MAKING MONEY LAST: TIPS FOR GETTING THROUGH THE MONTH AND BEYOND

If you’re already struggling with money, and it’s only the middle of the month, you need to change how you handle your finances. You need to learn to make smart choices. Following these tips will help you make your earnings last the whole month with enough leftover to set aside for a rainy day and invest in your future.

Make A Budget

The key to sound financial planning is to make a budget and stick to it. Operating without a paper, cleaning products, and canned food. Take advantage of sale prices and buy in bulk instead of getting items in small, regularly priced quantities.

Coupons are a great way of claiming further savings. You can find them in weekly or monthly flyers, online, or even at the front of the store. Checking online gives you a chance to find which stores offer the best value for your money before you head to the markets.

Discount Stores

Not all stores are equal. Some are expensive for certain products and cheaper for others. For example, some stores may have inexpensive meat and expensive canned food while another offers the opposite. Identifying the specialties of your local stores is an excellent way to cut costs.

budget makes it easy to spend your money on unnecessary things. A carefully planned budget should cater to your needs, savings, and the creation of a fund for unexpected emergencies.

Buy In Bulk

Buying in bulk is simple and can produce excellent savings on nonperishable items, such as toilet

Don’t forget most stores have a small section offering further discounted items. There are usually nonperishables that are close to their expiration date. Look for these items and buy those with a decent amount of time before their use-by expiry. Whatever you do, don’t buy everything that’s on sale; buy what you need, and don’t be lured into grabbing discounted items you won’t eat or use.

Needs And Wants

Needs are items and expenses essential to your life while wants are nonessential items you’d love to have. Food, shelter, clean water, and electricity are fundamental needs. New handbags, shoes to match, and desk gadgets are wants. When making purchases, identify the reason for each purchase.

Everyone needs a new handbag or a pair of shoes from time to time. Everyone likes to shop. But the key to making it work is to prioritize. Know your limit and spend within it. A great way to indulge your shopping urge without breaking the bank is to check local thrift stores. These places often have items at a fraction of their regular purchase price. While some of their stock is used and worn, you often find new items of excellent quality. You might even find expensive brands at inexpensive prices!

YOU ONLY LIVE ONCE (YOLO) VERSUS INVESTING

It feels great to give in to your wants by justifying them with YOLO. Yearning for a newer or bigger car, expensive designer shoes that cost the same as two mortgage payments or a smart TV that costs thousands? YOLO says, “Life is short!”

It is important to temper your urges and invest in your future. Choose appreciating assets such as real estate and bonds and employ strict discipline. It’s easy to break down and use investments to indulge yourself, so start a small YOLO fund if you know you’ll struggle. You must invest in your future and ensure you have enough to cover emergency needs.

Avoid Impulse Buying

Avoid carrying a lot of money in your wallet or purse. Use credit cards only when necessary. In fact, leave them at home to make it easier. Avoid getting into situations that tempt you into an impulse buy. Remember, making a budget is great but the real test is whether you stick to it or ruin everything with impulse purchases.

Live Modestly

Living modestly may sound like an alien concept, especially in this era of consumerism and social media where everyone posts all the good things in their lives for you to see. That kind of pressure can tempt you into an expensive lifestyle that generates debt and stunts your financial growth. Get to know your budget and tweak it. You don’t have to become a puritan or a saint. You can have a good time, go shopping, and enjoy your hard-earned money, as long as you’re reasonable and have planned your spending.

If you’re tired of running out of money before the end of the month, it’s time to change your lifestyle. Take the first step today: make a budget and follow these suggestions for both your short- and long-term financial well-being.