You have finally settled from the Christmas festivities and your bank account is looking a little deflated from all the expenses you made. It is a prerogative of yours now to make sure that you do not end up going into your savings and ending up in debt. Here are some helpful tips to help you stay afloat.
Make lists, lots of lists. These will help when you’re going shopping or running errands. Writing down everything you urgently need in a list, will help you curb impulse buying. A cut down on impulse buying will ultimately cut down your spending and on your finances.
Use a budgeting app
There are plenty of apps out there that can help you establish a monthly budget based on how much money you have coming in and what you typically put your money towards. Apps, like Wally and Level money on Google play store and Appstore on Apple, will keep you on top of how you’re doing over the course of the month and let you know if you’re going in the red.
Stick to cash
In Ghana, this is usually the main medium of payment, however if you do have a credit card, it is wise to stick to cash. Before going into a supermarket or going out to eat, etc, make sure to visit the ATM to take out an estimated amount of what you will be spending. This will help you to spend within that budget instead of splurging, if you otherwise were using a credit card. Credit cards allow you to spend more than necessary but having a fixed amount means you cannot overspend.
Eat at home
Have a “there’s rice at home" mentality. Pack a lunch and snack to work each day to avoid buying food from fast food joints, etc. Put an end to stopping at coffee and pastry stops. Cutting back on these visits a couple times each week can give your bank account some extra breathing room and you will have a little extra money to spend on items you really need.
Cancel Subscriptions you don’t use
Subscriptions on gym membership, Netflix, DSTV, etc that are not in use should be cancelled. Whether you’re not using your gym membership or you only use one streaming service versus all the ones you’re paying for, it’s a good idea to look at the subscription fees you’re paying and see if there are any you could eliminate.
Lastly, to be able to efficiently save money, you must be disciplined. A disciplined and determined mind is what will help you from falling into debt. All these tips will not be helpful to you if you do not commit yourself to carrying them out.