Month-end can never come early enough. We walk a little slower; with a pep in the step. We talk a little louder, with a bit more confidence. And when we walk? The gait is something to stare at.
What we don’t like, however, is when mid-month rolls in and our bank account seems to have hit rock bottom. When this happens, clawing our way to the next payday becomes an extreme sport only a few have survived without incurring debts.
We know you love sports but this one is a little dangerous, in fact, nobody likes it. We have outlined 5 tips you can implement to manage your money better.
- Draw a Budget:
Your budget is the most basic tool for smarter spending. Every month, you should take out the time to think about your expenses and relate it to your income.
- Track Your Spending
It is one thing to have a budget, it is another to stick to it. Ensure that every kobo is accounted for, that way, you will have better insights to your spending habit. You might not even know you spend over 10,000 naira snacking in a month till you see it on paper. It is shocking.
- Cut Back
Do you really need to eat out every Friday when you can just make yourself a meal? Do you really need that extra airtime when you’ll only waste it pranking your best friend? Do you really need that new speaker if you’ll eventually leave it to collect dust? Do you? Hmmm?
- Stick to Digital Payments
It is true, there is an unexplained urge that pushes us to spend once we have cash on us. Avoiding this is a great way to shave off some change. Opt for digital payment channels when you can. That way, you’ll not only save time, energy and transport costs… you’ll also save yourself from whimsical buying. As they say, having money in hand is the best way to not have money in hand.
- Build a Saving Culture
Yeah, it will always come to this. If you don’t want to play that extreme sport in the middle of the month, SAVE- YOUR- MONEY. You can do this by stowing away a certain percentage off your income every month. You also get bonus points if you invest your savings… but that’s a topic for another day.
To attain financial independence, you need to earn smart and spend smarter.