Many bachelors / bachelorettes have a tough time during the month-end as it happens because they do not manage their finances well though they are earning well. Here are some simple tips for them:-
- When single earning members start earning money and open their bank account, they should parallely open a recurring account, depending upon their fund inflow and outflow every month. Once the amount matures (which can be 1 year or more), they will get a bulk sum at their disposal.
- A mistake most single earning members do not do is 'budgeting' (income and expenditure) every month. If they fail to do so, they end up spending more than what they earn. Once they come to know the expenses for the month, they can prioritize and later, if needed, adjust the budget depending on how much they earn.
- If they want to spend their weekends with their friends, they can orgainze the same at their places in stead of going to hotel. This will not only lead to cutting down expenses unnecessarily at restaurants / travelling, but also will assure great fun as everybody can indulge in activities like cooking together, setting the table, playing games.
- Most important rule every bachelor and bachelorette can follow is '30 Day Rule'. Here is what is it? If a bachelor / bachelorette feels that they are in need of something, they can / should wait for 30 days and reconsider the decision to buy it. If they manage without that for the first 30 days, chances are that they may even decide not to buy it at all as their urge to possess it would have passed. Lot of stuff go waste as they are bought due to curiosity by fulfilling the desire immediately.