LEARN HOW TO SPEND LESS
YOU INCOME CAN BE ENOUGH FOR YOU!
There is a saying, that ‘It is Always Easier To Spend Than To Save”. This is true for majority of
income earners in the society, irrespective of the source of income. It is applicable to Civil Servants, Traders, Lawyers, Doctors, Engineers, Teachers, and even students who depend on their parents and guardians.
In Nigeria for instance, workers are mostly paid monthly. It may surprise you to know that some income earners spend virtually the whole of their salary before the end of the month, some end up in debts after spending theirs. I want to show you how to minimise your spending attitude. But before I go to that, let me tell you WHY PEOPLE SPEND THE WHOLE OF THEIR SALARIES AND WAGES BEFORE THEY RECIEVE ANOTHER ONE.
- INSUFFICIENT INCOME: If your total income in a period of one month is less than your net expenditure, you are likely to end up in debts before the end of the month. Consider this, one of my friends called me one day requesting for 20,000 (twenty thousand naira), this thing happened just three days into the new month, roughly 7 days from the day he was paid. I ask him about his salary, and he replied. “Chidi forget about that money, I have already spent it even before I received it” funny right? But it happens.
- LACK OF DISCIPLINE: This is the most dangerous attitude one should have. Literally it is lack control, not only in spending but in every other aspects of life. Many people spend their money buying things they do not need, things they can do without. Majority in this category of people are students. If you are a student you will agree with me on this. I know by now you may be asking, “How do I Curtail My Spending”?
HOW TO CURTAIL SPENDING
Here, i will show you how to reduce the rate at which you spend your money to the lowest minimum so that your income can be enough to take you through to the end of the month, no matter how small it is , you can manage it.
- Buy only essential items at lowest possible cost.
- Attempt to obtain those things or services you need by bartering, (exchanging what you have or can do for what you need.)
FOR FOOD: Plan menus for the week, check supermarket ads to see which stores have the better buys
- Prepare a shopping list to avoid impulse buying, Stick to the list, but be somewhat flexible.
- Go to the stores just once a week, shop when the store is not crowded and there is plenty times for you to read labels and compare prices and nutritional information. Check unit prices
FOR ELECTRICITY/GAS IN THE SUMMER:
- Use fans instead of air conditioner and turn it off when you leave
- Turn lights, television and other electrical appliances off when not in use.
FOR TRANSPORTATION
- keep vehicle in good running condition.
- Combine errands.
- Use public transportation if available.
FOR HOUSEHOLD SUPPLIES
- Buy inexpensive cleaning products and toiletries at discount stores as long as they get jobs done.
- Buy in bulk if there is storage space.
- Buy those things that are needed at a particular time.
Above all, make a scale preference. Buying the things that are most needed, if you can apply 60% of these tips i listed above, you will surely curtail your expenses.
CHIDI…
