How To Avoid Being Broke Two Weeks After Payday
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How To Avoid Being Broke Two Weeks After Payday
Being end month most people have money and are no longer crying they are broke. However, a week or two after pay day a large number of people won’t have money in their pockets. Not because they spent it all on important things like paying bills and school fees, but because they wasted their money the first week after getting paid.
Here are things you need to stop doing in order to avoid being broke two weeks after payday.
1. Plan your shopping.
There is nothing worse than impulse buying. This destroys your budget and ensures that you do not get to save anything.
So it is important that you come up with a shopping plan detailing how much it will cost to buy all the things you need and sticking to it.
Don’t go buying things you had not planned for. This will free up more money that can go into saving or investing.
READ ALSO >>> 5 Bad Financial Habits You Need To Get Rid Off Before Your Next Pay-Day
2. Stay Out Of Restaurants
This does not mean that you should never eat in a restaurant. What is means is that you should not make it an everyday thing.
Why should you spend thousands of shillings every week eating in expensive restaurants when you could save the money and invest instead?
For example, you can eat at a restaurant once every two weeks instead of every weekend and this will provide you with some extra cash that you can use to better your financial situation.
3. Stop comparing yourself to other people
This is the reason so many people take loans to fund lifestyles. Just because your friend have certain things and live in certain areas you want to be like them yet they earn more money than you do. Doing this will definitely make you broke.
Instead try to save and invest so that one day you can afford that kind of lifestyle comfortably.
4. Don’t hire people to do things you can do yourself
Most people send thousands of shillings paying people to do chores they can easily do themselves like wash clothes.
I’m sure you know of people who hire a ‘Mamafua’ to wash their clothes every weekend. They don’t hire these dhobi’s because they have no time to perform the tasks. On the contrary, they have so much time but are simply lazy.
SEE ALSO >>> 5 Tips On How To Manage Your Personal Finances
Laziness will make you broke. Laziness will make you buy movies to watch on the weekend, and pay a ‘mamafua’ to wash your clothes as you watch the movies instead of saving money and washing them yourself.
You should also try as much as possible to cook your own food instead of buying as it is more expensive.
5. Stop living beyond your means
Are you living above your means? Do you spend more than you earn? This is one of the biggest contributors to always being broke mid month. If you are living in a house you can barely afford and spending more money than you have then it is time to curb such tendencies.
You need to be willing to live below your means because it will provide you with ample money to save or invest.
RELATED ARTICLE >>> 5 Signs You Are Living Beyond Your Means
6. Taking unnecessary loans.
You should avoid taking loans that you will have to pay back once you get paid. This is because; you will be losing a big chunk of your money in a place that is not really beneficial. For example, if you earn 20K and you owe a friend or colleague 5K after you pay them you will be left with 15K to spend on the rest of your needs which might not leave you with much cash.
If you can avoid it do not take loans as they will drain you of money before you can even save and spend.
Good financial habits will go a long way in ensuring that after two weeks of being paid you are not broke and borrowing money from family and friends. It will also help shape your financial future.
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