Helo hivers, good morning,it's your girl @cherylsonty, yesterday I shared some tips on how we could maximize our income to avoid running into so much financial crises,today we would dive into another aspect.
If you didn't follow kindly check the last post on my blog before reading this so as to properly understand.
Firstly I would want you to know that for every time you intend to save a token out of your income,it's very advisable you go ahead to remove the certain percentage you would want to save before you start spending,this is because if you ever choose to spend before saving you might end up using up every single dime and there would be little or nothing to save again.
Below are some tips to help you manage your income without having to run into huge financial debts.
- AVOID IMPULSE PURCHASES :This implies purchases that weren't budgeted,let's say someone at your work place came with shoes or bags for sale,all of a sudden you decided to buy one without thinking it over,or you passed by a mall and you decided to go in and pick anything your mind tells you to.
- LIVE WITHIN YOUR INCOME:This is a principle that if alot of people try to really understand what it is about and work by it,it will save them alot from getting into huge debts,try as much as possible to see that the life you live is inline with what you earn,for instance,let's say you are earning 100k monthly ( $210) and then you are leaving in a house that your rent is up to 500-600k (1100-1300$), it's not achievable because for you to pay up that amount of rent,you would need up to your 5-6 months income untouched, this is not realistic,I know it might not be easy, everyone wants to live a very comfortable and stress free life,but it's good you start with what your income can afford pending when you get other sources of income and you can decide to step up your standard of living but until then,take it one step at a time,and believe in yourself that you will grow.
- PLAN YOUR EXPENSES: It's advisable to have a record of your income and your expenditures,what this does is that it put you under check and it helps you know when you are actually using your money for the right things and when they are being misused. Make a monthly budget that is within your income,select the money pressing needs and attend to them, then you can reserve the rest for the next month's budget if your income will not be able to take care of everything needed at that moment.
- SAVE :Always try to save whenever you can,this is to help take care of emergencies which we never anticipated, atleast it will help not to throw you off balance immediately,you can also put a part of your savings into an investment that you are very sure about but this has to be after due research and consultations so that you wouldn't have to loose everything. Make sure,your instincts is at peace with you before you venture into any investments because lately there are scammers everywhere.
I hope this tips where very helpful to you,see you again soon!
Thanks so much for dropping by!