How To Avoid Being Broke: 4 Steps To Financial Freedom - Cosmopolitan Sri Lanka
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How To Avoid Being Broke: 4 Steps To Financial Freedom

You don’t deserve to be broke any more.

Getty Images/Cultura RF

The key is preparation, preparation, preparation.

Let’s talk honestly. How many times have you found yourself in a reasonable financial situation? A situation where you have enough in the bank to be able to plan for when that broke time comes? Not often, right?

It can be quite traumatising not knowing how you’ll get through the week because there is just not enough cash.

You may need to make some very tough decisions about your life in order to turn the ship around and avoid broke periods in your life.

Here is what you can do to prevent it:

1. Save all of your silver coins.

Think about all of the change you collect over time. What do you do with that? This is the easiest way to save some money over a period of time without even thinking about it.

2. Sacrifice, sacrifice, sacrifice.

This may mean letting go of a few of the luxuries you love (but don’t necessarily need). Or, at the very least, compromising. Maybe buying less coffee on some days or walking to your destination instead of driving. These little acts can make a world of difference.

3. Love your home and the natural beauty of where you stay.

This may sound strange but it’s true. The more you like your home, the more you’ll stay in and cook and enjoy it. The more you like the city you live in the more you can do things that will help you enjoy its natural beauty and appreciate the places that don’t cost money to visit.

4. Search for a second and perhaps a third income stream.

It’s no secret that finding employment is difficult. If you’re in the fortunate position to be able to have another stream of income come in, do it. Even if it’s an extra Rs. 5000 per month. Put that away and have a much-needed nest egg.

From Cosmo ZA

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