How to avoid being broke!

 Hi guys, raise your hand if you are guilty of exhausting your salary before the month runs half way......anyone?....dont be shy!.......You are not alone, infact more people fall into this category than not,
especially with the current situation of the country where there are limited jobs,low pay and very high cost of living.
Its time to tighten our seat belt and brace up for this harsh reality. It starts with organising our finances,making the most of our income no matter how small it is so that its enough to sustain us.
 Here are tips to help you better manage your income and basically guide you towards handling money in a smarter way.

1.Take stock of your expenses
 The first step is to keep track of all your expenses for 1 month. That means every money spent on food,monthly bills, transportation,fuel, newspapers, recharge card, leisure e.t.c should be accurately noted down.

2. With the knowledge of your spending history, make a list of your expenses in a month and how much you spend on each of them. Now draw up a workable and realistic budget. Allocate a percentage of your monthly income to each of them.
E.g food 30%
      Rent 20%
    Transportation 10%
     Light, water sanitation bill 15%
      Personal upkeep 5%
     Savings 10%
     Miscellaneous 10%
This is a rough estimate, you should plan it according to your needs and priorities.
3.Make adjustments
Adjustments are very necessary,you cannot afford to live above your means.
E.g its best to keep housing cost yo not more than 25% of your monthly income. If 25% of your salary does not cover your rent then you are living above your means and its not wise.
Its also very important to be frugal in spending, Never spend money on a whim or  just because "you feel like it". That's why most of the money leaks tend to happen and be disciplined enough to stick to your budget. up
Whether you want to get a new car,pay up a loan,or go on a vacation in a year or two, its always best to start saving on time. Put away a little amount for this purpose every month as opposed to emptying your account at the proposed time.
This can also come in handy in the event of an emergency.

5. Invest
Look out for investments that will profit you.

Thanks for stopping by