Lessons from my parents: improving your spending habits

1)    R-E-S-P-E-C-T

Respect money the same way you would respect anything else of value in your life. This doesn't mean you have to LOVE money, it means you have to be responsible with what you have and how you spend it. It also means not spending money on things you don't actually need. It means living within your means and thinking about your future self.

2)      You need to start giving yourself the "there's food at home" talk

I'm still learning to do this. I can't tell you how many times I go out to buy lunch when there's a fridge with groceries in it at home. Sure there's nothing wrong with treating yourself to a nice lunch or dinner, but I'm learning to do it a little less...I'm trying but it's not easy. 

3)    On payday, pay yourself first On payday, before you go spending on anything at all, make sure a certain amount goes straight towards your savings and then make peace with it and move on. This is something my Mother always says to me. It’s still YOUR money, it’s just in a different place. 

4)    Do not go grocery shopping when you are hungry This is a recipe for disaster because you will make impulsive purchases and end up spending way more than you need to. Shop when you're less vulnerable, like after lunch. Also make sure you stick to an actual list! I'm guilty of making a list and then just buying everything that isn't even on the list. This is also something I'm still working on. 

5)    Do not buy your groceries at eye-level Stores tend to put the most expensive products at eye-level. Also, sometimes the products with the nearest expiry date are also at eye-level. Check the entire shelf so that you buy food that is affordable and will last a little longer and won't go to waste. Next time you buy bread, look at the difference between the date of the loaf at eye-level and the date of the loaf on the bottom shelf….you’re welcome. 

6)    Do not be afraid to treat yourself to something nice every now and then You don't always have to save every penny you make. Make sure you buy yourself something nice every now and then to celebrate your saving milestones. Set goals for the money you save and when you reach them, treat yo'self. 

7)    Do not be afraid to check your bank statement at the end of the month to identify patterns and weaknesses I don't know anyone who actually likes doing this but it's just one of those things. I hate doing it but I know it's necessary. Nothing will be more honest than your bank statement. Also, if you don't know what your weaknesses are, you will continue with the same pattern and never actually improve your spending habits.

Thabile x

#lifestyle #money