You probably have that look that you have every month end, when you’re searching every nook & corner of your room/wallet for some cash. Admit it, you’re in a money crunch soup and it ain’t smelling good. If you ask your mum, dad or siblings for a small loan be ready for judgemental looks that say, “who told you to spend on that 6K luxury perfume, aye?” It might seem harmless if you’re in your 20s but this could be a perpetual problem by the time you’re 30. Prepare for a breath of fresh air, we’ll help you waltz through this monthly crunch like a BOSS!
7 Tips to SURVIVE the month end crunch:
- Don’t panic: Think, what do you have (minimal or no money), what do you know? (you can make it!) Sip on some tea/coffee (but not from Starbucks!) and keep calm. Stay optimistic& survive, month end’s here, i.e. pay day’s closer!
- Prioritize your expenses: You don’t want to eat at an Uptown café today and starve tomorrow. Hence, prioritize. Follow these steps:
– Count the number of days you have
– Enlist basic expenses like travel, food & any others that fall into essentials
– Evenly distribute money for each respective expense
- Avoid trivial expenses: Ask yourself, “Can I live without that Premium Nextflix subscription? Or the Ola Select services?” Yes! So you can temporarily tone down those expenses, use open source softwares & affordable services. Cheer up, it’s just a matter of some days.
Remember – You might be temporarily poor, but don’t smell poor. People repel “smelly” more than “broke”, so don’t refrain from buying a good perfume / deo. Get the best deodorants for men/women under 200 on Lyla Blanc.(www.lylablanc.com)
- Be thrifty, but not cheap when it’s about food: If cooking is not an option for you, there’s still a lot of choices to eat. Buy ready to eat foods from a cold storage/store, call Tiffin services, etc. Point is you need good food. Don’t compromise on that or you’ll end up all sick with a big medical bill. (We hope you have a Mediclaim)
- Have lots of water: Not gallons, just 2-3 litres per day will be good for you. How does it help? It kills your unwanted hunger spurs. Which means:
No junk food = money saved = slimmer you + happy heftier pocket.
6. Use your 11 No. ki bus: Avoid taking a rickshaw or a breezy cab trip whenever possible. Instead, walk around to reach places close by and lose some calories.
7. Use those discounts & offers: Don’t be too proud, use those Sodexo vouchers, discount offers & coupons for purchases. (Note to self: Next time, don’t throw vouchers into the trash.) Talking about offers, check out a great collection of the best deo under 300 & much more at www.lylablanc.com)
7 Tips to AVOID the month end crunch:
- Track your expenses: It’s important to know, where does your money fly? Try using an expense management app if you need help.
2. Have a Mediclaim: It’ll help ensure that you save more as your health-related expenses are covered.
3. Don’t take credit: Repeat to yourself, “NO TAKING CREDIT”. You’ll have to pay someday, and a lot more!
4. Pay bills on time & avoid cheque bounces: Fines from late payments & bounced cheques can kill your pocket power.
5. Cash in on your bad habit: Put 100 bucks into your savings box every time you skip breakfast, swear or indulge in any of your bad habits. This way, you have a go-to place for SOS cash & you don’t need to run to the ATM. You’ll find lots of change! Both, in your habits & your wallet. 😉
Folks, what’s essential is essential, i.e. money management. Try following the thumb rule of 50 / 30 / 20 for your expenses, i.e. 50% for essentials, 30% discretionary items & 20% for savings.
If you can’t follow the norm of 20%, decide on some amount you’d realistically be able to save and maintain as a buffer.
Our work here is done, you can thank us later. J