Fall in love with your Finances again
When payday comes it can be a surprisingly daunting experience for us. We have a negative outlook on money since it only seems to go towards debt and other bills until there is nothing left for something fun.
Well, we are here to tell you that it really doesn’t have to be so bad. Allow us to shine the silver lining on your dark cloud called money. Just follow this easy guide to working with your personal finances.
Budget
In order to see where you can save you have to set up a budget. You would be surprised how much money gets wasted on unnecessary things. List all of your expenses and incomes with their exact amounts. This way you will be able to see where you can cut on expenses and save.
Purge
Do you really need to go to the restaurant every weekend? Is that new pair of shoes a necessity or luxury? Try to keep your luxury and entertainment allowance to a minimum and find more affordable fun ways to entertain yourself and your guests.
Instead of going to the movies, rent a DVD and get a packet of microwave popcorn, you’ll save a lot of money this way. You can even invite a large group of people, put money together and buy pizzas. You can really be creative in ways to save once you have sorted the budget.
Build your rainy day fund
If possible, try and take a little bit of money each month and put it away in a savings plan. Consult with someone at the bank to discuss your savings options. At the beginning it might feel as if it is slow going but patience is key here. If you put a little bit away each month and you start accumulating interest then your money will grow to a substantial amount.
Take all of your left over small change and put it in a jar. You can use this extra change to satisfy the small luxuries during random times of a month like ice cream or makeup for example.
Set a goal and stay motivated
Set a clear financial goal you would like to reach. Examples aren’t just limited to saving money for something. Your goals can also include lowering your water and electricity bill or to finish paying off your car.
Keep yourself motivated to reach your goal. One thing that helps with this is to build a wish or goal board. Maybe you would like to save to go to Paris next year, find idyllic images of Paris and paste it on your board. Keep this board where you can see it every day in order to keep the dream and goal alive.
Create a save calendar
Try and find as accurate an amount as possible of the thing for which you would like to save. Take the full amount and divide it into the amount of months you’ve set out to save. Then, divide that amount into the weeks of a month.
Create a special calendar and tick off each week or month you have put something away. This way you will gradually move closer to your goal. It is a lot more motivating to actually see how you are moving closer to that trip to Paris or that new bike.
If you simply can’t see that silver lining and you find yourself in a deep hole financially, don’t be afraid to come to us. One of our dedicated consultants will consult with you and assist you with the greatest discretion.
Don’t wait until your debt swallows you, contact Senator Counsellors on 012 654 0107 or send an email to fin@senatorgroup.co.za. There is always a way out.
