Happy New Year! Looks like everyone is back to business as usual and looking for ways to hold the strings of their spending for 2023, to help you tick that off your New Year checklist, our Money Editor has six tips to share.
01. Identify your core expenditure
Make a list of the items that are core to your living. An excellent way to do this is to ask yourself if what you are spending is actually indispensable and if they help you save time and create more income opportunities. For example, food, housing, fuel and data could be on the core list.
02. Identify where you want to spend
Peruse magazines and e-commerce sites and note down brands you consider high quality but not overpriced. How would you know? Check their reviews, and visit their stores if possible to confirm if their products are worth investing in. In doing this you are training yourself to spot great quality. In the end, you save time and avoid stimulated purchases.
03. Consider Ads as an opportunity to explore not buy an item
We know how we are dazzled by polished ads and social media posts but let’s step on the breaks here and view them as invitations only. You work hard for your money and the last thing you want is to exchange it for an item that does not deliver. So yes, get into their shops and websites if you leave without buying do not feel guilty, it is either you were not convinced enough or the time is just not right.
04. Save for the occasion
This all ties down to your values and the top dates you plan to make a big splash for. The thought of saving towards that occasion will help remove the distraction of unwanted spending, enabling you to reach the target you planned. Spending saved money is rewarding and will not put you in a frantic mood.
05. If it’s not broken… don’t buy another
Do well to spend only when you run out of an item that meets a function. This makes money available for the important stuff.
06. Invest do not buy
Consider a lot of factors when making a purchase. For example, if you are getting a gift for your birthday ask yourself, “Can I hand this down as a gift to a member of my family?” or “Can I resell it at a good price?”
Finessely Magazine 