Have you ever done a money saving challenge before?
They are pretty fun. Don’t stress.
Alright, I am just going to say it. Saving money is VERY difficult when you are on a low, fixed income. And then…the bills…
Don’t get me started on the bills.
When you hear others say it doesn’t matter how much you make to be able to save money, you probably feel pretty cruddy. How much you make can definitely effect how much you are able to save.
Have you ever started off the month with the best of intentions to save money? Buying only what you need, steering clear of the sales displays, and trying to watch your spending? And then, despite your best efforts, it seems to happen. Before you know it, you’ve spent more money than you wanted to. Don’t beat yourself up, it happens to many of us. Here are some tips on how to stop spending money.
There are many reasons why we overspend. It could be because we aren’t aware of our true spending habits. Or we are guesstimating our income, expenses, debt payments and spending incorrectly. Then in the end our bank account balance dips lower than what we expect. Whatever the reason, are you ready to take control of your finances?
Clearing clutter out of your home can make you more organized and can simplify your life. Clearing away any unnecessary items can also help you find happiness. The same concept goes for your finances. By clearing out financial clutter, you can decrease financial stress in your life. Save time during tax season, and get a better grip on your personal finances.
You need to have a system in place and create a routine for dealing with your financial clutter. I have found that my organized office simplifies my finances, reduces stress. It helps me prepare for unexpected events, and gives me more time to do fun activities.
Creating a plan to pay off debt doesn’t have to be too complicated. It’s a matter of sitting down and focusing. It takes less time than you might think. What could you do if you didn’t have a single debt payment in the world? That’s right—no student loans, car payments or credit card bills! For some of you, that would free up an extra R300, R500, or even thousands of Rands a month.
Any amount of debt is overwhelming. And when something’s overwhelming, we tend to procrastinate. We’re human, after all. Sometimes the problem seems so big that the main obstacle is knowing where to start.
Most people want Financial Freedom, but what do we need to do to get there? If you’re like most people, the word “budget” makes you cringe a little, But there’s no need to fear! A budget is actually a good thing—it frees up your money so you can do more with it. With a budget, you can have the satisfaction of knowing that your money is out there working for you. Rather than wondering at the end of the month where it all went.
“Good planning and hard work lead to prosperity, but hasty shortcuts lead to poverty.”
The start of a new year always feels like the time to re-examine our goals and create new ones. It’s a common time to get your finances in order.
Saving challenges are popular for helping you get creative with saving. Sometime, there is hesitation to join them out of fear.
Nobody wants to do one and then fail to complete it, right? (more…)
The holidays can be a lot of fun and they can be very stressful. It is the season of giving, which often means it is also the season of spending. One of the best things you can do to help make the holidays a lot less stressful is to create and stick to a holiday budget. Creating a holiday spending plan will reduce your stress. And make sure you don’t go into debt this holiday season.
To combat seasonal budget blues, commit to ditching credit card spending entirely. Instead use cash only during the holidays. If you don’t have it, don’t spend it. I discovered that with this approach, planning is everything. If you plan early, you’ll have a comfortable nest egg built up by the time you start making a list and checking it twice. (more…)
Impulse buy, we’ve all done it! We go to the store for one or two inexpensive items and end up throwing a few extra things into the trolley. They look appealing or seem to a great deal. These impulse buys can drive up the amount you pay at checkout. And we often kick ourselves afterwards for spending money on them.
Before you start feeling guilty about it, know that you are not alone.
You can, resist the urge to add unnecessary items to your cart. The first step is knowing what the stores are trying to tempt you with so you know what the impulse triggers are. (more…)
Let’s imagine for a second that tomorrow your car breaks down tomorrow. Your anxiety is building wondering how you are going to get to work and then there is the repair.
How do you plan on paying for the repair? Do you dip into your emergency savings, or pull out your credit card?
The truth is, these types of expenses can be detrimental to your budget. You need to have a system in place that will allow you to pay for certain planned expenses with cash. So you are not getting into debt.
That’s where sinking funds come in handy. (more…)
Sick of making home loan payments? They can be a huge drain on your budget, especially if your bond is eating up a large part of your income. Not to mention all the interest you’re paying on the loan over 20 years.
A home loan is one of the cheapest ways to borrow money for most of us. But it can still rack up some serious interest over a typical 20-year loan term.
Want to say goodbye to your bond before the 20 years?
Here is how some people pay off their home loan early. And shave thousands off their interest payments. (more…)