A lot of people earn good money but they don’t still have enough and find themselves broke just before the next paycheck arrives. While, a lot of people earn lesser wages but use it for substantial purposes and even look richer than the higher salary earner.
Money management is just as important as revenue generation, if not more, and if you can’t manage your wealth then you are just as good as broke.
See some major reasons your money isn’t enough.
1. LACK OF PLANNING
The saying that ‘he who fails to plan has planned to fail’, comes in handy here. Planning is very important if you must manage your money well. Have a budget and plan how to use your money every month. Don’t just spend money anyhow; money has wings and it will definitely fly away.
Analyse your needs and wants and in order of priority make your budget and cut off unimportant things.
2. YOU DON’T STICK TO THE PLAN
A lot of people have plans and budgets but don’t stick to it, and then end up as if they don’t have plans. Learn to stick to the plan, else your money will keep wasting.
3. NO SAVINGS CULTURE
Learn to save for emergencies and unforeseen circumstances. Savings help you to have self-control and live a more organised and disciplined financial life. People who spend so much on unforeseen circumstances go broke because they failed to save.
4. WRONG PRIORITIES
Get your priorities right; don’t place your wants above your needs. Else, your finances will suffer.
Pleasure spending should be planned and prepared for; don’t try to impress anyone. Keep aside a certain amount for such frivolities.
6. IMPULSE BUYING
Little drops of water make a mighty ocean. Those impulse buying will slowly but surely ruin your finances.
Have you been getting broke easily? These might be reason why.