As children, we all used to believe the most special day in one’s life was ‘Birthday’. But that was before we discovered another day called ‘Pay day’. The best thing about Pay day is that it doesn’t have to be just once a year and you don’t get upset when your friends forget it’s in. The big challenge, however, is how to get our salaries to last from pay day to pay day while stashing a fraction of it away. To save money from paycheck without necessarily earning more is what I want to share with you.
Saving more doesn’t necessarily mean you have to earn more. Let’s face it; the more you earn, the more you want to spend on more luxurious things you couldn’t afford before. If before you were having dried fish with kenkey for dinner, you most definitely would like to try sardine or tuna when you earn a little more.
So what can you do to save more without necessarily earning more? Quite simple. You have to adopt good spending habits which will help plug the holes in your pocket.
Below are 6 intelligent ways to save better than you do currently.
1. Share your transportation cost with work colleagues
This method will work best for workers who own personal vehicles. In order to reduce your transportation cost, get together with co-workers who live close to you and choose an assembly point where you can all meet up and travel to work using a single vehicle. The cost of fueling the car should be shared equally amongst the occupants.
Car owners amongst you will save on fuel and non-car owners will avoid the inconvenience that comes with using public transport. Ideally, this may save each person a few bucks.
2. Cook from home
You need a lot of discipline for this. What you will lose in terms of time will be gained in terms of saved cash and probably a trip to the doctor for failed health due to bad food consumption. Get yourself a small flask or bowl you can carry breakfast and probably lunch to work.
If you have ever counted how many plates of rice you can get from one cup of rice then you will know that you are spending too much money eating out.
3. Subscribe to a monthly call and data plan
Smartphones are the new bae. They don’t just demand your attention but also come with monthly bills in terms of calls and internet charges. You can’t really do away with paying for internet data because social media has got you hooked, and as for the calls you can’t avoid making calls; business, family or pleasure.
Every telecommunication network provider in the country now has a variety of monthly call and mobile data packages available to customers. Find one that best suits your need and stick to it.
4. Get health insurance
Hopefully, you’ve gone way past the “what if I don’t fall sick the whole year” thought. Well, even if you fall sick once every two years, the cumulative costs of insurance premiums you will pay for those two years plus the subsidized cost of treatment will be much less than what you will pay without insurance.
Insurance premiums in Ghana are very low. They cost a minimum of GHS 7.2 and a maximum of GHS 48.
5. Never buy on credit
It is so tempting to buy on credit. Buying on credit makes you feel richer than you are; a feeling that leads you to spend more. Paying in bits gives you the impression that you are saving, but it is also an addictive habit that can cause you to purchase more than you need.
All those bits you pay eat into your salary for many months to come. The only time you should ever consider purchasing on credit is when you are buying something you absolutely need which will create a significant dent in your salary if you have to pay immediately. Stop buying on credit. Stop rolling over cost.
6. As much as possible don’t repair electronics
When it comes to electrical devices there is one rule you should know, if it spoils once then it is bound to spoil again soon. And there are parts of your electrical devices that are not worth repairing because they just cost too much and won’t give your device as much life as you would hope.
If repairs will cost you more than half the price of your device then you should rather get a new one, because a repair won’t last you half as long as a new device. I hope you get the math.
Hopefully, these tips will make your pay last longer, your savings swell faster, and the smile on your face on pay day broader.