Enjoy your holiday, in the best way possible
We’ve all heard the saying: “Fill your life with memories not things. Have stories to tell and not stuff to show” – with the holiday season just upon us we are very susceptible to falling into the trap of consumerism.
The psychology of money makes a very clear distinction between spenders and savers but given the time of year, right now, we’ll focus on the spenders. Because spenders will tell you that “sometimes it’s not so much about what you spend on, as much as it is about spending”.
For the majority of SA-spending citizens, remember this:
- Time is invaluable, so this holiday, be more giving OF YOUR TIME to others
- Teach your kids the value in saving, give them a reasonable budget for the day which they are responsible for
- SALE? These aren’t limited to one time of the year, right? So don’t buy on impulse
- Don’t forget to look toward the New Year, and save for all your needed expenses such as school fees, stationary and uniforms!
Start 2017 and your future with your finances in good health
Meerkat brings you (Moneycrasher’s) – 7 ways to calm your impulses and help you cut back on spending
- Limit or try not to use credit cards or other lines of credit. By using cash, you force yourself to consider just how much you’re spending.
- Withdraw cash from your bank account yourself, so that you can see the dwindling balance.
- Pay as you go.Don’t run a tab at a bar, and don’t pay everything up front. Pay for everything as it comes, and you’ll better understand how all that money just “gets away from you.”
- Be vocal about your savings goals.If you tell close friends and family how much you intend to save and by what date, they’ll hold you accountable.
- Reward yourself when you meet your savings goals, but only by spending a responsible percentage of what you saved. This can help prevent frugal fatigue.
- Stop and ask yourself before each and every purchase whether or not you truly need the item. Know the difference between needs and wants.
- Look at the future, no matter how uncomfortable it is. Ask yourself questions like , or how you’ll pay for your children’s education.
Look-out for our next post “Holiday on a budget”