Are you one of the many individuals who starts dieting frantically when summer arrives and then… lo and behold! After two weeks you give up because it is too difficult to maintain? This scenario is applicable to your money and spending habits as well. Your financial plan must be sustainable and relative easy to live with.
In a recent DebtSafe survey about people’s spending and saving habits, 76% participants indicated that they do not have a savings plan. This is mainly due to the fact that living expenses increase and salaries stay the same. This is why debt review company DebtSafe urges consumers to make healthy spending and saving habits sustainable so that it is easy enough to carry on with their lives.
Did you know? The annual DebtSafe Spending Freeze Challenge is currently running. During the first two weeks consumers are advised to stay out of the shops and to take a close look at their finances to see where they can cut back.
Here are a few points to get started!
Start with the basics…
Write down every cent that you spend on a piece of paper, then add all these expenses at the end of the month. You will be shocked what your non-essential expenditures really are.
One very easy way to cut costs is to refrain from going to the movies. “If a family of four goes to the movies the average total amounts to R550 (tickets, popcorn and cold drinks included). Rather spend an evening at home and kindle family relationships,” suggests Wikus Olivier, Debt Management Expert at DebtSafe.
“If you really want to save money at the end of the month, take control over your budget and stop spending hard earned money on things you can’t afford.”
