Situations can arise where you are broke and you don’t know what to do or how to improve on your finances.
The best thing to do at this period is to find things you can cut out from your expenses. Being broke is the worst thing that could ever happen to anyone.
You might never be debt free if you are always broke.
Some sacrifices need to be made to improve your financial situation if you are always broke.
Some re-adjustment to your finances would need to be made when you are broke.
What do you need to cut out on your expenses when you are broke?
1. Bank charges
Paying bank charges on transactions, money transfer and withdrawals from ATM might not seem like a big deal but these bank charges add up after a long while.
To avoid always paying bank charges, you need to transact more with liquid cash or transacting more in a banking premises. If you need to pay for goods or services, pay in cash.
2. Eating Out
Eating out all the time will definitely eat dip in your finance. If you are broke you need to stop eating out.
Having meals at restaurants and fast food joints can be quite expensive. Instead of always eating out all the time, you should do more of cooking your meals at home.
Eating at home will help you through your broke state
Subscriptions come in different forms and al subscriptions are most likely affecting your income negatively, which might be leaving you broke all the time.
Pay TV subscription, mobile and internet subscription, gym subscription are all subscriptions you should find ways of cutting off.
This would help you save more for other important things when you are broke.
4. Fun activities
Fun activities like hanging out with friends, going to the movies should be cut out when you are broke.
There is always money involved in most fun activities.
Think of fun ideas that won’t affect your finance and try them
If you have a habit of always shopping, then you should reconsider your shopping habit. That might be the reason you always find yourself in a financially broke condition.
You might need to cut shopping expenses to help you save more. When you are broke, the only shopping you should do must be for your essential needs and when you need something urgently.
Does Your Business Need a Robot
If you’re looking to adopt a robot in your workplace, there are a lot of things you need to consider first. While robots boast tons of benefits, there’s also the potential for a large negative. If you can’t really afford the robot, that negative is some serious debt that you may not be able to climb back out from underneath. Robots are amazing, but only if you can actually afford them.
Can your small business afford a robot?
1. How Much Are You Spending on Labor?
Some small businesses opt to purchase a robot that will act as an employee. Over time, the idea is that robots will reduce labor costs. They can also reduce costs on things like health insurance, sick days, vacation time, and compensation for workplace accidents or injuries. When you consider the savings, it almost seems foolish not to get a robot.
If you have nest egg or some type of reserve specifically for labor, you’re going to have to forego hiring or phase a few people out in order to smoothly transition into automating a set of job duties with a robot. It’s logistically complicated as well as financially complicated, and you need to review the books to ascertain that you’re in the right position.
2. What Are Your Other Goals?
What’s more important right now? Do you want your business to be larger? Do you want to open a second location? Do you want to expand your range of products or services? A robot can help you do that, but a robot can’t do it by itself. You’re going to need to set the proper stage for whatever goal you’re attempting to achieve before you bring in a robot. If you spend all of your goal budget on a robot, you won’t have any capital left to approach the goal from all angles. Set yourself up for a productive future first.
3. What Other Costs Will You Encounter as a Result of Getting a Robot?
Robots are expensive at their initial investment. They also need to be maintained, and they need someone to operate them. Some robots can be fully automated, but others have special needs. A handful of modest robots that aren’t exceptionally complicated can probably be maintained by a single individual, but this is someone else you’ll need to hire or train to do the job. For this reason, it’s better to wait to purchase a robot or multiple robots when you can safely, comfortably afford the large investment. You’ll save in the long run, but you don’t want to be broke in the meantime.
4. Do You Have Any Additional Income Streams You Can Use?
You might not be able to afford a robot directly out of your profits. If that’s the case, look for additional income streams you can use to fund the venture. You can worth with investors or traders who are interested in your business, and ask them to fund a robot. It should be relatively easy to explain the value a robot will bring to your business.
If you can’t find someone else to fund your robot, you can trade or invest with a small portion of your profits in order to help your funding grow. This might take a little longer, but it’s far wiser than spending money you don’t necessarily have as a liquid asset. If you aren’t making enough money to invest, you always have the option of a very slight price increase that can be put directly towards investments. Even if it seems insignificant, it will amount to a substantial amount over time.
5. Is a Robot Worth The Money?
What purpose is a robot going to serve in your small business? Make sure you’re not looking into robots to replace humans in contexts where humans are absolutely necessary. Robots that automate monotonous tasks, improve quality and consistency of production, reduce margin for error, and make the workplace safer are typically wise investments. Robots just for the sake of having robots won’t help you grow or advance yourself. If you have a lot of extra money to spend, purchasing a robot that boasts limited advantages may not be that big of a deal. When you’re strapped for cash, it’s best to stick to robots that provide a clear return on your investment.
Timing, budget, and need are coequal factors in determining whether or not it’s the right time for a robot. If it’s not the right choice to make tomorrow, that doesn’t mean it won’t be the perfect decision next month. Start planning now, and implement it when you feel it’s financially safe.
Grab CEO: “We’re targetting another $2 billion funding this year”😶
Southeast Asia’s biggest ride-hailing firm “GRAB” said, just weeks after it announced funding of over $4.5 billion in the largest private financing round in the region ever that it expects to raise another $2 billion from strategic investors this year.
They were expecting to raise a total of $6.5 billion capital this year,”. The funding was going to be a combination of equity plus debt all in a bid to quickly expand their business lines in financial services and food delivery.
Grab is also looking to make at least six investments or acquisitions this year, said Tan, adding that the Singapore-headquartered company had no need for a stock market listing.
Grab’s massive financing round started shortly after it bought Uber’s Southeast Asian operations in March 2018 and, in return, Uber acquired a 27.5 percent stake in Grab’s business.
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