Management of finances has always been hard for most people especially with this high cost of living and overwhelming financial responsibilities and at the same time having a low income. However bills are not the only reason why many people who are earning go broke; there are people who misuse funds for non important matters and by the time they know it they are already broke even before the month is over.
On the other hand there are people who seem to have mastered the art of money management and that's why you find they are never broke. We all should know these skills for a better life. They include:
1.Setting your priorities well
You should know what you can do or cannot do with the level of your salary. Spend first on those things that are of ultimate significance like food, affordable clothing etc before you decide to buy a golden watch.
2.Saving more and avoiding too much luxuries
Keep away from things that make you spend money that you did not intend on spending. For example you can use public transport to go to work instead of hiring a taxi everyday, you also don't have to eat meat and drink expensive beer every day.
3.Creating a side hustle by the savings you have made.
Try to find out an extra money earning activity which you can be doing during your free time in order to increase your sources of income so that you can earn more and do more investment.
You can maybe start a small business or do some part time jobs.
4.Avoiding peer pressure.
You should at all times avoid copying the money spending habits of other people who are probably earning more than you. They can be your friends or socialite people.
Remember you don't have to spend Ksh. 20,000 on rent from your Ksh 30,000 monthly salary just to keep up with class. Live within your means and if possible LIVE BELOW YOUR MEANS and you will be rich even before you know it.
5.Listening to financial advices from experts.
Financial Experts have a lot to share concerning management of money. You can look for some of these tips and try implementing those which are applicable to you.
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