Are you having sleepless nights because you are worried about money?
Managing your money does not have to be stressful or give you sleepless nights. With discipline and by implementing the strategies in this article, you can make your money work for you and stop living from pay cheque to pay cheque.
Tip 1: Know how much money you make.
Know how much money you earn every week or month then plan around this amount. Before you start spending, determine what you want to achieve with your money, then formulate a spending plan.
Tip 2: Know how much money you spend.
Write down all the expenses and bills you must take care of and calculate how much money you need. Determine which expenses are urgent and prioritise them. Remember, not everything is urgent!
Tip 3: Put away money for rainy days or emergencies.
Before you start spending and taking care of your expenses, put away at least 10% of your income for rainy days or emergencies. For example, if you earn LSL2 000 per month, save LSL200 every month and be consistent.
Tip 4: Write down your spending plan.
To achieve your goals, you must TELL your money where to go. Write down your budget every month and review your spending. The secret is to spend less than you make! Be disciplined, spend wisely and save regularly.
Do not let money rob you off peace and sleep, change your spending habits and make it work for you. Likhomo!
‘Discipline is choosing between what you want now and what you want most’ – Abraham Lincoln.
