Small Financial Changes you NEED to Commit to this Year

Small Financial Changes you NEED to Commit to this Year

Making the most of your money can feel like an endless difficult circle – and if you are dealing with debt, you may even feel trapped or stressed with the way your finances are working out. You may feel your pay cheque is used up on rent, bills, loan repayments and that this leaves nothing to save or to spend on yourself. You may feel like you need to make BIG differences, but often these can be accomplished with small changes – to start with at least.

Let’s start with making those small changes. Muse suggests 50 ways to achieve personal finance success. Just some of these, which we think might make a difference, includes:

1. Shopping on your own – By shopping on your own, you are less likely to indulge in excessive spending. A friend is often likely to convince you to buy something, but when you are on your own, these needless spends can be avoided!
2. Start saving little and often NOW – Muse says, “Not next week. Not when you get a raise. Not next year. Today. Because the money you put in your retirement fund now will have more time to grow through the power of compound growth.”
3. Pay with cash – Try paying with cash, not cards, and you will probably find you spend less in the long run. Handing over cash can feel harder than swiping a piece of plastic!
4. Create a financial calendar – By marking your incomings and outgoings down on a calendar, you can more easily keep track of what is coming in and going out. This means you shouldn’t forget a bill or payment and can keep tighter control of money.
5. Cut down on electricity use – Wonga suggest many money saving tips in their blog post to reduce electricity use, and therefore cut down on bills and spending. This includes not overfilling the kettle (if you only need one cup, only put one cup’s worth of water in!) turning lights off when you leave a room, turning the TV off of standby when not in the room, and changing your light bulbs in your house. They say that changing to energy-saving light bulbs can save you R7200 per year!
6. Grow your own vegetables – how about growing food instead of buying it! There is an initial investment of soil and tools, but after this, you can make real savings. Not only this, but you could also reduce costs by ditching expensive food brands. Try buying the supermarket alternative (you won’t find much difference in taste, but your bank account will thank you!)
7. Walk instead of driving – Petrol and general car maintenance are expensive, and if you can, then walk or take public transport instead. It can really make a difference to your monthly outgoings. And hey, it is better for your environment too!