3 Reasons why people are broke a day after pay day

Linda Mpisana from Gcilima said, “The reason why I’m mostly broke after pay day is because I spend like there is no tomorrow. Whenever I get money, I feel pressure to do things for the family at home, things the family needs. Buying expensive things makes me feel good, but unfortunately the shopping high lasts only until regret sets in or your credit card declines.

”And even if you don’t buy expensive items, shopping for a lot of little things you don’t really need adds up. Most of us are living beyond our means, swiping our cards more than we should, and that’s my budget’s worst enemy. Spend like you’re poor and you are much more likely to become rich; or at least make it until the next payday. For now, I’m asking myself where  my money went.”

 Maboni Nqoko said when she is broke, she thinks of saving but when she gets money, she forgets. ”I spend first and save later. I wish our salaries could last us the whole month or even longer but it is hard with friends constantly wanting to go out, new movies being released and family members telling you that they need this and that. It is so hard to have money after pay day, I’m always broke three weeks before the month ends.”

The reason why some people are broke just after pay day and not be able to pay for unforeseen expenses is because they don’t save money for emergencies.

Nomonde Ngcobo said, ”I only realised now that I need save money for emergencies. Yes, it is easier said than done, but recently my son’s  school transport didn’t show up for a full week. I realised after that week that the owner of the transport left the area with our money, without telling anyone.

”I needed money to pay for his new transport but because I didn’t have it, I had to borrow from a loan shark. That experience alone has taught me the importance of my having an emergency fund. It was pay day last Friday but I already can’t wait for the next pay day.”

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