MONTH END HAVOC OF MONEY SCARCITY AMONG THE MIDDLE CLASS MONTHLY PAID EMPLOYEES

Monthly paid employees are in a festive mood, till the mid-day of every month.  Later they are thrust in the disastrous mood, till they get the next month salary.  In this situation, there are people who always worried about borrowing money from others in order to meet their daily expenses.  Though it is unavoidable to many of us, its intensity can be minimized by proper pre-planning.  Here are some tips to overcome from the problems

Tips 1.  

As soon as you received your salary, make a budget of your own expenses and strictly adhere with-it.  In this connection if you require to pay the compulsory elements such as home rent or school fees on a later date and got your salary in prior date, you will be advised to remit the amount immediately without any delay.  If you delay the payment, you will make room for further problems.  Sometimes, you may not be able to pay the amount in time, resulting unnecessary payment of fines.  DON’T CREATE SUCH A SITUATION AT ANY CAST

Tips 2.  

Immediately after getting your salary, you have to make a list of urgent expenses and spend the money for that purposes only.  Don’t deviate from these pre-fixed plan and channelize the money for any other unwanted purposes.

Tips 3.  

Having allocated the money for your various expenses, calculate how much is available to spare and decide for what other purposes you can spend the remaining money and see how much amount you can save per month.  If you want to reduce your expenses and save money, you can avoid visiting restaurants and malls frequently.

Tips 4.  

You are advised to save some amount in each month irrespective of your salary in each month in the form of R.D or simple saving in a bank.  This reserve fund will help you during unavoidable emergency situations. 

Tips 5.  

It is always better to avoid loans.  If it is unavoidable, minimize it.  Once you happened to avail loans, remember you have to give a considerable amount in the form of interest, and there are incidents that many people have lost their considerable portion of their earnings by paying interests.

The above recommendations are based on the advices given by the eminent family members who succeeded in their life in the midst of financial instabilities.  Why can’t you also try?