Do you know that changing some of your daily habits can have a huge impact on your finances? There are small changes you can make right away to cut your expenses and enhance your savings.
Prepare Your Lunch
If you spend N500 daily on lunch, you will end up spending a total of N130 000 in a year for lunch. That is a lot of money that can be put to better use. You can invest it in mutual funds (
http://bit.ly/P5dyZt), place in a call account (
http://bit.ly/RoWPlL) or use it to start a business (
http://bit.ly/1hLvmpf). Whether you pack leftovers from dinner or make a sandwich, preparing your meals is definitely more cost effective.
Drink Water
This might be an alien idea to a lot of people but soft drinks like Coke, Fanta, and Chapman are not a must with meals. Not buying drinks to go with every meal will save you a lot of money. Water is cheaper (if not free) and a lot healthier. Please ensure your water comes from a hygienic source.
Do You Have To Drive Your Car?
There are alternatives to getting to your destination such as: carpooling, walking, using public transport, biking etc. By not driving all the time, you can save fuel cost, toll fees and the added benefit of relief from the stress of driving in traffic.
Pay With Your Card
Carrying cash is not the most cost effective thing to do. This is because you end up with a lot of loose change that you tend to spend indiscriminately. However, when you pay your bills with your card, you are paying the exact amount required and you do not have to worry about loose change.
Be Mindful Of The Electrical Bill
Make a conscious effort to not give the DISCO(s) all your money by turning off any electrical appliance that is not in use. Also look into purchasing cost effective and energy saving electrical appliances. You can start by getting an energy saving light bulb.
Make A List For Shopping Trips.
Make a comprehensive list of things you absolutely have to buy before heading out on a shopping trip and stick to that list. By doing this, you avoid making impulse purchase.
Will you try these changes for a while and observe how much you have been able to save?
Do you have any other points you think we missed? Let us know in the comments or tweet at us (@StanbicIBTC) and reach out on Facebook
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