Day: January 12, 2021

5 Ways To Manage Money When You’re Broke

Having financial stability can be empowering—you can get your needs and indulge your wants without anxiously waiting for the next paycheck. It also allows you to prepare for emergencies and other unexpected circumstances. With the pandemic affecting the livelihoods of many, it is critical to stay on top of your finances to remain secure in these uncertain times.

As the old saying goes, better late than never. Taking charge of your finances today is a step towards a more financially secure tomorrow. Here are five easy ways you can effectively manage your money.

Make a savings plan

Many people are overwhelmed with the idea of how to start saving up. A savings plan helps break down the process, making it easier to commit to actually doing it. Decide on your overall saving goals, and then figure out ways to work towards those. Make sure to note down any milestones to help track your progress.

Once you’ve established a savings plan, open a savings account with a reputable bank to keep your money safe as you save up. Review your progress each month. If there were instances where you weren’t able to stick to the plan, try to make small adjustments to make it easier for you to meet your goals.

Stick to a budget

budget when you're broke

One of the biggest reasons why people end up broke is that their expenses end up exceeding the capacity of their means. To avoid falling into the trap of overspending, create a monthly budget for yourself.

Take note of your monthly income, and then list all your expenses within a month: groceries, utility bills, transportation, and the like. From there, decide on how to portion your paycheck. As the month passes, remember to stay within your allotted budget. Unless there is a sudden and urgent need, other expenses should be deferred.

Track your spending

Picture this: you check your bank account and find that your funds are dangerously low. However, when you think about where you spent your last paycheck, your mind draws a blank. Reckless spending can leave you broke without an exact reason as to why you are.

The best way to avoid this is to track your spending dutifully. It can be as simple as a money tracker in your planner or a spending app on your smartphone. By regularly recording your expenses, you’ll have a better idea of where your money is going and how to keep your spending in check.

Map out your purchases

budgeting when you're broke

An effective way to stay on budget is to plan all your purchases. Small but frequent shopping trips can add up, and big-ticket items can drain your savings in one go. At the beginning of each month, make a note of the purchases you’re anticipating in the coming weeks.

Additionally, consider paying in installments for more expensive purchases. Installments are helpful for budgeting as they spread out large payments into smaller, more manageable sums over a longer period of time. These sums are paid off regularly, making them easier to plan for in your monthly budget.

Lessen “vampire” expenses

Vampire expenses are recurring fees that end up consuming the bulk of your savings. These can include subscriptions to streaming services, gym memberships, and postpaid phone plans.

Revisit your recurring expenses and ask yourself if you really need these services. If so, are there any cheaper or free alternatives? Can you downgrade your plan to one that better fits your budget and consumption? By pruning your recurring expenses down, you’ll end up with more money for essentials or to add to your savings.

Never End Up Broke

Making the right decisions with your money now can make all the difference later on, especially if you find yourself in a pinch. With commitment and dedication, these tips can help you break the cycle of living paycheck to paycheck and bring you closer to your financial goals.

The post 5 Ways To Manage Money When You’re Broke appeared first on Dumb Little Man.

Stephen Colbert furiously explains why the mob who stormed the U.S. Capitol are ‘terrorists’

Stephen Colbert furiously explains why the mob who stormed the U.S. Capitol are 'terrorists'

“When I saw the events at the Capitol last Wednesday, I was more upset than I can ever remember,” said Late Show host Stephen Colbert on Monday night. “Yeah, [9/11] is the most horrible day in America’s history. But I want to point out: No Americans were cheering for the terrorists back then! No-one was making excuses for the terrorists! No-one was pretending that they weren’t terrorists!”

Last week’s attack on the Capitol was a significant and devastating moment for the United States. Trump supporters’ violent attempt to overturn the election results was one of the strongest threats to America’s democracy yet.  Read more…

More about Stephen Colbert, Coup, Culture, and Politics

Despite PR storm, Pinduoduo stock and downloads stay robust

Pinduoduo, a rapidly growing Chinese e-commerce company, is weathering its PR storm after the death of an employee sparked criticism against the firm’s grueling working hours.

The employee, 21 years old, collapsed on her way home from work on a late night before New Year. The cause of her death has not been disclosed but internet users speculated that she had died from exhaustion.

Posts with the hashtag #PinduoduoEmployeeSuddenDeath have accumulated 300 million views on the Chinese microblogging platform Weibo. Separately, another Pinduoduo employee committed suicide on January 9 by jumping from his 27th-floor apartment. The local labor authorities are reported to be reviewing working conditions at Shanghai-based Pinduoduo.

On Sunday, a former Pinduoduo employee spoke out against the firm’s stressful work culture in a video that went viral, adding to the public outcry against Alibaba’s biggest rival. He alleged that employees at Pinduoduo’s headquarters are required to work at least 300 hours a month (about 75 hours a week), whereas staff in the newly established grocery delivery department have a 380-hour minimum. The employee who fell on her way home worked on Pinduoduo’s grocery business in the Western province of Xinjiang.

People with knowledge told TechCrunch that employees working on certain projects at Pinduoduo might work over 300 hours a month, though the hours aren’t mandatory. Companywide, staff are required to work from 11 AM to 8 PM.

Pinduoduo cannot be immediately be reached for comment.

Long working hours aren’t unique to Pinduoduo in China. The string of incidents is reviving the debate around “996”, a term that denotes employees working from 9 AM to 9 PM, six days a week, though it can refer to any other form of demanding work regime in China’s cutthroat internet industry.

Despite the public backlash and calls to boycott Pinduoduo, the company’s market position appears to remain firm. Its app downloads have remained stable since the first employee incident two weeks ago, with some days even seeing slight growth in installs, according to data analytics provider Jiguang. As of January 8, Pinduoduo had nearly 650 million installs.

Its shares, traded in New York, climbed from $144 on December 28 to $187 on January 5 and dropped slightly to $174 on January 11. A few venture capital investors of Pinduoduo contacted by TechCrunch declined to comment for this story.

The figures could be telling. Despite its efforts to attract more users in China’s wealthier cities, a substantial number of Pinduoduo users live in China’s low-tier cities and rural towns. The “996” culture of the megacity-based tech giants may be remote for them, while the deals on Pinduoduo, the e-commerce app famous for its “dirt cheap” goods, are tangible.