While summer may have started off with a heat wave this year, there’s no reason to let your wallets sweat buckets as we prepare to bid 2018 a farewell. Putting aside the cliché of New Year’s resolution practice, improving your financial savyness is as important as breathing – what better way to start off the new year than with a solid budget plan?
- Get ‘em while they’re on sale’
This is a basic one: stock up on long-lasting essentials when wholesalers and retailers have a Sale. Toiletries, utensils and stationery are among the many non-expiring items you can stock up on at cheaper prices.
- Get used to delayed gratification
If you are like the average person, a large percentage of your money is most likely being used on unnecessary items of instant gratification. It’s time for a reality check, if you can’t properly budget for your desires, and stick to it with discipline, then you should consider cutting off useless things from your life.
- Take advantage of debt
This one is a little tricky to apply, but simple in concept: why save to buy yourself an additional income stream when you could take a loan and allow the stream to pay its own debt? Let’s say for example you want to purchase something that you can rent or use to offer a service; taking a loan to purchase that thing and allowing its use to pay off the loan may work out in the long-run. Real Estate or Day-to-Day services like trailer hiring, are one of the many ways to use debt to your advantage. Just make sure that your financial records are clean.
By Lebogang Mashego