New Delhi: Running out of money by month-end is a common phenomenon especially if your salary is low. In order to get out of the financial crisis faced during the end of the month, you need to have a budget. A fixed budget will help you reconcile your income with expenses. Not having a budget will let your spends get out of hands, leaving little or no money at month-end.

Other than having a budget, differentiating between mandatory and voluntary spends is also essential to live in a small budget, say, financial planners. Often, it is seen that young earners indulge in impulsive buying and spend their money before paying bills, premiums, EMIs or SIPs and rely on credit cards for essential expenses, which lands them in debt traps.