Whether you are a professional working lady, a stay at home mom or a young woman new to the working world, you probably have financial goals you want to achieve. Forming good money habits will help you achieve your short and long term goals. So, if you’re trapped in a lavish lifestyle that you cannot afford, scraping up cents at the end of the month to put food on the table or sinking in a stream of debt, read on…
Although you may have the best intentions when it comes to managing your finances, to actually come out on top of your money and save at the end of every month, you need to make effective changes. And, although this may seem nearly impossible, you can be financially smart without changing your lifestyle drastically.
We’d like to share some tips on saving, especially for South African women.
Tip #1: Simply cut down frivolous spending
This can be done by writing down all your expenses at the beginning of the week and not splurging on unnecessary delights. If you find yourself spontaneously grabbing a takeaway coffee every other day or going out for drinks at the end of the week, make a conscious decision to stop spending money on extras.
Stick to a grocery list and avoid picking up useless items in the sugary aisle or on the way to the till. These little splurges can really add up during the course of the month.
Tip #2: Save before you do anything else
Prioritise saving. If you are earning a salary, put money into your savings account before you spend your money on anything else. A lot of the time, people trick themselves into thinking that they can put “leftover” money into savings at the end of the month, but this savings tactic hardly ever works.
Tip #3: Learn how to say “NO”
It’s human nature to want to please everyone, but it’s not worth spending money you don’t have just because you feel obliged to keep everyone else happy. When it comes to social activities that require financial commitments, don’t attend just because you’ve been invited. If you really want to go to a social gathering or event and you are financially able to, by all means, go. But you have a choice in the matter.
Tip #4: Focus on getting rid of credit card debt
Credit card debt is very easy to rack up and you may find yourself trapped in a cycle of debt that you cannot get out of. Make sure you put in as much effort as possible into eliminating your credit card debt and not making any more debt. If you are struggling to get out of debt, call Debt Rescue for help; they can help you set up a plan to get out of the snares of debt.
Tip #5: Check out your closet before you go shopping
When it comes to shopping for clothes, most women have a lot of clothes in their closet that they’ve forgotten about. Go through your wardrobe and try on clothes you haven’t worn in awhile – you’ll be surprised at how many gems you’ll find. Once you know what you have, you can buy a few inexpensive additions and accessories to complete your wardrobe.
Also, beware of red signs in stores that scream “sale”! Sometimes sales don’t really have great deals. Research clothing items you want to buy before you shop for “deals”.
Tip #6: Initiate budget-friendly socialising
Being a little more budget savvy does not have to include cutting back on your social life; you just need to go about it in a smarter way. This could include finding half price drink specials at a local hangout or hosting your friends at your house for a everyone-pitch-in get together. Not only will you save money, but you will also create new traditions with family and/or friends, whether it be a bring and braai, wine evening or games night.
Share your money saving tips with us!