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3 Wise Ways To Spent Your Monthly Income

Many are times we find ourselves very broke regardless of our earning. You will find someone earning a monthly salary of more than 100k but in just 5days of payment, he or she is broke. The result is to run into borrowing from friends. If you are in this group, then this article is for you.

First, you need to budget well for your income. Poor budgeting makes us spend more than we are earning. Look at your income and expenses. Make sure your expenses are not more than your income. And the only way to do this is to sit down with a pen and paper and do the month.

Each time you receive your income, here are key things your money should go into;

1.      Necessities

Make a budget that covers your necessities. These are your basic needs. Start by covering your necessities ie food, rent, water, clothing, etc. once you make your shopping, you are sure the month will run on comfortable.

2.      Emergency account.

Most people have become a burden to others due to poor planning of emergencies. Most people don’t put aside money for an emergency. To be on the safe side, set a separate account for emergencies. This will help you the hustles of harambees and burdening others with your emergencies.

3.      Paying debts.

If you have debts, it wise to settle them down when you get income. Am sure you don’t want people or companies disturbing you because you have their dues.

If you are poor at budgeting, the best was if to have multiple sources of income that come in at different intervals. Have businesses that bring in money daily, invest in stocks, etc. having several streams of income helps one to have money at disposal making it easier to survive.

Share your thoughts, how else can we invest our income to avoid being broke in the middle of the month.

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