How many of you keep telling yourself any one (or more) of the following?
Cannot spend anymore!
Must start saving.
I’m going to bring my own lunch, so that can save money on food.
I’m going straight home after work.
Whether you are saving for that new dress/accessory, the newest make up line in town, a wedding, gift, or WHATEVER it may be…. I will be sharing a some tips with you on saving money! (Hope you have not splurged 4 days ago yet, this will be a good start!)
1. What is your goal?
Decide on your goal. Be it long-term or short-term. Short-term saving goals (buying that shoe next month) may be easier to reach than long-term ones (getting married!). So, plan! How to? Write all your short-term and long-term goals down, so that you won’t forget what you are saving for (and ‘accidentally’ splurge on something else.)
2. Wants vs Needs
Know your wants. Know your needs. Write down a special list on the things that you want, but you don’t need. That way, the next time you see that thing, you know you don’t need to buy it.
3. Bad Habit, Must Go!
Drop all bad habits that involve spending. They can be such like smoking (Do you know how much per pack costs? I still don’t know how heavy smokers can simply ignore the eerie pictures on each pack. Eeei.), excessive eating (especially at restaurants), less dating (In Islamic context, it’s haraam. In financial context, the more you two go on dates, the more money you spend on each other!). So, DROP IT LIKE A BAD HABIT!
4. Refrain from using Credit Cards
Credit cards often make us spend more than what we can afford. Yes, they do come with rebates/rewards when you’ve charged up to a certain amount, or on certain days. If you haven’t got one and have been contemplating about it, FORGET IT. But for those who currently own one, try not to use it. Instead, try to pay via CASH. This will constantly keep you aware of how much you actually have.
5. Look to your friends.
If you know you have friends who manage their money well, they are the ones whom you should spend TIME (not money) with. Ask them for saving tips, observe their spending habits, and find out how they manage their money. These people usually have great ideas on how to reduce costs (i.e. always look out for coupons, buy bulk during sales) and this is THE TIME to learn from them.
If all the above are ‘religiously’ practised, by the end of 2012, you will find yourself with plenty of savings, and your goals will be realized. InsyaAllah. No more strapped for cash!
HAPPY SAVING TO US!
(Thank you to Majalah Nur for the great tips!)