Money-sav­ing mo­ti­va­tion

Good Health Choices - - Be Informed -

Needs, not wants

Ques­tion ev­ery pur­chase, and al­ways ask your­self ‘do I re­ally need it?’ Fol­low the 30-day rule where you di­arise what you’re want­ing to splurge on. By the time the 30 days are up, you may find you no longer need it.

Pay your­self first

Set up an au­to­matic pay­ment to put away your sav­ings on pay day, and don’t reach for the credit card. Split your money into ac­counts for dif­fer­ent pur­poses. Make an in­ter­est­ing num­ber, such as your year of birth, your sav­ings goal.

Track spend­ing

Carry a di­ary or use a spend-track­ing app to jot down ev­ery time you splash the cash. At the end of the month, cat­e­gorise all your spend­ing. A take­away cof­fee may feel good at the time, but when you see how much has been spent on cof­fee in a month, you might change your mind. If you buy a low-value item, trans­fer the same amount to your sav­ings ev­ery time you spend un­nec­es­sar­ily.

Get cre­ative

Stick a pic­ture of your goal to the fridge or use it as your screen­saver. Small things like wash­ing your clothes in cold wa­ter in­stead of hot, un­plug­ging ap­pli­ances when you’re not us­ing them, and grow­ing your own veg­eta­bles all add up. Chal­lenge your­self to make one meal a day that costs less than $5.

Use cash

Pay all bills such as rent on pay day. Do a shop on that day – of just the ba­sics – no treats al­lowed. With­draw the re­main­ing money and split the cash into en­velopes for nonessen­tials, such as new clothes.

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