Have you ever heard the saying, “Save for a rainy day”? Well, in years past, the older folks use to sing that line, like a tune, to their children as soon as they were able to acquire a job. If you have never heard that saying before, these hard economic times are surely driving it home.
These days, the lack or scarcity of money is teaching us that lesson again and it behooves us, as adults, to adhere to it and teach our children about the importance of saving money like the old folks taught us.
It seems like the vibrant economic years have conditioned usin going out and making as much money as humanly possible, and spending it all in enjoying ourselves, but they failed in teaching us about the risks thatmentality or behaviour carries with it.
Sure, while the money is rolling in we can afford to do anything that we want, but what happens when it stops?Back then, we failed to consider what if we got fired or what if we had a sudden emergency.What would we do then? This is where the importance of saving money comes in.
If you have no money saved up and you are fired you still need to pay your bills. The only way to do this is to start using your credit and ranking up that debt. This leads to more and more bills, and in order to maintain the same lifestyle you have to make even more money – when you do find another job – to compensate for the added debt. This certainly is a recipe for disaster and stress.
But, on the other hand, when you save money you are better prepared for emergencies and are better equipped to take advantage of more opportunities that may come your way. This is the importance of saving money.
As we continue to cope during these tough times, it is imperative for us to know how to save. Therefore, here are some money saving techniques that can really help us put money aside for a rainy day and/or to pay down our existent debt:
1. When you budget your money, be creative in how you choose to spend it. That means, think before you spend.
2. Take time out to write up a grocery list. Before doing so, walk through pantry, cupboard and refrigerator to see what is there and what is needed.
3. Compare store prices so that you know where to buy andwhat. Buy in bulk whenever possible.
4. Avoid eating out. Prepare your meals. It is more economical.
5. Avoid late fees and pay your bills on time. Give yourself a weekly allowance in cash to pay for incidentals and stick to it. When the money is gone, it’s gone.
6. Cut down on the number of times you go the beauty salon. Try doing some of the things yourself.
7. Instead of going out to have fun, create your own fun at home. Plan a social evening with your friends or relatives instead of going out. Have each person bring something. This is a great way to get together.
8. When the cable bill arrives this month, determine whether you really use all of the channels that your plan offers. You can add channels back in later if you are feeling deprived.
9. Consider using one phone and control your calls and text messages. Use phone cards when necessary.
10. Buy only the things you really need. Before you make a purchase, ask yourself: do I really need this? If the answer is no, leave it alone.
11. Stop trying to keep up with the Joneses. Have a contented mind.
Always bear in mind that you cannot judge people by what they have because you don’t know how they got it. Chances are they are in more debt than you are or that you can imagine.
Remember: Every cent counts. Save a little money each month and at the end of the year you’ll be surprised at how much you save.
About the Author: Mrs. Marilyn Hodge owns and operates the Wellness Centre in the Farrington. The Centre offers Counselling Services by Appointment Only. Contact information: 476-3517 or email: marilynb@anguillanet.com
