₦airaland Forum

Saving for projects shouldn’t be stressful!
October 21, 2012by Our Correspondent
Every individual or family has one project or the other to execute. Or don’t you? These projects are targeted at securing a better future.
Buying a property? A car? You want to invest in the stock market? Then, there is need to save money. But saving money does not always have to include drastic changes. Just increase the efficiency and effectiveness of your personal economy. How?
Cancel subscriptions
Evaluate your subscriptions, and cancel those you aren’t using. Rather than paying for expensive packages, downgrade. How many channels are you really using? Reduce you plan and save more money. You might even be able to cut it altogether.
Be more energy efficient at home
You can save money by practising energy efficiency at home. Switch to CFLs, add a little more insulation. These cost a little bit of money up front, but can amount to decent savings over time.
Properly care for what you have
Whether they be clothing or appliances, proper care and maintenance can save you a great deal in the long run. Care for your things so that they last longer, and you will save money.
Practise conscious-spending
According to www.askhow.com, ask yourself why you are buying something. Just because you think you want it isn’t a good reason. If you can’t come up with at least two concrete reasons why you are buying something, put it back.
Avoid spending triggers
Beware of places that trigger spending, whether it’s browsing on eBay (or window shopping in the historical district. Or are you an emotional shopper? If you shop due to stress, or some other reason, recognise that and try to find other ways to beat your stress.
Automate your savings
You can’t spend what isn’t there. Automate so that you save money in a retirement account and/or emergency fund first thing each month. That way, you won’t have the money in there to spend.
Institute a waiting period
Don’t be in a hurry to buy. From three days to a month, sleep on a purchase. You might decide you don’t need something after all.
Compare prices
Make it a habit to look for better prices elsewhere. Before you buy, find out if you can get a better deal elsewhere by looking online, or at another store.
Consider used items
Whether its small things, like a video game or book, or bigger things, like cars and homes, consider buying used. Look for good quality used items before buying new ones.
Cultivate contentment
One of the best ways to save money is to be content with what you have. Cultivate contentment with yourself and your life, and stop looking for happiness and fulfillment in material things. You’ll find that you spend less and save more when you recognise that you have enough.
Create a budget
Create a monthly budget that has two columns. The first column will be money you have coming in. The second column will be money you put toward your debts. After deducting the money, going to your debts from what you have coming in, you will see what your monthly spending budget is after your debt money has gone out. This will show you the money you have left over after your bills have been paid.
Track your budget
Write down everything you spend. This includes making sure you properly fill out your cheque book when you write one. Get in the habit of writing down what you spend immediately, which can avoid slip-ups that might lead to your going outside of your budget.
Practise controlled spending
Limit impulse purchasing by placing a cooling-off period on yourself. If you see something you want to buy that hasn’t been worked into your budget, force yourself to wait 24 hours before you decide to make the purchase. This will give you time to decide you don’t have the money for it. If the item you want to purchase is something you want, work it into your budget for a future date. This can give you time to save for the item.

Good info!