With the COVID-19 pandemic having compromised a number of peoples livelihoods, it has shown just how important saving money for rainy days is.
Our spending habits have had to adjust to the new normal, and that might be difficult to achieve but we have to try anyway. Here are some tips that will come in handy for millennials, yes they are a bit weird, but they work.
Don’t be impulsive
We are all guilty of shopping impulsively, to prevent this, put your credit card in a bowl or a plastic sleeve filled with water and pop it in the freezer. This only works if you have none of your credit card details saved on your favourite websites. Of course, you can just pop the card out and melt the you want to splurge but by the time it is melted you would’ve thought twice about making the purchase.
2. No coffee runs
Spending around R40 every other day on a cup of coffee might not sound like much but it has a tendency to add up. So instead of buying coffee make your own, and then transfer the amount you were going to spend on a cup into your savings account.
3. Be an influencer
Who said we can’t all be influencers? How about you start paying yourself every time you post on Instagram? It does not have to be much because a little goes a long way when it comes to saving. So every time you post an image on Instagram transfer some money into your savings account.
4. Spend free day
Choose at least 2 days a week where you will not spend any money. It could be Monday and Friday where you don’t spend a single cent. No take outs, not iced coffee, nothing. It will take a lot of will power but you can do it.
5. Keep a jar for the fun times
Weekly you can put any amount of money you are comfortable spending on a night out with friends or colleagues. When the occasion arises you take what you need from the jar and go out. No credit or debit cards just the cash from the jar. This method will keep you honest with yourself, you will know exactly how much you are spending on nights out which is usually way too much. If the jar runs out then that means your are done going out for that month.