This section lists personal finance tips that can help you with your spending.

Live below your means

Whether you are rich or broke, it is wise to live below your means. It is the only way you can have financial success and not run out of money. Give yourself enough financial margin in your budget so you are not stressed about money all the time.

Be aware of your own consumerism when spending

At any given moment, companies are fighting for your attention to make you think you need something that you do not. It is the modern world we live in. Be aware that advertisements and commercials are there to persuade you to think you need something, so you buy it. Notice this and stop yourself from believing it.

Reduce your expenses

Find ways to reduce your expenses. Start by looking at your budget and attacking each expense at a time. For example, groceries – do research about how to use coupons and save at the store. It is amazing how much you can cut in your expenses with a little effort.

Research big purchases before you make them

Before you buy something big, do your research. It can pay off big time. Whenever you know that you are going to buy something expensive (a home, a car, a television), get online and look up deals and compare prices.

Wait 10 days before buying anything over a certain limit

A rule of thumb before you purchase something expensive (e.g.: over R1000) is to wait 10 days before making the purchase. The point is to avoid impulse spending. If you still think it is a good idea after 10 days, then buy it.

Practice mindful spending

Think about what you are buying and whether it is something that adds value to your life. Consider holding off if you do not think you will truly gain something from it. Practicing this will make you more mindful of how much your money is worth.

 

If you have over spent in the past and find yourself now in debt, MoneyShop can help you recover and assist you with debt consolidation.

Until next time.

The MoneyShop Team

 

This article has been prepared for information purposes only and it does not constitute legal, financial, or medical advice. The publication, journalist, and companies or individuals providing commentary cannot be held liable in any way. Readers are advised to seek legal, financial, or medical advice where appropriate.