The start of the new year comes with the aspect of New Years resolutions.From all these resolutions,a resolution to save and spend money well is one of the most important an individual or family can make.While different people go about saving in different ways,below are some useful tips to avoid wasting your finances in 2016.
Cellphone bills – Its always a good idea to track your cellphone expenditure and if you find that you are regularly overspending,you can upgrade to a more comprehensive package. If you find it impossible to control your expenditure on a contract, rather go the prepaid route so that you are conscious of how much you are spending everytime you need to buy more airtime or data.
Multiple regard programmes – As satisfying as the thought might be that you get discounts on anything,being a member of more than one rewards programme seldom pays.Bear in mind that you have to pay a monthly membership fee anyway and you are likely to be regularly using a fraction of the benefits on offer.Even where you are making full use of all the benefits,remember to add in your monthly membership fee when calculating your supposed savings.So carefully think about what it is you use most and then pick one rewards programme based on how it rewards the activity that you are most engaged in.
Subscriptions – Many people consume news and entertainment content online these days and are too busy over weekends to realistically sit down and read the sunday paper.If this is you,cancel at least one of your subscriptions and think of creative and cashless ways to catch up on the news at a time that works for you.
Impulse purchases – If you are buying something fairly substantial,take your time.Even where the price tag doesn’t seem too hefty,ask yourself whether you really need another product to add to all the others on your shelf you haven’t read yet.If you are unsure of whether something counts as an impulse buy or not,phone a friend who knows you well and will tell you the truth.
Gadgets – Gadgets are fun to have but possessing them must be measured against the factor of affordability.You need to bear in mind the fact that at the pace technology is developing,keeping up could easily leave you penniless.If you have good reason to spend a lot of money on technology or a specific gadget,its obviously a good idea to buy something of quality that will last,but beware of splurging for the brand name only.
Credit – Beware of buying appliances,electronics and furniture on credit or with an expensive personal loan.Saving up for items that you might otherwise buy on credit could be a good start this year.