BUDGET, SAVE and THRIVE

For many persons savings seems like an impossible hurdle to overcome and so we give up without even trying. Although difficult at times, it is a vital activity that all of us must participate in if we are to be self-sufficient (independent). Savings allow us to start businesses, invest, buy homes and cars and meet life’s emergencies.

Budgeting helps you to save and allocate your money in a way that doesn’t leave you impoverished, so all of you who think you have to have money to budget must realise that “if you no budgit you naw go hav no money”. So take our advice and follow these simple steps to developing a budget and savings:

• List your income on a piece of paper - record “every cent” you get.
• List your expenses on the same piece of paper - record all the payments you have to make.
• Add the amount for saving to your expenses.
• Subtract your expenses from your income.
• Do the same thing for a three (3) month period.

If however, you face a situation where you have no surplus, and your expenses are more than your income, do not worry about it. Instead, get another perspective, ask yourself:

1. Are all the items under expenses necessary? Are they necessary in the amount listed?
2. Do all these payments have to be met in full at the end of the month?
3. If the answer to this question is no, ask, Can I make my payments over a period of time?

If having looked at your financial situation, you realize that you are seriously in debt, then reconsider your lifestyle choices. If you have made all the adjustments you can then try to consolidate your debt. Join a credit union and get a loan to clear off all your other debts, negotiate your monthly payments so you don’t overextend yourself. Having made your budget stick to it.

Here are some tips to help you in your efforts to reduce cost and save money.

1. Make & stick to your budget
2. Make a list
3. Don’t gamble or buy on a whim
4. Think before you buy, do I really need this? Do I need this now? Is it in my budget?
5. Buy in Bulk and use coupons. If you can’t afford to buy in large quantities on you own then join with friends, relatives or co-workers.
6. Comparison Shop, that is, check look around and check the price and quality at different locations before you buy.
7. Take advantage of sales, but do not spend what you don’t have
8. Buy from vendors with good reputations
9. Don’t go to the hairdresser every week. Shampoo your hair yourself, visit the hair dresser to process, treat, colour or cut
10. Carry lunch to work
11. Buy clothing that can be easily mixed and matched that can serve many purposes
12. Buy basic colour shoes (black & brown) as these may be worn with several items of clothing
13. Use your phone less, set time limits and use a phone card for all long distance calls
14. Stick to basic phone service on your landline. Extra services like call waiting and call forwarding can add significantly to phone services.
15. Avoid late payments. These can result in additional charges e.g. Interest and/or late fees, re-connection charges etc.
16. Do not borrow to pay for leisure activities
17. Whenever possible and practical, do-it-yourself
18. Do not throw away food or items that may be reused
19. Conserve on your use of electricity and use energy savings bulbs
20. Take care of your furniture, equipments, clothing and everything you buy
21. Eat properly and exercise frequently, so you wont have to spend a lot of money on doctor’s visits and medication
22. Use cash to keep track of your spending
23. Reduce your ATM visits

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