Financial Advisor V. Shankar Suggestions:
“The big problem for the middle class is how to deal with debt at the end of the month. This problem can be easily overcome by everyone. But, you need to change your habits a little bit. Let me tell you by point what to do.1. Budget as soon as the salary is received. Follow exactly what is written in the budget. That is, let us assume that the tuition fee is paid on the 15th of each month. Suppose you get paid on the 5th.
This should be paid as soon as the salary arrives. On the 15th, do not think that the day is not enough to tie. Procrastination becomes a way of bringing problems to ourselves. This can lead to us not being able to pay on time. So the problem of having to pay a fine can come and go. We must not give way to this problem at all.
2. Make a list of what are the essential expenses and what are the avoidable expenses when the salary arrives. Money for rent, groceries, EMI payments, medical care, etc. should not be used for any other purpose.
3. The money for compulsory expenses should be set aside as soon as the salary arrives. Go for it and see how much money is left on hand. You need to plan what you can and cannot spend on this remaining money. That means avoiding expenses such as frequent hotel trips, shopping, and tourism.
4. As soon as the salary arrives each month, take a small amount of money and set it aside and keep it as a reserve fund. It's good to have this easy to pick up. For example, you could put that money in another bank account. This money should never be touched before the 20th unless there is a very urgent need. It can be dangerous to put a certain amount of money into your paycheck each month.
Don't spend more than 20 days thinking that there is only a reserve fund. If the money set aside for emergencies is probably not used, it can be kept in that account. This way you can convert the money you earn each month into a long day savings.
5. It is always good to have a low level of debt. With the exception of loans that help add property such as a home loan, all other loans are non-performing loans. Apart from this, auto loans, personal loans and jewelery loans are all available at high interest rates. You will have to pay higher interest when buying such loans. This can lead to budget deficits and problems at the end of the month.
6. We lose money because we buy groceries every day. Buying in bulk in return can save a considerable amount of money. Once the salary is received, you can buy the required items in bulk for a month. Buying groceries at wholesale stores can save you up to 200-300 rupees a month. Besides, you can't buy things if you don't have cash on hand at the end of the month. This creates a situation where you have to borrow.
7. Costs should be decided with cash on hand. For example, if you get an extra 2 thousand rupees next week, do not immediately plan where to go shopping and what to buy. Because that money is likely to go unreceived. Therefore, it is wise to plan ahead and live better with what you have on hand.
8. After all, only a frugal lifestyle will give us a handful of the next. Enjoying everything you want will make you spend money. Thus the cash shortage will come at the end of the month. Therefore, it is important to know the avenues for austerity and to act accordingly, ”said Shankar.
If you plan and spend the available salary, you can be relaxed and happy without worrying about whether you will have cash at the end of the month.
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