Depending on who you ask from my younger years, they would either say I spend profligately or play the original bargain hunting ‘alaroro’. And for the longest time, both descriptions were correct.
In recent times however, I have found myself tilting towards a more conscious money spending habit, refusing to swing between two extremes. My haggling skills are still sound but I am also willing to spend generously if I’m convinced I’m paying for quality. What I mean is, spending is now more calculated for me. This is one of the perks of being an adult. I know that saving or creating wealth will not happen by chance, so in this post, I’m sharing some habits I had to form in order to have a more regulated spending and saving plan.
Create A Budget
The importance of working with a budget to track what you spend and what you can put away can never be overemphasized. To properly track exactly where your money goes, you have to create a budget that includes every conceivable and necessary expense you are likely to incur during the period planned for. This will reduce your chances of unplanned spending and unseen leakages.
Create Meal Plans
If need be, write down a timetable for your meals. Plan for meals you will eat at home and pack your lunches as well. Plan and put money aside for the times you will spend money to eat out, whether it is once a week or twice a month. You will be surprised at how much this prevents you from impulsively buying food, the often unseen money vacuum.
Shop In Bulk
This is one secret of the wealthy. Shopping in bulk appears to be expensive until you break down your costs into unit purchases. A carton of noodles costs less than 40 individually sold packets. This means you get to spend less at the long run. That’s how retailers make their profit. Stock up on groceries and household supplies for the period of your budget. And put money aside for perishables that are not easily stored.
Cook In Bulk
Part of a proper meal plan is bulk prepping. Things like soups and stews for instance, can be cooked in large quantities and stored in the freezer for weeks. Apart from making it easier to eat healthy meals on the regular, it saves you the cost (and stress) of cooking more meals using more resources such as gas and electricity.
Look For Discounts
You might be thinking ‘Real discounts in Naija?! Na scam!’ But you will be pleasantly surprised to find that they exist, especially on sites like Jumia and Konga. DealDey for instance regularly offers nice deals for some services. The trick is to make your plans with the original/regular prices of whatever planned purchases you want to save towards. And then when you have saved up and you are ready to buy, look for discounts on those products online. You will be glad you did.
We hope these tips help you spend in a more deliberate manner. Please share your trusted tips with us too. In the meantime, keep getting that money, sisters!