5 Top ways to make your money last
Ever wondered how you can make your money last longer? It is essential to prolong the lifespan of you money during tougher times especially during recession. In short, you should make your money stay with you longer in down times.
Having a stable income
Your income is ample to cover those basic expenses for your family. Retrenchment is a no no as by loosing your job you will loose your income. When you loose your stable income, you have to dig from your reserves.
Income growth beating inflation
Pray that your company pays you an increament and be thankful if your increament beats the inflation. If not, you have to spend more as prices of goods increases.
Liquidity in having cash
You will never know when the storm will come, just like the recession. During stormy times, the faster you can get on hold to cash, the longer you will survive. Imagine being out of work for 6 months and having no access to cash. Nobody pays you by counting sheeps!
Don’t spend unnecsarily
Do not buy things or goods that is not important. Basic expenses should be given priority. Keep your ego and lust for spending at bay. Your Louis Vuitton bags cant help you when you are hungry. Your new Nike shoes couldn’t help whenever you are thristy. So spend wisely.
Have enough protection
Its important to have adequate protection especially on the health and life section. In short, having a insurance policy which is ample to cushion you when you are not able to work when mishaps happen. You wouldn’t want to be digging on your savings or your emergency funds just to fix your health during bad times right?
Let your money stay longer by your side during touch times. You will know the importance of it when facing an economic down turn.
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