By David E M DuBoulay
Many countries are currently experiencing tough economic times for varied reasons, and although we live in a beautiful corner of the world where the weather is usually pleasant and our people are often viewed by outsiders as laid back and carefree, we too have our fair share of economic woes.
While we are only able to influence the overall direction of our economy every five years in the hope of changing our fortunes, there are some small changes each of us can make in our daily lives, which can go a long way in helping us survive the challenging times that we face. Here are my ten suggestions:
Create a monthly budget and stick to it:While it may be a lengthy and detailed task to create an accurate monthly budget, investing the time to do it and exercising the personal restraint required to stick to it can yield great dividends in your ability to save for a major purchase (house/land/vehicle). Once you’ve completed your budget and you have an accurate picture of your monthly expenditure, you will find it a lot easier to determine how and where to spend your money wisely.
Monitor your spending: Keep all your receipts and review them on a weekly or even daily basis. This will not only help you to keep track of your spending but also to realise where most of your money goes so that you can reduce certain types of expenditure which may not be necessary.
Shop smartly: Focus on essentials and don’t get sidetracked by luxuries or items which you and your family simply do not need, even if they are on sale. Buy in bulk whenever you can, provided you have safe storage for later use. Instead of buying a new couch consider recovering the old one. Hold on to clothes as long as possible before giving them away (never throw clothes away, always donate to the Red Cross or to your nearest charity). Buying new things is not always necessary; you may be able to drive that car for another year before upgrading. Also, search for sales and discounts as often as you can; people are sometimes embarrassed or ashamed to exercise thrift by purchasing discounted items or those on sale. There is no shame in saving money wherever you can, you get the same products for a lower price and it is unquestionably the smarter thing to do.
Use cash as often as possible: This makes it easier to track your spending and stay within budget. Using credit/debit cards, though convenient, can often result in forgotten spending which eventually comes back to bite you at the end of the month.
Conserve utilities: Avoid unnecessary use of gas, water or electricity. Use a coal pot or natural fire to cook, take shorter showers, wash your car less often, and after 9:00 p.m. when everyone has retreated to their bedrooms, turn off the remaining lights throughout the house. These small steps can make a huge difference to your monthly utility bills.
Cut bad habits: Whether it be alcohol, cigarettes, sweets or whatever your bad habit(s) may be, try your best to limit them or better yet cut them out entirely.
Bring lunch to work: Buying a nice lunch is an enjoyable experience but doing so adds up at the end of the month and can harm your ability to save those precious pennies. Try carrying leftovers to work for an entire month and take note of the difference in your bank balance.
Wherever and whenever you can DO IT YOURSELF: I am not suggesting undertaking work you have no idea how to do but rather tasks which you have knowledge of, or which a friend or family member is able to do. You can save a chunk of money by not hiring a professional. There are also DIY videos for almost everything on YouTube which are available for free. Try it out, if you don’t succeed then go ahead and seek professional help but you may surprise yourself at what you are able to achieve with a little elbow grease.
Eat healthy and stay healthy: Medical bills account for a large percentage of annual expenditure and can be avoided by exercising and eating better. If possible grow your own food; start a kitchen garden and involve the entire family. Not only will you be proud of yourself but you will be consuming food which is pesticide and hormone free. Also, engage in as much outdoor activity as possible. Not only does it add to a healthier lifestyle, it also brings families closer and reduces dependency on technology (internet, video games, smartphones) for entertainment. Ride a bike or walk anywhere you plan to visit within close proximity; fuel is expensive and short car trips use more fuel per mile than long trips. Biking and walking are healthy ways to save money and as a fringe benefit you are helping the environment.
Work together: Finally, make sure your spouse is on the same page in terms of saving. It is useless to save while he/she spends frivolously. If you stay focussed and ensure that a deposit is made to your savings account each and every month, regardless of how small, everyone stands to gain.
