Few things hurt like the sight of your bank account reading “RED” but despite that pain, it’s never easy to muster the discipline to save money and resist the sultry temptations of that really cute dress that’s selling at 30% off or those nice pair of heels we will feel incomplete without. Add on a global pandemic and a slumping economy, and it all becomes enough to give a sister high blood pressure.
We understand staying calm in situations like these can be hard, but instead of worrying about the things out of our control now like the price of oil, we can use that energy to focus on making smart financial decisions to keep our accounts green always and spare our inner boss lady unnecessary pressure.
Fear not queens, the tips below are easy and practical to accomplish. Let’s save some money!
- TAKE AN INVENTORY OF YOUR MONTHLY EXPENSES: Get an account statement on all your expenses for the last few months. This includes your expenditures on rent, groceries, transportation, utilities, etc. It would help you keep track of costs and budget financial expenditures effectively.
- LIST OUT YOUR BIGGEST EXPENSES: Figure out what your biggest costs are and list them in order of importance. If you notice you’ve been spending more time on Netflix and only watch just three channels on DSTV, it may be time to cut down on that DSTV Premium subscription.
- SAVE CONSTANTLY: It is said that a tiny drop of water makes an ocean. You’ll be surprised how far this saying goes for saving money too. Learn to stash away a certain amount of money daily or weekly. No amount is too small. You can invest in a piggy bank or a cash-saving app.
- TAKE FIVE BEFORE MAKING IMPULSE PURCHASES: Those sneakers are gorgeous, I can tell. Yes, they will look nice on your feet. But Hold on, breathe in, breathe out, and now ask yourself “Is this something I want or something I need now”? Answer honestly. I trust you know what to do next.
- COOK YOUR MEAL: You will be surprised at how much you can save if you reduced how much you ate out or ordered in food. Channel your inner Martha Stewart and feast on an enjoyable meal without breaking the bank,
- HAVE MULTIPLE STREAMS OF INCOME: with multiple sources of income, you can be assured of seamless cash flow in your account. The growing rate of unemployment and job losses is a pointer that nobody’s job is safe. Therefore, this is more than a luxury, it is a necessity. This is your ticket to financial freedom.
Your thoughts: which of these tips are you following already? What more can you add to this list? Kindly let us know in the comment section.
An interactive online community dedicated to women. Follow @thewcommunity on social media for your favourite lifestyle updates.