Friday, 26 January 2018

Suffering from the month end crisis? Here are some tips.

Hey! It’s 26th of the month and am sure most of us would have started waiting for the salary to shed off our liabilities. We often suffer from the “month end” crisis, isn’t it? By the time we reach the last week of the month, our pockets would have gone empty. Is there any way to protect our self from the month end crisis? Even if you are not among the sufferers, here are some tips to help you save more money.  

• Carry only small amounts of cash in your wallet so you will not spend it. (Yeah, the behavioural finance says so!)
• Use direct deposit for your paycheck or other benefits, such as Social Security
• Control your use of credit cards. (And control means STRICT CONTROL)
• Do not go shopping just for fun.
• Buy only what you need – do not buy things just because they are on sale.
• Use coupons to save money
• Use a grocery-shopping list to prevent impulse buying
• Take your lunch to work instead of eating out
• Shop around to get the best deal on big-ticket items like smartphones and appliances
• Control your expenses on alcoholic drinks/ cigarettes and the weekend parties 
• Pay your bills on time to avoid late fees, extra finance charges, utilities being turned off, eviction, repossessions, and the costs of a bad credit rating

And the most important: Have minimum balance in your bank account else it may get deducted ;)

Happy Investing!