How to survive the month-end crunch as a working professional?

Oct 12, 2020
 |  1 min read

If you are a young working professional, you are probably dealing with more than one of these:

  1. The pressure of keeping your job, performing well
  2. Not having enough time for the things you really want to do
  3. Upskilling
  4. And the biggest of all—the uneasy month end money crunch.

Most young adults, including college students and young working professionals, face the problem of month end money crunch, having exhausted their cash before they get their next allowance or salary. To beat this month end cash crunch, there are always options such as a personal loan for salaried professionals and college students.

But first, let us look into how and why young adults face these issues.

Lifestyle of a Young Working Professional

When you are at the end of your college and begin working, you are likely to experience a sea of changes. The most important feeling is the sense of even more freedom than you had as a college student. A lot of this freedom comes from being able to earn on your own. While the journey from financial dependence to independence is exhilarating, it can sometimes throw young professionals off track with respect to managing money. This is when personal loans for salaried professionals may come in handy.

A lot of young working professionals, with the newly found freedom, begin to splurge money and live off credit cards like there is no tomorrow. The college cafeteria is replaced with an upscale eatery, and the basic accommodation/dorm room is replaced with a rented flat in an expensive locality.

This is where the problem begins. Many young professionals and even college students end up spending more than they have. They exhaust all their money much earlier in the month and then have no cash left by month's end, even for the most basic things.

Further, as we all know, “With great power comes great responsibility!” Many of us may even have to provide for a family emergency, such as medical expenses. In such situations instant loans for salaried employees can be a short term option.

This month's money crunch can, however, be beaten by working professionals by availing for a personal loan for salaried people. Listed below are additional options-

Tips to beat the Month End Crunch

1. Use Public Transport

Prefer using public transport such as the metro, trains, and buses rather than private vehicles. Private vehicles are not only more expensive due to fuel costs but also high on maintenance. And hey, they are a greener option!

2. Opt for inexpensive food alternatives

The good old cafeteria in college will satiate you as much or even more than that fancy eatery. The same goes for the office cafeteria when it comes to young working professionals. Of course, quality is important. But who said affordable food is not healthy? Opting for inexpensive food alternatives can be a great way to beat the money crunch. If you do want to splurge on a special occasion, you can treat your friends with the help of an instant loan.

3. There are many personal instant loans with a flexible tenure.

Opt for a loan for salaried people available easily through personal loan apps for salaried employees and young adults. Many companies provide instant loans for people at low-interest rates. Such loans can help you get through the month with ease.

4. Save on accommodation

The key rule to beat the month end money crunch is to “save where you can.” Save on basics such as accommodation! You can choose to share a flat with your colleagues or friends and even check with your company if they have a relationship with brokers/partners who can provide discounted employee accommodation. Students can choose the good old dorm room rather than renting a house.

5. Choose “needs” over “wants”

Prioritize what you really need to spend on rather than what you want to spend on. For example, travel and food are needs, while an expensive watch is a want!

6. Take advantage of perks

Don't feel shy to take full advantage of perks given to young professionals and college students such as cafeteria food coupons, on-campus gym memberships, and tie-ups with restaurants. This way, you can save a lot and easily deal with a month end cash crunch.

7. Keep track of your expenses

At the end of the month, do you feel that you don't even realize how you ended up with the money crunch? This is pretty common among young adults as they do not have the habit of tracking their expenses. Keeping a record of where you spend your money is the first step towards spending wisely!

8. Budget for the month

“Budget” may be a big word, but it truly is simple to budget. At the start of the month, note down your income (salary/allowance) and your expected expenses. This way, you will know how much you should be spending for your cash to last till month end.

9. Indulge in “free” fun

As young adults, we are often too impressed with the material world, but indulging in things such as meeting your friends or spending time with nature can be priceless!

10. Spend wisely, not impulsively

Avoid following your peers blindly. Think about why you want to spend on something before you do so!

Get Easy Loans for Young Working Professionals

mPokket understands the money crunch that young working professionals and college students face at month end.

To assist young adults with this temporary money crunch, mPokket offers instant personal loan for salaried professionals and college students through its incredibly easy-to-use instant loan app. This instant personal loan app for salaried professionals and college students delivers the loan amount swiftly into the applicant's bank account.

The instant loan for salaried employees and college students is available for a loan duration of 61-90 days typically and carries nominal interest rates–ideal for beating a short-term money crunch.

To avail the instant loan for cash, salaried employees and college students need to download the mPokket app and submit their details. Once the loan is approved, mPokket offers the flexibility of loan amount and duration.

mPokket's instant personal loan for salaried professionals and college students involves minimal documentation, is paperless, and completely online.

Further, mPokket's instant personal loan app for salaried employees and young adults offers 24/7 support and has already assisted 5+ million users in beating their money crunch.

Among the many personal loan apps for salaried professionals and college students, mPokket's app is perhaps at the forefront in providing hassle-free instant loan for salaried young professionals and students at nominal interest rates.

Beat the month end money crunch with mPokket. Try mPokket's instant loan app for college students and young working professionals today!

Gaurav Jalan

Gaurav Jalan is the Founder and CEO of mPokket, a digital lending platform serving underserved Indian youth. He leverages technology and experience to deliver cost-effective credit to marginalized populations. In his role, he provides strategic direction and oversees execution to fulfill mPokket's mission.