MONEY
Money advice:
How to save up for
something that you
want
You probably have that phone that
you have been longing for, or
maybe that beautiful pair of shoes
that you could take on credit but
you are uncertain that you will be
able to pay for it. Some of you are
eager to go back to school, or you
would love to go on holiday to a
beautiful tourist resort but that
dream seems a little far-fetched
because your disposable income
does not seem to be enough to
cater to all your needs. Do not fret;
here are some easy ways to save up.
1. Have an objective
What do you want? Think about
why you want it and how happy you
will be when you get it. Write down
that thing that you really want and
how much it is. This will be your
motivation to save. It would help to
write on a piece of paper and stick it
on your bedroom mirror, in your car,
or on your desk so that you are
constantly reminded of your
objective.
2. Open a savings account or have
a savings jar
The best way to save is to have
somewhere to put your savings. A
savings account is ideal as you will
be saving up without the temptation
of spending; keeping your money
safe and also you get a little interest
from the bank. Another way of
saving is having a savings jar or
piggy bank where you throw in
money every day so as to save.
Remember, this is money for that
special something. You can always
give it a name like the ‘shoe fund’, or
‘dream holiday fund’.
3. Budget
Writing down a budget for your
income is a great way to help you
manage your finances. You are able
to see what is necessary and cut out
unessential expenses. If you are
willing to go the extra mile, you can
actually sacrifice things like having
nails done, buying coffee or lunch
but instead, get nail polish, make
coffee at work or carry a lunchbox.
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4. Discipline
This is a great challenge for
most people. Most people have a
bad habit of buying things that
they do not need. Remember
your objective. This will help
you focus and give you restraint.
If you are going to shop for
something specific, carry only
the money that you need for that
particular thing to avoid
temptation of buying something
else that you do not need.
5. Be a smart shopper
Other than budgeting, you can
also save money by being a
smart shopper. It seems
annoying when you are given a
credit note for your change but
those credit notes can come in
handy. Instead of purchasing
your goods with cash, you can
collect your credit notes and
pay with them instead. Buying
essentials such as bath soap,
sugar, tinned foods etc., in bulk,
can save you from buying the
same things the following
month, so you can have room to
save. Take advantage of sales
and you can go thrifting for
clothes and shoes which saves
you some money.