“I’M BROKE!😩” Here are a few tips to avoid this situation.
Gone are the days when this used to be my anthem: “I’m broke😩”. I had to take responsibility for my finances when it was clear that free money wasn’t coming in anymore.
Talk to me, I know you and I have both spent money we were expecting, money that hasn’t landed in our account yet o. This is what goes on in our mind “when the bar drops, I’ll buy that shoe, or take my partner out” and BOOM! There’s a U-turn and the famous cold owu breeze blows you and I.
This kind of income is called Inconsistent income. You may experience times when your income is lower than expected. This can also happen if there’s a drop in your income like a sudden health challenge or leave without pay.
Just Got Paid? Don’t Spend It All!
Here are a few things I did and you can do to divert the owu wind away from you and avoid being broke:
❖ Work with a budget.
❖ Know the minimum amount you need to get by.
- Work with a budget
If you are living with an inconsistent income or you are an entrepreneur, a budget can help you get through tough times. You can plan accordingly for upcoming bills when the income is plentiful so that you can get through the tough times when it’s not.
Here’s how I budget my income…
2. Know the minimum amount you need to get by
I tell myself, when I have X amount then I know I’m broke or I can’t survive with anything less. What’s your X amount? How much do you spend on the necessities of life and living? Calculate the minimum you need for feeding, transport, emergency, rent, etc. and sum it up. That’s your X amount. Knowing how much you absolutely need through the month is important. It helps you cut back on things you don’t really need, and delay a few payments. Then you can focus on your top most priorities.
Saving is so important if you know in advance that you’ll have some months when your income will be lower than expected. Try to build your savings to at least the equivalent of one month’s income. This way, if you have lower income than expected in a month, you’ll have the funds to help you get through.
Pettysave can help you achieve this. We can help you save through different features on the platform. We have the Auto save, Target save and Locked-in save features to protect you from getting broke. All you need to do is agree on the percentage of your income you want to save for the rainy days. What I do on pettysave is to Autosave 20% of whatever income I get at any given time and this, my dear friend, is why owu no dey blow me… *drops mic*
Try Pettysave today!
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