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7 WAYS YOU CAN TAKE CONTROL OF YOUR SPENDING AND SAVING To mark Savings Month, Dhivana Rajgopaul picked up some tips from a financial planning expert on how to stick to your savings goals during tough economic times. South African consumers are under massive financial pressure with high fuel prices and an increase in inflation. “We’re going through tough times, which may become tougher still,” warns Nico Burger, head of financial planning at NMG Benefits. “Eating into your savings today puts pressure on your savings for your future,” he says. Burger believes now is the time to put your spending habits under the microscope and “learn to spend even more wisely than before”. Here are seven tips from him on how you can save more and spend less.
1. TRACK YOUR SPENDING At the end of the month, go through each line item on your bank statement. Then calculate how much money you spent on your needs and wants. After a few months of looking at your bank
statements, you will be able to see where your money “leaks” are and then work to close them up. “Spending more wisely could mean something as simple as ordering fewer take-aways and eating at home instead,” Burger says.
2. HAVE ‘COOL OFF’ PERIODS AND STICK TO THEM When you are thinking of buying something expensive, give yourself a period to think before purchasing the item. This will prevent you from making any compulsive purchases.
