Hello Everyone! Hope you all are doing great.
Today, I am going to be talking about a rather financial topic on how I avoid staying broke.
Majority of the people in the world think that being broke is only about how much they earn. They think that all their money problems is because they do not have a better job or a big salary. I also used to think like that. But when I started learning about saving, discipline and habits, I realized that it is not true at all. I realized that being broke has little to no connection with our current job or small salary, it is because we do not know how to save and manage what we earn. And this is a bitter truth because most people who are in this money problem situation do not like hearing it at all. I have seen people who have really good income but they still struggle at the end of the month. And, I have also seen people who have low income but they still manage to save money at the end of the month. The main difference between them is not luck, but how they control their mindsets and habits.
One of the main reasons that people are broke near the end of the month is that they do not actually know where their money is going. Their money just disappears. To be very honest, I used to do the same thing. I used to spend recklessly on random different things. Whenever I spend, I used to think that it's not alot because it was in small amounts. But that small amounts kept building and building, and by the end of the month I looked inside my wallet and it was empty. Once I realized that it was all because of my reckless spending, I started a little saving plan for myself. I started putting some money aside daily. It was little random amounts but it was a good start. Day by day I came to realize that how important planning actually is. After doing that I had good amount of money left at the end of the month and the pressure got really low.
One more reason that people spend recklessly is that they tend to reward themselves at the end of the month. They work hard the whole month and when the month comes to an end, they think that deserve a reward so they spend money on something that they do not really need. Do not get wrong, rewarding yourself is good, until it becomes a habit. They work hard whole month and when they get their paycheck they immediately blow it. They spend most of their paycheck or sometimes even all of it on something they do not really need. Rewarding yourself is good and motivating but it should be controlled like treating yourself to some food that you like or buying a good clothing item, and while buying it they should keep in mind that it should not be really expensive like Gucci, Louis Vuitton etc.
There is a very good reason for not spending and opportunity of saving for the people whose necessities are being paid for, especially for teens and young adults. And that reason and opportunity is that everything has it's saving alternative. It just requires a little bit of discipline. Let's say you are in school or college, and you know that their is food at home that you can eat but you still eat at school and spend your money. Here, you can save it and eat at home for free. This method can be applied to most situations. This is a really good start for teenagers and young adults to save little and build discipline.
EARNING METHOD THAT REALLY WORKS !
I will tell you one of the methods that really works on how to earn money and also keep yourself entertained. I have been doing this for a long time now. By applying this method, you can entertain and buy stuff that you want and also earn from it.
So, what you have to do is that, let's say I bought a gaming chair that I wanted. After buying it I immediately place it on sale with profit on Facebook or some other social media platform where you can sell stuff. In this way, I can keep using that chair until it sells out with some profit. When it is sold then I can buy it again and redo the whole process. Keep in mind that you need some patience because sometimes it does take some time to sell but it will sell eventually. You also have to price it in a way where you keep a bargain option open for the buyer and still profit from it. The profits are not that big but it is really good for teenagers and young adults who want to earn a little and also keep themselves entertained.
Conclusion
In Conclusion, being broke is mostly about habits, thinking and discipline. Once you come to know where your money is going then you can start controlling it little by little. I am still on my journey and I still sometimes make mistakes. But I have improved quite alot and at least now I am aware where my money is going.
Well, I guess this is it for this post. Please do give your reviews in the comments section below. I would really appreciate it :)
I'll be back with another one soon. So do follow me if you want to stay updated. Till then, Stay Happy and Stay Hydrated.
THUMBNAIL IS EDITED IN CANVA
IMAGE SOURCE IS GIVEN BELOW
Posted Using INLEO
Interesting approach and I think this is a sustainable way of living.