It is no secret that many workers in Ghana struggle to survive on their salaries.
For many of these workers life often becomes very unbearable especially in the middle of the month.
YEN.com.gh brings you five reasons why many of us go 'broke' by the 15th of every month.
1. No proper budget/plan for expenditure:
Even with the least of salaries, a proper plan for expenditure could go a long way to stabilise your finances.
It is ideal to always have your expenses categorized from the most important to the least, that way you avoid spending all your money before the next payday.
But in reality, most of us do not plan and just spend as we go. This leaves us in distress when we are just two months into the next month.
2. How to shop/window shopping:
Even with the best of budgets, one could go astray under certain circumstances.
One of them is finding yourself in the midst of goods you want with some money on you. You are likely to buy them.
So do not go window shopping especially when your salary just arrived to avoid such impulse buying.
Also, do well to do your shopping to at once by taking advantage of shop discounts. You also save a lot on transportation when you do this.
3. Type of friends:
One way our income gets blown quick is through regular hangouts with friends.
If you have five friends and you hang out frequently with some spending to do, you surely should not expect your salary to last unless, of course, it is a really fat one.
You need to cut down on your outings or even change your friends.
4. Dependence on one income:
Times are hard and jobs are difficult to come by but it is obvious that most of us are suffocating under pressure due to our meagre income.
It is just about time we found some side hustle to bring in some much-needed extra cash, especially for those of in the cities.
5. Too much social media consumption:
The use of smartphones and being on social media has become an intrinsic part of our everyday lives, whether we like it or not.
But with all the benefits we derive from social media, there are some very negative reasons why too much of that can affect your finances.
Apart from spending so much on data to be online, you are likely to see trends which lead you to spend unnecessarily and get you wanting before the month ends.
With people constantly sharing pictures of what they are doing, it is easy to start comparing and spending money to match lifestyles.
To avoid this, you need to limit your time on social media.
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