Spending more and saving less looks like a common ‘plague’, especially in sub-Saharan Africa. In fact, it is a global phenomenon that a great number of people have to grapple with.
Although everyone likes to save money, it takes more to actually set aside your hard-earned income. Let’s take a look at some of the measures that can help control overspending on our part:
FIX A BUDGET
Before going for shopping, write a list of the items that you want to buy and keep a budget in mind. Shop things according to their value and avoid unnecessary things if you think it’s exceeding the budget.
LIMIT EATING OUT, ESPECIALLY ON JUNK
Try to have home-cooked, healthy food instead of expensive junk food or visiting restaurants every alternate day. Packing home-cooked lunch to work not only saves money but also saves you from binging on unhealthy foods.
SHOP WISELY
Avoid getting tempted with sale shopping. Try to buy things you actually need and that will be used in future as well. Seasonal sales are a good time to buy branded stuff but make sure you stick to your budget.
KEEP DEBT DIARY
Make a list of debts you got to clear off so that you can spend money according to your financial strength. Minimise the use of credit cards. Consider it as bank’s money and make it a habit of paying back regularly without keeping balance. If we spend wisely, then personal loans are one debt we’ll never need.
SAVE ON ELECTRICITY, WATER AND FUEL
Paying a large amount on electricity bill every month is a money drainer; you can train with a little effort. For instance, in Nigeria, get to inform your nearest PHCN official of your vacation. This will enable them to suspend your meter reading, until you are back.
Walk on a shorter journey instead of using the car. In that way, you can save fuel and such small physical activities contribute to health and wellness. Water should also be used wisely and it is always good to carry your bottle of water from home rather than buying from the cafeteria every day.
UNUSED GYM MEMBERSHIP
If you are a gym rat, great, but if you can’t remember the last time you went inside the facilities, it may be time to cancel your membership.
If you’re ever itching to work out, there are many ways to do it without a gym. Try following free YouTube workouts at home; walking, biking, making the most of training apps.
EXCESS GROCERIES
Collectively, we waste a lot of food. Every time you throw away excess groceries, it’s money down the drain.
Before you visit the grocery shop, think about the meals you’re going to make for the week and write down exactly what ingredients you will need to prepare those meals. When you actually go to the store, stick to just the ingredients on your list.
REDUCE ENTERTAINMENT COSTS
For instance, a financial analyst, Mr. Edwards Adeniran, said that to help keep entertainment costs low and still have fun, one should have dinners at home instead of gathering at restaurants. Also, have movie nights at home, complete with popcorn and soda; take advantage of free forms of entertainment such as hiking, biking and free city activities.
NEGOTIATE FOR THE BEST
You have a right to bargain for the best price except the prices are not negotiable. Take your time to negotiate a better price as you can even do it in some small, privately owned shops. When you shop at the larger stores, there are also the ways to get a more affordable price.
These guides can work for everyone that is ready to save more and be richer. You can come up with your money-saving strategy and get enough funds for some big projects in your life, such as home-building, car purchase or gainful trip.
You have a right to bargain for the best price except the prices are not negotiable. Take your time to negotiate a better price as you can even do it in some small, privately owned shops
REMEMBER THAT IT’S BETTER TO BUY NOTHING.
Shopping takes time and it can feel like time wasted if a purchase isn’t made. Outlet malls, which typically require a significant drive, are particularly dangerous places for people trying to reduce their consumption. It’s not uncommon for people to purchase something they don’t really need rather than to leave empty-handed, with the feeling like the trip was
a total waste.
The same phenomenon occurs in boutiques and at e-retail sites that have drawn shoppers in for significant periods of time. But don’t fall for the notion that you’ve wasted time if you shop and don’t buy. The truth is that, buying something you don’t need only makes for more waste.
