At a certain point in your life, you might reach a crossroads when you have to choose between buying something essential but expensive and saving some money for your next meal. That is alright, most of us have been there at some point in time.
The real question is how to really survive a month on one-fourth of your salary? It might seem like a difficult task, however, there are certain things you can do to survive the cash crunch effortlessly.
How to do it? Let’s delve right into it…
- Identify the Essentials
Money, in so many aspects, is a funny thing—it has the potential to cloud your judgment. While you might feel, ‘If I have it, why not spend it?’, the approach should rather be, ‘Do I really need it?’. Spending on a healthier lifestyle is a must, however, unnecessary spending might lead to regrets later. It is always better to save some for a rainy day.
- Monitor Your Food Bill
An amazing way to cut down on the expense! Rather than eating out, make sure to cook your own meals. Not only will it save you a great amount of money but will also ensure great health and a slimmer waistline. In case you are someone who is spending more on the ‘Ready-to-Cook’ meals, cooking from scratch will help ease your food bill. It’s a smart, tried and tested method of saving money.
- Short Term Personal Loan
More often than not, the monthly salary goes away in paying credit card bill, phone bill, electricity bill, etc. There might come a time when you face hand-to-mouth like situation but if you have a steady monthly income—you can always opt for quick and easy short term loans. Don’t be too harsh on yourself if you are facing a severe cash crunch in the middle of a month. It is OKAY!
Three points to remember—1) Identify the essential needs and make a budget; 2) Try to keep your loan amount less than your monthly income; 3) Choose comfortable numbers of months to pay your EMI installments on your payday.
- Alternative Lifestyle
When experiencing a cash crunch, another way to cut down on expenses is to choose your lifestyle according to the money you have. From clothing to travel there is always an alternative to everything. Gone are the days when you were valued for your expensive clothing or the car you are driving. It is only a matter of time, save now and spend when the days are brighter.
- Take a Walk
Walk shorter distances or choose public transportation for longer distances. Till the time you are facing a cash crunch, keep it as low as you can. Cutting down on your travel expenditure will definitely give you peace of mind.
- The Ideal Way to Shop
It can work wonders for you even if you are not facing a hard time with money. The ideal way of shopping is to switch to cash than paying with your credit or debit cards. It will lead you to make wise choices at the shopping store and put certain things back. In the long run, however, you will thank yourself.
Switching to cash while shopping will give you a hard limit and help you monitor the money you are spending. In simple terms, you will end up buying things that you really need.
- Paying off the Hefty Debt
Paying off your credit card bills as quickly possible can lead you to save a great amount of money. If you are carrying a balance on your credit card, you might be surprised to know the heavy amount you are paying off as an interest every month. To be more comfortable and save your money, pay off all your debts as soon as possible.
Thoughts
Surviving a month on one-fourth of your salary can be draining, however, if you maintain a budget and follow it rigorously, it will work to your advantage. Spend on necessary things, cut down on big expenses, go for a personal loan if the need arises, cut down on travel expenses. Basically, keep it as simple, you can.
