software and apps that can work personally or for a small business too. That is a way to get started. Start tracking today and then make adjustments after a week, 2 weeks or a month, as you prefer.
The first way to go is to get a budget. Planning what to buy, your daily expenses, what luxury products to go for and which friend and relative to help at every particular time is very crucial. I know we see nice things every day and might want to try them out. Make a deal with your wardrobe to add new stuff at definite times say every two months and not every day or every weekend, though it is not a crime if you can afford it. I mean life is good! So, bottom line, make or draft a budget that is realistic.
Think about it, most of the money you spend is to pay bills; electricity bills, water bills, asoebi bills and all of that. You are the one working for this cash, learn to pay yourself first. Fix the percentage and stick to it. That part of the salary can either go to taking care of you or it might be saved. But either way, that helps you to cut down on the part of your income that goes to the public or to third parties and allows you to have more resources at your disposal to save or invest as you wish.
Where are the women? This our table has finally broken and shattered. For those of us that buy everything brought by a vendor to the work place even on credit. More so, to the ones that our best friends are fashion item vendors, be careful, not everything is a necessity. It is great to have nice stuff but even the bible recommended that we apply wisdom in all our dealings.
Ok, I know all about the busy schedules and business hassles but yeah, if we have to save then we must do the needful. Eating out can initially seem cheaper but in the long run, it no longer becomes cost effective. Break that jinx and stock up and begin making your meals at home. Thank me later.
Please, please and please for your own sanity, do not spend or buy stuff in advance or credit. You are only doing yourself more harm than good. What this does to you is that the cycle never ends. You will discover that there are always some past consumptions to pay for with every pay cheque and it is not a wonderful line of action.
Basically, you can start with getting a flat-mate or with reducing your cable subscriptions in a necessary way. In all honesty, do you really need all that three-bedroom space and how many hours do you spend watching all the channels on your cable payment? This might be a way to get started.
There you have the helpful tips. Though not exhaustive, they are a sure way to start. Make plans to Become Richer today!!!