How to be safe and careful with your money
How to be safe and careful with your money sadmin
Have you ever gone out with no money in your pocket? Not a nice feeling, is it? There’s only one thing to do if you do not want to spend the rest of your life worrying about money - save!
How can I save?
- No matter how little, bank all your money so that you can get interest. Your money grows (becomes more) with interest.
- Do research on which bank will give you the best interest rate. Remember to find out about bank charges as well.
- Do a budget every month. Your budget should show all your income and all your expected expenses.
- When you go shopping look around for the best price.
- Always shop with a shopping list and stick to your list.
- Always work towards a financial goal. This means that you need to know what you want to do with all the money you have saved.
- Make notes of all the money you spend so that you can see where your money went.
- If you were forced into debt, pay it off as soon as possible.
- Start a savings club with a few friends (like a stokvel).
- Pay cash for everything you want — don’t buy it if you can’t afford it.
- Spend less than you earn.
- Don’t borrow money as it teaches you that it is okay to be in debt. It’s not!
- Don’t go to sales and buy things you don’t need.
- Just because you have R2 does not mean you must spend it. Save it and get something you really want or need.
Remember
- Stop and think before you buy anything.
- A sale is not a sale if you still cannot afford it.
- Window-shopping is fun.
- Money does not spoil:
- You can always find a use for it in the future;
- Don’t spend it just because you can;
- There might be rainy days when you need money for the unexpected;
- Approach money decisions in a business-like manner. Money is an emotional issue. Especially when it comes to borrowing and lending to family
- Buy necessities first and luxuries last.
- Negotiate prices and ask for discounts (especially when buying cash).