Stop Your Money Problems From Being Self-Induced
Okay I just have to write this post based on how many people I know COMPLAINING that they’ve got no money, not as lucky..blah blah BLAH! Friends, I love you, but cut the crap..All of your problems, as far as I can gather, are self-induced.
You over-do the clubbing, the drinking, the Geylang escapades, the shopping and you WONDER WHY YOU’RE BROKE??! Please..
80-90% of the world’s population are not born rich but they manage. If you really want to have enough cash for your basic needs, some tucked away for savings, clubbing on the weekends and the occasional shopping spree, read the rules I have set for myself below.
I followed this, and I manage pretty comfortably at all my salary level stages in my life so you can follow this example too if you want.
Rule 1: Stop giving me and yourselves excuses
I wasn’t born in the upper class soceity..hell not even middle class soceity. I was born into a happy working class family, with no debt and yet, we managed a full spread of food for all our parties which is sadly a lot more than some upper class friends are willing to offer their guests (maybe that’s why they got so much $$$)
It’s all about SACRIFICE and PROPER MONEY MANAGEMENT so if you are not prepared for either, please go on to read the next blog.
If you are, great! First step towards commitment..Please read Rule 2.
Rule 2: Make a money management plan
I think most people have this but for those who don’t, this allowed me to save, shop and party at a comfortable level because I finally knew my limits.
Here’s my conservative plan based on the example of a $1,500 gross salary:
1. CPF – 20% of salary so out of $1,500, it will be $300
2. Net salary or Take home to spend as you wish salary: $1,500 – $300 = $1,200
3. Give ur parents some money: at least $200.00
4. Food: $15 a day ( if all meals are not at home). So, if in a month there are 31 days, you would be spending $465
5. Transport: EZLink $70 per month ( I take more public transport than cabs)
6. HP Bill: $70.00 maximum if you’re on a smart phone plan
7. Clubbing: $100 per weekend ( 2x month only) so $200.00
8. Savings: $100.00 (giro-ed out to POSB My Savings account)
9. Micellaneous: $95 remaining to shop, treat urself, cabs etc
Rule 3: DO NOT TOUCH YOUR SAVINGS
Yes, I was like you. I didnt see the need to save – “Im not retiring any time soon” was my reason. Well, my friends..this changed my mind:
I need savings because:
1. I want some cash in case of emergencies
2. The unexpected birthday party
3. If I decide to quit, at any point in my life, I want a break and not work for a while
Think of your savings as your sacred moo-lah stash..untouchable 🙂 This will save your ass one day.
Rule 4: If you dont have enough money, work longer hours or work MORE JOBS
Some background info – I stopped taking allowance from my mom when I was 17 years old. She only paid for the household bills whilst I fended for money on my own through jobs and scholarship money.
During this time, I went to school full-time and worked 4 times a week at a bar to get cash. Nightlife jobs always paid more, still got to party and gave great tips 🙂 Most of my weekends were burnt there but at least I had enough cash to be self-sufficient.
The only downside of this was, the money collected was enough for basic needs only.
I couldnt shop that much and I even got commented for looking like crap when I was suppose to be a Mass Comm student.
So…I solved that by working MORE JOBS to get shopping money. I did a lot of small jobs e.g. freelance PR assistant (you need contacts for this), event model or facilitator jobs.
Rule 5: If you don’t have enough money, DONT GO OUT
OKAY….this point is a huge factor in my life. I follow this faithfully and honestly, it disgusts me that some people can be so short on cash, but they still go out REGULARLY.
Let me give you a true story:
I usually go out with a couple of friends and we’d go to the same place. They are all still in school but have part-time jobs so I do understand that the cash factor for them is lower.
The first few times, they were upfront about being short for cash so I paid a bit more than my share, with them promising to pay back.
You would think they would pay for the next outing or pay me back at least, but no. It turned out the next time, they were short again so I covered the remaining again. And the third and the fourth session..
To the point, the moment I came, they were like ” Hi Anto…eh shit, I only got enough for the cab home today.” You couldnt get more direct than that..
So poor Anto, tries to keep to her budget but ends up bursting it for obnoxious people like you who have got enough balls to keep making others pay for your share?
Seriously disgust me…
After that, I kept my distances from them..could you really blame me? It felt like they only needed me there as the back up ATM so fuck that.
When I was broke, I stayed home..unless someone begged me to go out after telling them my reasons. Most of the time, they’d pay for me first and cos I missed them I’ll go out. That too, I’d pay them back the next week cos I felt so guilty for borrowing their money…… which brings me to Rule 6.
Rule 6: If you dont have enough money, and you need to borrow, give it back within the week.
This should ONLY BE DONE due to a desperate situation and not on a regular basis e.g. every time you club, you are short of cash AGAIN.
Friends I tell you, if you keep on being short of cash every time you go clubbing, dont be surprised to find ur friends not wanting to club with you for a while..
I have friends who are chronic money borrowers and they end up being in debt. So to stop this, SERIOUSLY, find a way to give that borrowed money back within a week.
And dont be a joker by solving this through borrowing again from someone else -_-
It doesnt work that way okay…best way = get a part-time or event job.
And that’s it…simple isn’t it? Try it out..