Here is why you are broke from 15th of every month.
Often times many workers who receive a monthly salary are broke from 15th of the month. It even gets worse when we get to 25th till the last day of the month.
Just pray your employer does not delay payment for some days. That is when you see people eating moderately and using coins more than the notes.
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Here are some reasons why you are broke by mid-month
• You do not budget
Most of the people do not plan financially. If you budget for the month you will know how much to spend each day. You will even be able to save for the future and also live a happier life.
• Impulse buying
Yes! You do this a lot. In the first week, you receive your salary the ladies especially buy new clothes, shoes and other accessories they don’t necessarily need. Some men also pay for a lot more electronic gadgets they live without.
The next time you decide to engage in unplanned buying just think through very well. It will leave you with no money by the middle of the month and you may go borrowing.
You borrowed in the previous month when you were broke. Now you need to pay back with about half of your monthly salary. The cycle continues if you do not make a change. You don’t want to be broke forever so you need to break the cycle.
Live within your means!
• Show offs
When you join a trotro with your friends you are not obliged to pay for them. When you go to the mall or any other place on Friday or weekends with friends or family share the cost and pay.
Don’t buy all the clothes, makeup and electronic gadgets in vogue just to belong to a certain circle. It does not pay.
Do not show off. You are not Bank of Ghana (BoG).
• Dependency ratio
Manage the number of people who depend on you. I agree sometimes you cannot determine the number of people who depend on you but you can decide the amount you give them.
You can also encourage to engage in small businesses in order to reduce the financial burden on you.
• Low minimum wage
The current minimum wage in Ghana is currently GHC 8.80. In January 2018, it will be increased to GHC 9.68.
Currently, the minimum wage for each month is GHC 264, from January 2018 the minimum wage will be GHC 290
How can someone who owns a vehicle or joins trotro to work, eat three-square meals a day, cater for a family or dependents and do other needed things with such an amount? Over to you government.