How To Prevent Going Broke

how to prevent going broke

7 Tips To Prevent Going Broke

1. Create A Budget Tracker. This will help you to know how much you should spend, how much you have spent in a month, variances and mechanical ways to save up from bargains.

2. Financial Podcasts: Listening to financial podcasts will help improve your financial knowledge, plus if you have a side hustle, the podcast will teach you how to scale your business faster while learning from the mistakes of other entrepreneurs.

3. Open 3 Bank Accounts if possible: One should be your expense account, one your revenue accounts and the last should be your savings account.

4.Do not spend directly from your revenue account. Separating your account would also help you track your inflow and outflows.

5. Try as much as possible to save up 40% of your monthly income especially if you are still single and have fewer responsibilities. Saving for rainy days cannot be overemphasized.

6. Invest your money and cater to your personal savings using Apps like Piggy Vest.

7. Plan and manage your finances using Google Sheet, Fudget and Expensify.

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