How To Manage Your Money- Well, if you’ve never thought of managing resources and money, now might be a good time or maybe the best time. Everyone is locked at home, no going out, no work and eventually when lockdown ends, the poverty rate might rocket high.
Reports don’t say but I think hunger, starvation and fear is going to cause more death than coronavirus this season.
There is nothing bringing money and an average human can only live as long as his/her savings. Now that’s a human with limited savings, what happens to families of humans.
This article is going to teach you basic ways to manage money effectively especially with the pandemonium we are going through.
Managing money is like managing any other thing, but because of its importance, it’s a little bit complicated. The basic of managing money is creating an organized money management system. Don’t let the words bother you, in other words creating a plan that will effectively use whatever you have on you well.
To do this, firstly you have to identify the amount of money you have on you (your budget). Then how long it is going to be till your budget can get a plus. After this, you could start your planning on the best way to spend the money prior to the time more money could come in.
The tips I am going to share here can be used in any situation which requires you to manage money and could prosper you if you stick to it. The tips are going to be as simple as I can put it because this topic requires core simplicity.
Step by Step Core Management of Money Under Shoestring Budget
As the header implies, we are going for dead broke in this topic. This means we are going to be imagining whoever is reading this article is desperate. So it’s up to you to interpret and understand whatever you read here.
Take note of your Budget
What kind of Budget are you on? Shoestring, Normalstring, Slippersstring, Brokestring. Have been on an Extremely Brokestring before and I survived, how?
By knowing your coat and cutting to fit you. Back to the first step, identify how much you have on you.
- if it’s for a particular time, identify the amount of time also. For instance, you are going to be on lockdown for a month plus. Also, recognize that there is a probability the lockdown might be extended so increase your time span. Increasing the time span will increase the longevity of your budget.
Ascertain and Recognize all Side Factors.
Side Factors like prizes going up, transportation, people you need to provide for, visitors, waste and so on. Do not neglect or underestimate any factor, in desperate times it is better to over-emphasize the effects of different factors.
Building Your Plan
By considering and putting all the factors above into place, create a plan that will perfectly fit your plan. You don’t need to go on the web and start searching for types of management plans.
All you need to do is to recognize everything that is going on, take a look at your budget and create a table of preference. In simple terms, identify the amount of money on you, how long you’d be staying on the budget and for the next few weeks or months let your needs be accounted for and basic.
By doing this, you will create a spending limit for a given period. Advisable to make the period short, the shorter the period, the easier it becomes for you. i.e $30-$50 per each day.
- Put your plan into action, hesitation and delay kill plans.
Try to Save.
I know it’s hard, but there will be good days when you won’t need to reach your spending limit. Save the bonus because there will surely be times when you will have to exceed your spending limit.
Saving also means that you don’t need to buy or purchase commodities unnecessarily. The only things you should buy are your basic needs.
Never Give UP
That’s statement is one of a kind because it speaks of persistence and tolerance in hardship. The ability to stand on your words during extremely hard times. So don’t give up and never look back.
Make More Money
There is a probability the money on you might get finished due to unforeseen circumstances. With the ongoing curfew, most people doing normal office work could work from home and still get paid, that’s great but there is an extra tip.
Do you know you could earn money online and there are proven ways to do it?
Instead of spending so much time on social media platforms why not try out this link and learn how to make money online.
My last but the most important factor
Do not forget the Godly factor in your life. Whatever you reference as God in your life should never be neglected especially in times like this.
“It is for man to plan, but for things to work as planned or better than planned belongs to God”.
That’s a Christian quote and I am sure it works that way for all kinds of religion.
If you do not have or believe there is a God factor in your life, stick to the plan, and hope nothing goes wrong, then you will be fine.