Are you constantly living on the brink of bankruptcy? Do you have trouble saying no to a new pair of shoes? It’s probably time you developed some healthy spending habits. Budgeting and saving can take effort, but it all starts by being aware of your everyday financial activity, and cutting out the little things. Here are a few tips to help sort your savings, that you can incorporate into your daily routine.
1. Don’t be hasty
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Some people call it the 30-day rule: if you see something you like, don’t buy it immediately. Wait 30 days and if you still want it, you have earned your permission to buy it. Why wait? Because given some time, you may have realised that the hot pink crop top was actually a terrible idea and if you didn’t buy it, you could have paid your phone bill on time! It helps prevent impulse purchasing and, therefore, unnecessary spending!
2. Make lists
A shopping list isn’t just help jog your failing memory. It can also stop you from buying things you don’t need. When it comes to grocery shopping, you might also want to make a weekly meal plan in order to get the exact ingredients you need, saving you from doubling-up, missing out, and having to return to the supermarket several times a week.
3. Log your spending
This should be the first thing you do if you want to monitor and cut back your spending. Start by logging your daily expenses, and pin point where you need to cut back. For example, I spend too much money eating out. Therefore, I’ve made a conscious decision to limit the number of times I get take-away, take my lunch to work, and if I know I have a big night out coming up, I’ll find other ways to save that week.
4. Cut back on treats for the kids
If you have kids, keep in mind that, despite what advertisers tell you, it doesn’t take the latest toys and gadgets to entertain them. A healthy child should have a healthy imagination, and being resourceful during play time is not only beneficial for your child’s development, but also for your budget. While most of us will know how easy it is to give in to an epic tantrum at the mall, try to take these things in your stride, don’t yield to poor behaviour (reward them when they’re good), and remember that it will all be over soon, and your kids will find other things to do.
5. Turn off the TV
This is not only great for saving on electricity bills, you will also avoid the constant onslaught of television advertising and product placement that piques your desire to shop! Added bonus: You will have more time to spend doing things you enjoy and are practical. Using your time efficiently is invaluable.