It’s a monthly occurrence looking through the month’s bank statement and being instantly hit by a sense of dread. It’s amazing how quickly spending can spiral out of control with a simple over-indulgence here and there. But how do we get out of this downward spiral? What habits can we adopt to help reign in the soaring debts and spending?
Today, with the help of Godfrey Madanhire, a professional life-coach and motivational speaker, I’m sharing some advice on how to get back on track after a wobbly financial start to the year.
Here are my top 10 tips to regain your financial wellness.
1. Take another look at monthly contracts
It’s an aspect of life we often neglect, but reviewing your contracts is crucial to saving on a monthly basis. Review your car’s insurance policy; see if you can save on the monthly cellphone bill. Whatever contract you review under the microscope, there will be a saving to be had somewhere between the lines.
2. Cash in hand reminds you of spending
It’s time to ditch the card and go back to cash. Withdraw the exact amount of cash you are willing to spend and limited yourself to the budget. This will stop you from swiping your credit card willy-nilly and help cut down on debts.
3. If you can – walk
Not only is it the healthier option, but it also helps to save on fuel and transport costs. Walk off your transport debts by taking it one step at a time.
4. Start fixing and repairing
You’d be surprised what you can fix with a little research on the web. Before throwing anything out and rushing off to purchase a replacement, investigate whether you can fix it.
5. No one is impressed by labels
Rather than break the bank for the label product look for the equally great non-label item. Often the generic product is as good, or maybe better than the labelled goods.
6. Deals on non-perishables are always good
When you spot a great deal on a non-perishable item, such as toilet paper, cash in on it. Think of it as a mini-investment for the future as you’ll be able to carry over the savings for a while.
7. Bad habits will cripple the account
You’ve read the warning labels on your pack of cigarettes, but none of them tell you that you can save by cutting them out. Quit smoking if you smoke, ease up on drinking if you’re a party goer. Cut back on bad habits and save.
8. Cutting electricity usage is saving
It’s an announcement you’ve heard a 1000 times, but it’s actually a good piece of financial advice. Switch off electrical equipment not needed, like the geyser while you’re at work. At the end of the month you’ll be surprised how much you’d saved.
9. Stop spending, start swopping
Stop purchasing new things. Take stock of what you have and start swopping items you don’t use. Invite your friends over and exchange what you don’t need for items you do. After sorting through the items you’ve swopped do some good and donate the excess to charity.
10. Preparing lunch is preparing to save
Nipping out for lunch to the local deli on a daily basis adds up at the end of the month. Rather than stretch your bank account to its capacity, prepare your lunch the night before. Not only will your lunches be generally healthier, but they’ll be cheaper.
There you have it. 10 simple ways to put you on the path to regaining your financial wellness. I hope you feel inspired to make some changes!
About the Author
Godfrey Madanhire is a professional motivational speaker, who strongly believes in helping other people significantly change their lives. Godfrey has helped individuals grow, families unite and organisations prosper through his seminars, workshops and presentations.