How to save your way through lockdown
“Do not save what is left after spending. But spend what is left after saving.” Warren Buffett
These last few months have been tough for so many people. Various companies in South Africa and across the world have had to implement salary cuts. Some have even had to go as far as to retrench staff, just to survive.
Even with so much uncertainty in the workplace, you still have options. You can search for new job vacancies on freerecruit.co.za or you can set yourself a goal to save.
Here are some helpful ways to start saving:
1. Set a savings goal.
This can be big or small. What really matters is that you set a goal. Having a target to reach helps you keep your eye on the prize. This is helpful when temptation arises.
2. Every little bit helps
Cutting back on some of your expenses can help you put more money away. Look at what you’re paying for insurance, transport, clothing and groceries. Cutting back just a little on everything, will make for some bigger savings.
This is a very important aspect of saving. Budgeting allows you to view what you’re spending and where. A good budget will keep you on track for saving. It will also allow you to feel more in control of your finances. If you have debt you can set aside money for it. Being more structured with your money can also reduce the stress you might be experiencing because of it.
4. Don’t spend what you don’t have
Never spend money you don’t have. This may sound simple, but many people fall into this trap. If you’re waiting for a bonus to be paid to you, don’t buy anything until the money is in your account.
5. Shop around
If you need to buy something, make sure you do your homework first. Shop around for the best deal. Wait for a special on the item you want. Oftentimes patience pays off.
6. Go after a better salary
If you feel that you’re more valuable than your current salary, then perhaps it’s time to look for a new job. With thousands of job vacancies right here, your next job could be waiting for you.