Managing expenses is a tedious task and if you go overboard at any point without realizing it actually, you may land up in a situation wherein to meet your month-end expenses you may need to borrow from some source such as a friend or relative. But time and again, you will not want the same situation to recur as it's a lot embarrassing to ask for a few bucks from someone and not feasible as well every time. So, here are listed out few ways practising which you will be in a better position with your finances even at the month end:
1. Automate monitoring of expenses:
This can be the first-step to swift and efficient expense management and who better than millennials should go for it given their penchant for technology. Today there is a whole range of such money or expense management apps available on both iOS and Android platform which not only assist and monitor your spending pattern but also prevent you from indulging in unnecessary online purchases.Also read:
2.Opt for public transport to save some extra money:
Despite the cashbacks and discounts, rental cab services are a lot more expensive in comparison to public transport. So, if you too have developed the preference for commuting using a cab aggregator service, try overcoming it and certainly you will save on your hard-earned money.
3.Do not relent to your cravings for outside food very often:
While the new business ideas have provided a much needed boost to employment generation in the country, the same for the millennials can be heavy on their pockets as through a simple click they now are able to carry out tasks which was not possible a few years ago. Say for instance ordering food online, and icing on the cake is the discount offerings which further lures customers to place the order.
4. Avail a credit line for yourself:
With fintech revolution, you no longer need to engage in the tedious paper work or visit financing companies for availing credit, and just on a simple click and keying in your basic inputs, these companies are offering faster access to easy credit. And basis your requirement, you can withdraw the funds from your total approved limit, and it is on this withdrawn amount that the interest will be charged which you need to repay back as EMIs. So, this reserved pool of funds can come in handy and help you tide over month-end crisis if at all you fall in such a situation.
5.Invest in SIPs:
Systematic Investment Plans or SIPs can come to your rescue in uncalled-for times as well as help you create wealth in the long run through the power of compounding. Also, in the wealth management space, there have emerged a number of such mobile apps which can assist you with the investment decision relating to SIPs as to how much you need to invest for the realization of a particular goal i.e. to fall years later. Thus as we very well no, life is uncertain so why not prepare for it well in advance, and refrain from giving in to unnecessary spending habits to become financially-wise.