It is not longer news that many countries has been battling recession for a while now, prior to that cost of living is high. Most people can hardly afford a day meal. To avoid being broke there things one must put in place.
Nobody enjoys being broke. But it is an inevitable part of life, if proper plan is not put in place. The year is still young, and the right time to plan your finance is now. This article brings ways to avoid being broke this year.
1. Money management.
Money management is more important than getting money. Learn the habit of being intentional with your spending this year. Read books that will help you use your earnings judiciously.
2. Savings.
Saving is one of the most reliable way to avoid being broke. Learn to save ten percent of your earnings. Ensure your spending don't interfere with your savings.
3. Look for other means of Earning.
If your monthly salary is your only source of income you are one step away from poverty. The rate of inflation in the country has made it difficult for one to meet up his or her basic needs. Getting a side hustle will help you immensely in having a comfortable life this year.
4. Network.
Your network is your network. Now is the right time to get engage with your circles. Your network includes your immediate family, relatives, friends, and neighbors. Build a good relationship with people around you, they are the ones to patronize your business, this will help in building a strong financial capacity for you.
5. Investments.
Learn the habit of investing in business you fully have understanding of how it operates.
6. Skills.
The rate of unemployment in the country is alarming. One way one can escape being broke is by learning a skill. Your skills can help you to be financially independent.
7. Self discipline.
A man who is self-discipline when it comes to money has solved most of his financial problems. Learn to be prudent with your spending, and avoid buying things that are above your income. Be intentional with your spending.
