Start saving.
There are three steps to saving.
Firstly you need to save your money. Decide on how much you want to save to be able to pull yourself through difficult times for example disasters, accidents, deaths etc. Then instead of falling into the trap of buying something you think you need now on credit, rather wait, save and buy it later on cash. Anything that you buy on credit ends up costing you much more than the original price was.
Secondly draw up a budget, it helps you see your expenses against your income and helps you not to spend your income erratically.
Thirdly educate yourself about financial services and choose the most efficient and cheapest option. Learn about the best products and services through financial service providers. And learn about the different banking methods available that you can use.
Some more very useful saving tips for the whole family to build a healthy happy family this year.
Change your mindset. You need to go from being comfortable with debt to being in control of your finances. Commit yourself to being debt free in three, six or twelve months.
Put aside money for any medical or other emergencies, as well as for car and house maintenance.
Pay off your debts with the highest interest rates first, and do not borrow any money from anywhere to pay debts. If you are one of us that finds yourself in uncontrollable debt because of more than one credit card, destroy one card at a time and settle the debt. Do not get new cards once you have paid off the debt. Keep a list and write down all your purchases in order to keep track of unnecessary spending. Ensure each purchase is necessary and not a “show-off” item or goods.
Start a savings club with friends or colleagues, or a rotating savings club. This way, members contribute a specified monthly sum to the club, and each member receives all the contributions when their turn in the rotation arrives. Build a healthy happy family and teach your children the value of money and of saving. Most banks have tailor made accounts when with above average interest rates for teenagers.
Reduce the insurance on your car every year because your car decreases in value each year. If you have not been doing that, your premiums have increased while your car’s value has decreased. It is your job to keep your premium down by regularly informing your insurer to decrease your sum insured. There are also other ways that you could save besides in your bank account. Join your employer’s pension or provident fund or invest in unit trusts. Make informed decisions and good choices on large purchases by shopping around and comparing prices.
Keep your financial goals for your family in mind throughout the year, even as the excitement wears off. Your reward will be a happier, healthier richer family. Start today to build your healthy happy family.