Asia Bizz: It’s the start of a month, you get your salary and before you know it, you just to end up broke by the middle of the month! Has this become a recurring monthly feature that you are trying to control? You’ll be surprised to know that the problem arises not with the money you earn, but with the way you make the money work for you. Never heard of the word ‘budget’? We got some ways to get you back on track.

1. Clear out your commitments – The first thing you need to do when you get money is keep money aside to pay your monthly bills – electricity, rent, phone etc. If you’re not too sure what the exact amount, take an approximate figure on the higher side and set aside money so that you don’t end up defaulting on payments.

2. Save Save Save – Saving a certain amount per month by means of fixed deposits, recurring deposits, mutual funds etc is a great way to create some treasure for your future – or atleast a rainy day. But make sure you respect these new commitments and respect the lock-in period, since this will be a good way to earn some interest on the money in your bank.

3. Focus on Needs, not wants – So you have paid your bills, and kept some money aside for deposits, what about the remaining money? Are you going to blow it up on the first week or make it last till the end of the month? A word of advice – focus and use your money on things you really ‘need’. Only once your needs are met, you could plan to cater to your wants but it does not work the other way. Make a list of your needs and wants, and clear out the Needs first, and then everything else will fall in place.

In short, it’s all about spending your money on the priorities you give things. It’s a battle between needs and wants and it does not mean it has to be boring, you’ll end up feeling a lot more responsible once you have successfully mastered the art of managing your money. In the end, you work for your money, but you need to make your money work for you. That’s sound financial management in lay man’s terms and you will end up a lot happier and contented.