The sad reality of employment is that we are always running out money. The debts, bank loans, fees to  food prices its quite difficult to have your salary push you through to the next payday without you having to borrow a soft loan from friends.

Can this be prevented?

Ideally, your salary should manage your lifestyle in comfort and allow you to save and even have extra for dates and outings in between the weeks. However, most people find themselves pushing through the last week with just enough coins to cater their trip to and from the office and only if they seriously cut out a lot of the expensive dining. Just walk past the cafeteria area of the office on the last week and see just how many more people are carrying packed lunch.

So how do you save yourself from this financial crisis?

1. Know yourself

Gospel singer Size 8 admitted to be being a serial spendthrift. That is why her husband, Gospel deejay, DJ Mo is the one that takes care of the finances. Acknowledging that you spend a lot of money on irrelevant things is the first step to controlling your habits and saving more.

2. Work out your expenses

Before you get your salary, one of the most important things you should have already done is determined just how much you intend to spend in the first place. Know just how much is coming in and how much should be going out at the end of the day. This is the first thing you deal with once you get paid.

3. Make a budget

This is close in line with working out your expenses as it allows you to determine just how much you intend to use on running your day to day life. From the electricity bill to mobile airtime, defining the lines at which you will consume will help you plan your money wisely.

4. Keep away from the credit card

Tempting little things these are. The thought that you can swipe and have whatever your heart desires is one of the most alluring things ever. Keep away from the credit cards, unless you know that you have control over your money.

5. Stick to basics and use cash not cards

My mother being the banker she is, always broke her money into change and divided it into the amounts needed for the month. That way she didn’t have to rush to the bank every time we asked for weekly allowance. Similarly, using cash instead of a card allows you to actually see your money running out and gives the sense of spending the reality it requires to kick in your ability to save.

6. Speaking of savings…

At the end of the day, you might find that you spent way less than what you expected. If so, then store the extra change in a piggy bank instead of spending it on fast food or a movie date.

7. Open a savings account

Then make a direct transfer request that allows you to save money without it getting to you first. This is the most efficient way of savings.  Look for a bank with great interest rates on savings for a larger amount at the end of the year.

8. Start investing

A side hustle can also be the answer to all your problems. Instead of saving everything with the bank, you can also buy government bonds, shares in a successful company or even fund someone’s business as a silent partner who only gets a share from his contributions. You’ll be surprised at just how much more you will be making.