It’s that time of year again – last year’s savings are depleted, supplies for the new year need to be stocked up, and there are countless other expenses for the year ahead. Perhaps you’ve started a new job this year, or you are about to celebrate a marriage or a new family member later in the year. 2018 is going to be a year full of new opportunities and possibilities, so make sure you have the means to experience them all fully.
Budget for any opportunity
You have probably heard it a million times: make sure your budget covers all your expenses. Drawing up a budget for the new year is essential, but have you thought about budgeting for additional and possibly unexpected expenses too? Over budgeting to allow some wriggle room for unforeseen costs is one of the best techniques when it comes to saving money. Imagine if there was a medical emergency and the only way to pay for it was to dip into your food budget? You never want to be caught short in a situation like that. What’s more, if there are no emergency expenses for that month, you can carry the savings over into the new month for extra financial security, or you could use that money for something exciting, for example to fund that new hobby or adventure you’ve been wanting to start. To give yourself this extra bit of financial freedom, it is crucial to start saving today.
Start today, enjoy the reward tomorrow
Even if it’s just a small amount that you put into savings every month, before the end of the year you will have some extra money that will always come in handy. You may be able to spend one hundred rand every month without thinking much of it, but one hundred rand saved every month means more than a thousand rand by year-end, which could make the difference in paying an important bill on time. This technique is true for larger amounts too, from medical aid and insurance payments to savings for monthly bills, school fees or even a holiday fund. For more advice on saving money, contact One Debt today.