Save During Tough Financial Times

TRAIN YOUR BRAIN TO IMPLEMENT MONEY-SAVING TACTICS, EVEN DURING DIFFICULT FINANCIAL TIMES!

What a difficult and impossible. If you have not emotional time it been able to get your head has been these past few around saving money dur months. Not to even mening financially tough times, tion the FINANCIAL chalnow is the time to ‘train your lenges you’ve had to endure brain’, test this concept and (and most likely still are set forth money-saving dealing with). On a positive habits for years to come. note: with 2020’s ‘financial “The key to saving lemons’ you might not be money is in ‘small’ actions. able to make lemonade yet, Perhaps insignificant for but in the meantime, you some, but with every action can at least try your best or reaction it is important to put some tangy zest to to think before you ‘do’,” good use (metaphorically says Carla Oberholzer (debt speaking of course). It may adviser at DebtSafe). be a challenging time for The possibility to save your financials but there are money during tough times ways to still try and save comes in when you think money even when it feels about the outcome of your

action before you implement it. Yes, train that brain of yours. “What does this mean exactly,” you may ask. Well, before you do anything (even the ‘smallest act’ possible) think of the financial implication(s) of your action and see if you can save some money with your action (or, in many cases, NON-action) instead.

Take the following example into account: Before you start that washing machine or dishwasher for the third or fourth time this week – think of how you can save on the electricity bill this month. Remind yourself that you should limit an energy-hungry appliance to once a week. So, before pressing the ‘start cycle’, start planning your ‘wash schedule’ a bit better and implement a frugal, moneysaving habit instead.

Here are another few ideas to help you gather certain thrifty thoughts and implement savvy-saving actions even while being in or facing a financial pinch: • Try PENNY-PINCHING

HABITS while shopping

and avoid unnecessary buys during your outings. Groceries and personal care items are indeed expensive. You, therefore, have to train your brain to look out for good prices and be unwilling to spend any extra money on things you do not need. Take your list with you when going

shopping, and before you can even think of adding an ‘extra item’ to your cart, calculate the few rands that you can save and rather give that item’s aisle a skip.

• ‘Less bla bla bla & MORE MOOLAH LA LA’.

Everyone has an opinion, right? But that does not mean you have to get overwhelmed with all the advice given to you. Take a look at YOUR situation, consider YOUR financial saving goals, and think logically about what can work for YOU. You know yourself better than anybody else. So, think about ways to boost your money-saving methods and try to put them to action. Tip for thought: Get your own creative ideas going and think out of the box when it comes to saving habits (for example, when it comes to fuel costs and everyday tasks that cost money) as it can play a crucial role when it comes to enduring those tough financial times.

• Don’t overwhelm your thoughts with your current

DEBT REALITY but step aside from any negative emotion and FIX YOUR DEBT practically instead. As soon as you get your debt out of the way you can indeed start tucking more than a few pennies away again. If you are in the unfortunate position to deal with debt, especially when you are finding yourself in financial hardship or tough situation, there are ways to clear your thoughts and implement practical actions to FIX your debt and to save money again: • Snowball your debt – start to tackle your lowest debt amount (for example, a clothing account) and then move to clear the next debt. This method can be of good use to you during very difficult financial times. • If you are a bit more diligent or competitive towards your saving goals and clearing your debt, use the avalanche method and start with your highest interest rated debt first (say your credit card) and move on to

your other debts. As soon as your debt bills are out of the way you can add those savings amounts into a savings account or emergency fund. • If you need to take more drastic measures to clear your debt and want to save some money on your credit installments, you can take a look and see if Debt Review will be a viable option for you. Debt Review is not a payment holiday but rather a rehabilitation process where you, with the help of a Debt Counsellor, can fix your debt pile in a sustainable and safe way.

When debt-free, you can activate various saving methods/initiatives again.

Saving a penny here or there is not easy, especially while facing financial draining times. But, if you put your mind to it and action those thought-wise habits while doing even the ‘smallest of tasks’, you can save some money in the process.

For more information visit www.debtsafe. co.za.