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How to avoid being broke?

Are you broke all the time? Are you the type who lives life from one paycheck to the next? Are you busy all the time and yet run short of money all the time?

Ask these three questions before making a purchase

Firstly, ask yourself whether you are being respectful to yourself by making this purchase. Secondly, ask yourself whether this purchase is absolutely necessary. Thirdly, ask yourself whether this item is perfectly right for you. Go ahead with the purchase only if you answer all these three questions in the affirmative. Apply the same rule when you are buying gifts to your loved ones.

Begin with yourself

Take an unbiased view of yourself. Usually, being broke most of the time indicates that you havenít been taking as much care of yourself as you ought to have been. If you havenít learnt to value yourself, you have probably not learnt to value money. Firstly, you must learn to value yourself.

Avoid temptation and danger zones

24/7 convenience stores, motorway services, stores of cinema foyers, and discount stores are all places where people tend to make impulsive purchases. Avoid these places. Throw mail order catalogs into the dustbin unopened. Walk past designer chains quickly.

Buy whatís right for you; not what makes you feel good

Despite the great feeling you experience after buying what makes you feel good, learn to persuade yourself to buy only whatís right for you.

Recognizing the following will make you financially stable

Spending more money does not identify your personal value. Money does not invest you with power; authentic power comes from within you. You are being disrespectful to yourself when you buy something that you cannot afford. This definitely leads to difficulty in paying for other things and repaying for things youíve already bought. You set in motion a lifetime of debt when you live beyond your means.

Forget credit cards, move on to debit cards and cash

Credit cards give you a false sense of good financial health. Get rid of all your credit cards, one at a time. Avoid using credit cards. Start using debit cards.

Change the way you view consumer goods

This can be achieved by studiously avoiding reading fashion, consumer technology, and home style magazines. You donít have to openly flaunt your thriftiness. Maintain a healthy balance between what you want and what you really need.

Realign your priorities

If you are serious about straightening your finances, you must reconsider your priorities and realign them. Putting your finances in order involves more than money. It boosts your self-respect and provides the right balance to all the other aspects of your life.

Live within your means, not beyond them

The ways you spend, save, and borrow money directly affect your capacity to live within your income or beyond it.

Never underestimate the value of bargain

People whose income is above average tend to forget the value of bargains. Bargains are not limited to dollar stores alone. You can ask for discounts, you can look for savings, or you can wait for offers on certain products.

Create surplus funds for yourself

There are two extremely important attributes you must develop to create surplus funds. Lowering your total consumption and increasing your income will unquestionably lead to the creation of surplus funds. Make the first option your long-term goal.

5 Steps for creating surplus finances

Write down all your expenses religiously in a little notebook Ė whether it is a large sum, or a small sum. Make a note of unnecessary expenditure. Control all needless expenses. Set your budget. Donít revise your budget. Stick with it. Stock up your fridge and cook at home, as much as possible.
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