Eliminating our debts and maximising our savings are things we all know we should work towards, but how do we do it? Bronwen Watson offers some more tips on this often tricky subject.

Pay Off Your Debts
A parasite can only live so long as there’s a host present. Debt will not go away whilst still being indulged in. Yes, today it is remarkably easy to get into debt in order to survive in the current trend of extravagant lifestyle. True, many of us are in debt in some shape or form already. We all need a place to live, after all.

Whether you are frolicking a toe or up to eyeballs in it, take action to minimise debt and smartly. Try and bite off no more than is possible to chew at a time. Pay off outstanding balances with money that you have, (cold hard cash). Credit card debt isn’t worth half the trouble it can cause with high interest charges that will only add to your woes.

Live within your means. Avoid getting into debt to live a lifestyle you can’t actually afford. Make what you want a goal instead by saving up for it.

Bulk
Get smart with the buying of food. Compare prices. Ask yourself if maybe some items on your grocery list could maybe be enjoyed as a special treat every once in a while as opposed to often. Perhaps purchase generics instead of more expensive and well-known brands. Buy and prepare foods in bulk that you know will be consumed without incurring wastage. Wastage saves no money.

Want Not, Waste Not
Where you can use less, do. Wastage has fast become second nature and many of us do not realise just how much we throw away. How much excess do you wave goodbye down the drain? Adopting a greener, cleaner attitude has many benefits.

Taking Better Care
Ten cents of every Rand earned is 10% saved. Salaries, generally, increase with time to accommodate lifestyle changes. The percentage saved may remain the same but the amount can increase. It’s important to remember that what money can buy today won’t have the same value ten years from now.

Take care with your investments. If they are interrupting your sleep patterns, it’s most likely too risky to be involved in. Know exactly where all of your money is every day. Simplify your finances and payment options with realistic goals. It can be a lot easier to keep track of this way. Saving is no use if targets are unattainable.

Medical costs can cripple anyone in a heartbeat. It’s not a bad idea to make a little more time in the hustle and bustle of today to take better care of yourself. Maintaining good health frees up more money that can be saved.

Final Thoughts
All in all, every step mentioned that you take to save money requires planning. Impulsive spending breeds where no set direction is in place. The hard and fast truth is that what gets spent is gone. Saving money is in itself a long-term investment, and a good one at that.

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