For those of you who don’t know, January is dubbed by a lot of us as Janu-worry because it’s the month we worry about our finances a lot.
Make a list and put it up (or write it down)
I realise that if you don’t write it down, you might spend that money on something else. And in the end the bill you forgot to write down, will end up in arrears. Also, when making this list, write down what’s the most important, and what installment you cannot touch. For instance, I cannot pay less on my car Installment nor monthly rent.
RELATED POST: The Disruptors writes “Always try to save something for a rainy day”
Remember YOUR WHY
My views on my money habits and the fact that I want to save more money this year, does not make sense to many people I’m close with.
I’m often told that “money isn’t everything”. Yes, this is true but I want to be healthy in how I handle money too. I’ve learned for example that small changes can make you save, no matter how little it seems at first.
I also believe it’s my responsibility to take charge and be mindful if I want to achieve certain goals some day. One goal for example is to have my child have a good education some day. I need to make these small changes so that I can save money for her education.
So knowing my why am I doing this, is important. I have to remember it, because I might have loved ones disagree with my “obsession with money”.
RELATED POST: Briony Liber writes “What does success mean to you?”
Having an emergency saving, no matter how little, helps A LOT
We had a problem with our car and could only fix it end of January.
I needed to attend an interview with an Uber taxi, because I’ve never tried public transport in Johannesburg before.
Yor, it cost me a lot to Uber that day – my heart was sore, because I took money out of my emergency savings. I don’t regret going to the interview though.
Brendan writes on his blog that one of the factors you should consider when having an emergency fund is can you access the money immediately? Anytime, day-or-night. He says imagine needing to draw cash at at ATM at 2am – would you be able do so? “Even if it involved using your online banking to transfer money between accounts; as long as it can be done quickly.” Great tip Brendan!
RELATED POST: Brendan also writes “Invest in freedom by paying off your loan”
Purchase goods like perishables beforehand
We spend a lot during December and January, because we are on holiday and we visit friends or family during this time – a lot more than usual. So, buy extra bars of soap or other toiletries and also groceries like canned food.
Pay extra on rent (and keep track of it)
This helps a lot because I took unpaid leave in December, so my salary was a little less. Paying extra on my rent the month prior meant I could pay less for the current or next month.
What money tips do you have for us?