You should have control over your money, not the other way around. But, let’s get real, bad financial decisions have happened to the best of us.
The good news is that being money smart is not a behemoth of a task. In fact, it just takes some self-control and good organisation. A good word of advice: Do not save what is left after spending, but spend what is left after saving!
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Here are 10 simple-but-effective ways to help you pull in the reins on your finances:
Ask yourself: Do I really need it? Follow the 30-day rule where you put down in writing (or a digital listing in your phone) what you’re wanting to splurge on. By the time the 30 days are up, you may find you no longer want the item anymore and hurrah, more money saved!
And name each one. Make it an interesting number, such as your year of birth. Split up your money into accounts for different purposes and set up an automatic payment to put away savings on pay day, and don’t reach for the credit card.
Carry a diary or use a expenditure-tracking app like Mint or Chime. Every time you splash the cash, jot it down. At the end of the month, categorise all your spending. That takeaway coffee may be costing you way more than you can afford to. Save some money and brew your own! Here are the best tried-and-tested coffee machines to suit your lifestyle and budget.
As Isaac Newton stated, every action should have an equal and opposite reaction. If you buy a low-value item that isn’t part of your budget, transfer the same amount to your savings. This will help you maintain a certain monetary balance and possibly dissuade you from buying small-but-unnecessary items which add up.
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Stick a picture of your goal to the fridge or use it as your screensaver. Challenge yourself with small things like making one meal a day that costs less than $5. Your money-saving journey should be personalised to you and what works for you so that the process is not as daunting.
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Make some pointed changes to your habits and lifestyle. Little things like washing your clothes in cold water instead of hot, unplugging appliances when you’re not using them, and even growing your own herbs and vegetables all add up and at the end, you save quite a bit of money.
Pay all bills such as rent on pay day. Get just your necessities, no exceptions allowed. Withdraw the remaining money and split the cash into envelopes for non-essentials, such as new clothes. It’s a very crude way of doing it but being able to prioritise and visualise your money works on many because as they always say, “out of sight, out of mind”.
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Stock up to save. For instance, if you are taking prescription medication, ask your doctor to give you a few months’ quota so you can save on co-pay.
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It may be easier to save money if you don’t feel like you are depriving yourself. So once in a while, spend on something frivolous that you can spend off your miscellaneous budget. Get yourself that new shade of lipstick or nail polish that you’ve been eyeing!
Get organised. Make a to-do list to clean out your closet and cupboards regularly, so that you can see what you have at a glance and also easily access them. You might find gems you’ve bought but never worn, and that just might dissuade you from spending unnecessary money and buying a new piece.
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Text: bauersyndication.com.au, Additional reporting: Sandhya Mahadevan