How often do you feel sad thinking your income is decent but at the end of every month, you have an empty wallet or nothing much in your bank account? Sometimes even before the end of the month! And you can’t find the reason?
Well, you are simply suffering from the Empty Wallet Syndrome (EWS), a sinking feeling that hits people when they realize their wallets and bank accounts are running empty. Even if this is the case with you, take comfort that you are not alone in this. There are many like you out there. I have even suffered this dreaded EWS for years!
However, I am not here to talk much about EWS. As we already know why it happens. Don’t you?
Instead, I am going to share some practical tips to help you get rid of EWS.
But before sharing the tips, I want to tell you this: The World is Tricking You Into Spending. Start Tricking The World Now
Why?
Well, there is a full-blown corporate-marketing system out there trying to trick you into spending unnecessarily. You need to start tricking this system by taking a deep dive into your financial situation, understanding your monetary health and what you can do more to control your expenses.
Gyan Done. Now the Tips
Tips to Keep Empty Wallet Syndrome Away
1. Pay all your recurring bills/EMIs on the same day every month.
Why?
This way you will know how much more you have with you to spend or save through the rest of the month. It saves time too.
2. Have separate bank accounts for different purposes. At least three – One for Salary/Income, Second for Spending/Expenses and Third for Investments.
Why?
So you will know how much money you can afford to spend every month.
3. If you are into ordering groceries online, buy all your weekly groceries at once. If you have enough storage at home, I would recommend buying all your monthly groceries at once.
Why?
Attracted by offers, we tend to buy several items for future use, which may not be actually of use in future. By purchasing at once, you can stop yourself from getting a lot of unnecessary things. More importantly, you will have time to enjoy other good things in life.
4. Limit the number of credit cards. If you are not making money by flaunting or writing about your credit card collection, it’s better to have a limited number of credit cards. I would suggest having one, or maximum two credit cards.
Why?
So that the next time you go on an online store and see a mouth-watering offer on a particular card, you will be saved from taking it if you don’t have that card.
Also Read: What is the Time Value of Money? A lesson You Can Learn from Masala Puri
5. If the stage of your EWS is severe, mark a few hours every month to review your finances, spending etc. Think of what expenses you can cut or stop.
6. Make it hard or complex for money to leave your wallet or bank account, or add some speed bumps in the way of money flowing from your wallet. For example, delete all your credit card information stored on online platforms.
Why?
So the next time you get the urge of buying something online, you may get a few more seconds to rethink while entering the card details for purchase.
7. Turn on ad blockers on your mobile phone and laptop.
Why?
This will save you from seeing multiple tempting ads throughout the day.
8. If shopping offline, take the bills and store them at a place you can see every day.
Why? At the end of the month, seeing so many paper bills will most probably awaken the hidden money saver inside you.
9. Meet a Money Doctor. Yes a Doctor, but not the medical one. Regularly meet or consult a trusted financial advisor, who can help you ace your financial health. Or, join a community of like minded people, who will inspire you to save, invest and enjoy more.
10. Lastly, ensure to have some small amount every month to enjoy something you like the most. Too much obsession with savings may soon get you branded as a miser. Avoid it.
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