How Not To Be Broke At The End Of Every Month

You might think that a healthy bank balance is only one that has plenty of 'zeros' to support it - but the truth is far from it. Sure, having a good amount of money with a long string of zeros helps, but a healthy bank balance is really one that is managed well. In addition to your monthly salary cheque replenishing your bank account, managing your existing money well is key to having a healthy bank balance and saving yourself from going broke every month. Money management may seem like the hardest thing when you're not spending mindfully, but once you get into the routine and habit of checking where your money is going, being broke will hopefully always be a far away notion. Here are a few things you can do to keep yourself from going broke every month.

1. Don't try to spend like your friends

It's easy to get carried away and end up spending more than you intended when you're surrounded by people with bigger spending power than you. When out with friends, it's important to keep your own budget in mind. They might fancy spending on expensive dinners and buying exorbitant garments, but their budget is not yours. Limit yourself to ordering or buying what your bank balance allows. If you must, ask for a separate bill for what you're ordering. You might risk feeling slightly petty, but it'll be worth it when you still have some money left at the end of the month.

2. Skip buying that cup of coffee every day

Seems like a small expense at the time, but buying a cup of coffee from a cafe everyday can average anywhere from 3000-4000 rupees at the end of every month. Imagine how much you could save in a year with that coffee money if only you started making your own coffee at home?

3. Cut that credit card

Spending money is easy when you're not actually spending it right in that moment. If the money isn't in your account and isn't really being debited from you when you swipe your card, you're more likely to spend it in the hope that you'll make up for it by the end of the month. But that's unfortunately just not how it works. You'll spend the money, buy something expensive and when the time comes to pay your bill, you will go into panic mode. Or, you'll just have to spend a lot of your salary paying credit card bills. Opt for a debit card instead. This way you see your bank balance going down and you know when to hit full stop.