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).
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