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5 Smart moves to avoid being financially broken every month-end 

I know how tough it is to balance between the limited budget and impulsive shopping ideas. Well, here are some moves you got to groove upon every month. 

Month end? well, I am broke already. 
Month end? well, I am broke already. 

The end of the month has just begun and I can already see the bigger hole in my pocket. My travel plans got postponed for another 6 months and so is my shopping spree of the weekend. But, then where did my money go? Eh! I must have eaten it down.

Being in the twenties I can totally relate how difficult it is to manage your savings even given the tempting sales these online portals rub on our face and those popular food joints and bars that allure us into them. But, the good news is that saving is not that burdensome. All we need to do is follow some simple tactics.

1. Where is the leak? – Before beginning the foolproof plan you need to make it leak proof. Is it your sweet tooth where most of your money drains? Or it is your impulsive shopping habit that lands into your wardrobe? Draw a chart in your notebook and keenly note down where did your money go; record every expense. At the end of the month, you would conclude the arena where you let your finance go loose. HOLD IT TIGHT.

2. Extensive expenses budget – Once you are done analysing and creating a conclusive mini report as to what digs the hole in your pocket every month start preparing the budget. Assign an amount to your spending.

For example – if your frequent visits to movies are where your money goes prepare a budget that assigns monthly XYZ amount for a movie. Also, make sure that you are realistic while preparing the plan.

3. Cost cutting – Here is where you got to play your card. Cost cutting is an integral facet of your budget. If commuting is where you spend a lot try searching alternatives. Perhaps getting into a bus instead of a cab would lower down the cost to an extent. Similarly, instead of making impromptu movie plans and spending a bomb on fine dine, you can curb that urge ad watch it on your cell phones instead.

4. Planning shopping sprees – Impulsive shopping is devastating especially if you are paying with credit card. You don’t even realise when does the amount exceeds your budget until you take a look at it. Hence, it is advisable to avoid recurring impulsive shopping. You can instead prepare your current needs and segregate them from your wants. Make your needs the priorities and your wants can be plans monthly depending upon your saving. In this way, you would be buying what you need plus you would be buying what you want without stretching your budget.

5. Quality over quantity mantra – this works in every walk of life and so does when it comes to managing the finance. Instead of buying everything that you can just because the end of season sale is here put some efforts in research and make your purchases a quality one. Buy quality goods even if it means spending a little extra. When you invest in the quality you put thoughts in the purchase and get reliability in return unlike purchasing in huge quantities only to find that goods are not working 2 months down the line.

Your twenties is going to be much like “living in the moment” and you wouldn’t be willing to make retirement plans but, start doing minuscule savings at least. These habits shall help you get a long way in life.

This is a YourStory community post, written by one of our readers.The images and content in this post belong to their respective owners. If you feel that any content posted here is a violation of your copyright, please write to us at mystory@yourstory.com and we will take it down. There has been no commercial exchange by YourStory for the publication of this article.
I am a writer who thinks a little too much over the simple things in life. I believe being a writer is both, a boon and a bane. It is definitely a boon to me and bane to everyone else. I am practical, impatient and ambitious. Writing is no longer merely a hobby to me rather a fulltime job since and I find self fortunate enough for this.

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