Great Tips on Money Saving – from Money Smart Women
Limit your spending – Are you looking to improve your money saving skills? First before you can limit your spending, you need to know what you are spending on. It helps to track your spending. I started taking stock of all my purchases, by writing them down week by week. This helped me to know how much I spend monthly on clothes, food, snacks, fruits, data, household provisions, airtime, transport, money to parents, siblings and other dependents, wages for nanny, driver and gardener.
Plan Your Shopping – It helps to make lists of things to buy, in a day, week or month. If there were to be a Ph.D. in list writing, I will long bagged the degree. I can write list eh… Infact my family members think that it has become pathological. It is one of my favorite past time…However, list writing is not a magic wound that solves all budgeting problems
Making a List or a Budget is One Thing
Sticking to your Budget is yet Another….The Most Important.
In Money Management (Be It Spending or Saving)
1 + 1 = 2. (Grade 1 Maths, Still Very True!)
Little Drops of Water Makes the Mighty Ocean
Budget – I use the envelope method – It’s simple and easy to implement! I label envelopes with monies for Week 1, Week 2, Week 3 and Week 4. Or you may label for Snacks, Fruits, Soup and Stews, Data, Cooking Fuel, Personal/Beauty Expenses, Extended family members, Miscellaneous, etc.
Smart Women, SAVE MONEY!
Our Mothers Stashed Away Monies All Over the House,
Where No One Else But Them Could Find…
You Can Do Better!
- Be Realistic – If you feel that as a matter of urgency, you need to keep your spending in check, then some drastic measures may be needed. Keep your ATM card at home. Disable your mobile banking apps. Using credit card is an easier and frictionless way to spend money… all you need to do is to keep inserting and punching in your pin number, or just swiping through. Take your lunch to work, plan to do your errands all at once to save gas instead of making multiple trips.
- Save Your Change – They seem small and of little value at first. If you have ever tried to stash them away in a purse or a piggy bank, you will be surprised how much it turns out, when it accumulates. Also having change (lower denominations) on you prevents you from breaking up your large value notes, which once done will fly away with the wind of spending. I also use this to teach my children, the art of saving.
Eat out less often, Buy in Bulk, Review your Cable TV subscription, instead of going to the gym, you may do home exercises like me. All of these add up.
Where Have You Been Shopping? Market or SuperMarts.
Reduce online shopping
Don’t be in a hurry to spend – Embrace Delayed Gratification
Delayed gratification refers to when you resist a smaller but more immediate reward in order to receive a larger or more enduring reward later. For instance, if someone offers to sell you a new pair of shoes or a really nice wristwatch, wait for a clear 48 hours before you make a decision on whether to buy or not. This gives you sufficient time to decide if this is something you need or something you want. If you work with this strategy, you’ll end up not buying quite a number of things you originally wanted to buy. There’s always something to buy; the TV and internet are riddled with advertisements of products and services we love.
Eating homemade meals helps you save more money. Dining out is one of the biggest pitfalls to saving for people. With some level of planning and discipline, it’s a habit that will yield results and save you more money. You can start by buying affordable foodstuff at home. If you have a refrigerator, possibilities get even more exciting for your dining habits.
Come up with a weekly plan for your meals and remember that eating well shouldn’t be limited to eating at restaurants all week long. It is okay to eat out occasionally but when it becomes a daily habit, the figures begin to build up much faster than you would have thought it possible.
Convenience is a money killer. I’ll admit, there are far too many times that I pay a premium for something just because it’s convenient. When I do this, though, it’s usually because I’m in a rush. I am buying something I didn’t put a ton of thought into before. This could be an impulse buy or just something I waited to buy without doing any research or comparing. It may also be something that I think adds to my quality of life, only I miss that crucial step of walking away to think.
You can’t afford to say yes to every request/desire, whether it’s buying yet another aso-ebi fabric or pair of shoes, sponsoring friends to a day/evening out or being unduly generous with financial gifts. When the chips are down, you are solely responsible for taking care of your finances and since the noose has clearly tightened on the economy, you must adjust your lifestyle accordingly if you want to survive.
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