Ever wanted to cry when you look at your bank account? Or been forced to skip an outing just to survive until the next payday? You are not alone. Many of us, especially those who have a very active social life, experience this a lot. Worry not! There are ways to keep your bills paid and your social life going.
Living only on paycheck to paycheck is not something anyone dreams of doing but it is what some have to do. We often complain that the pay simply isn’t enough yet we have more than enough to spend every time we pass by a store window and that amazing piece is just calling our name. That’s where the problem starts; our inability to stick to a budget – that is, if we even set one.
Every problem in life is like the math problems we solved in grade school: you first have to assess the situation, figure out the formula to use, and then come up with a solution. The same procedure can be used for budgeting issues.
MANAGING YOUR CASH
Look at your salary. Divide it into five equal parts and label them: Food and necessities, Bills, Work expenses, Personal Expenses, and Emergency Funds. Now, adjust them based on the need. Take away from what seems to have too much and add to what seems too small. Doing this would make you think about how much you’re spending and keep enough for certain needs. Tada! You’ve got a budget.
Setting money aside for your ‘personal needs’ is important because it won’t deprive you of the luxury of having money to spend on whatever it is you want to spend it on yet still having enough to pay for the other important things in life. It also helps to keep a list when you’re buying groceries to avoid buying unnecessary items.
SOCIAL LIFE ON A BUDGET
If your routine meet up with your friends is a long chitchat at a pricey coffee shop or a night out at a club you can barely afford then maybe it’s time to look for some other way to hang out. Check out some of the hidden hangouts on your side of town; not only will you find a new spot to chill in, you’d be saving up while helping out a small business.
SAY NO TO CREDIT CARDS
That card that holds the power to buy anything when you’ve got no cash at hand, what a wonderful invention! But without self-control it can put you in debt – deep, deep, debt. You will have spent your money before it even becomes yours. If you truly need credit cards, you should only use it for emergencies. (No, “I don’t have a specific item I will never use again for a one-time event” is not an emergency.)
TAKE ON FREELANCE OR ONLINE JOBS
If you’ve got free time on your hands, why not do a bit of extra work to increase your income a bit. Getting some extra cash would help you handle your finances without selling yourself short. Some jobs such as email support and online teaching only requires a short amount of time, so you can easily fix your schedule to accommodate another job.
