Say Goodbye to Money Stress: Simple Strategies to Keep Your Finances on Track
Picture this: you open your bank app, make one or two transactions, and just as you're about to exit, your eyes catch your balance.
You narrow your eyes, quickly run some mental calculations, and then you're like, 'Oh no, I don't have enough money to carry me through this month.'
If you've ever found yourself in the above situation or something similar, then you know how it feels when you lose track of your expenses and realize that your current account balance won't be able to sustain you until your next paycheck.
So, whether you are a student, freelancer, parent, or entrepreneur, the following tips are here to help you prevent such from happening again.
And if you haven't experienced such, it will help you never to experience it because, trust me, you don't want to.
- Tip 1 (Make a budget): Now, here I need you to grab paper and pen, find a comfy place to sit, then begin to calculate the reasonable amount to spend on your food, data, and transport for a month, week by week. It shouldn’t be exaggerated but a reasonable and moderate amount that you can survive on.
Once you've done that, I need you to watch your budget because it's one thing to make a budget, and it's another thing to follow it. So make sure to be accountable, always monitoring how you're spending and comparing it with your budget.
- Tip 2 (Open another bank account): If it’s too tempting to have money in your account, consider setting up another bank account. This will help you because, at times when a sizable sum of money is staring at you, it’s easy to spend it without thinking too much about it (I know this from experience).
- Tip 3 (Avoid impulse buying): Have you ever seen a nice thing at a store or somewhere and just had this strong urge to buy it, and that item is not necessarily something that you need? That is impulse buying.
Now, whenever you are going out, I'd advise that you prepare a budget on what you want to buy as you go out to help you keep track of your spending. Also, before buying something on impulse, ask yourself, do I really need this thing? And how will it affect my current budget?
- Tip 4 (Cut down on the unnecessary): Whatever it is that you consume or buy a lot that you can do without, cut down on it.
For me, it was soda/drinks, and I cut down on it. I'm not saying not to treat yourself to a good time, but be honest and try cutting down on what you can.
In conclusion, practicing the above will require discipline and sacrifice, but in the end,
you'll have more money to save and also avoid getting into debt, thereby obtaining peace of mind.
And it's a wrap; don't forget to give a clap and share with someone who needs to see this.
P.S. Feel free to share your past experiences with money in the comments below.
