Thirteen easy-to-follow financial tips by Liezel van der Westhuizen.
We’re all currently faced with the challenge of having to adapt to new ways of living due to COVID-19. Many of us had to scale down, restructure our budgets and find new forms of income.
But how do we financially adapt to the ‘new normal’? Well-known media personality, Liezel van der Westhuizen gives us 13 financial tips and advice worth to try.
- Grocery lists bear new priorities – While it would be lovely to hang on to our brand loyalty when stocking up on groceries, the new normal means that you are likely spending a little bit more of your time checking out more affordable alternatives to your favourites – this is wise
- Adjusting your living standards – Ask yourself whether there are things you could cut down, places you could realistically live more affordably in while still being relatively comfortable, and whether the standard of your living before the pandemic, was truly sustainable long-term.
- Calculate your monthly expenses from your salary, and consider the leftover to be another expense you pay into ‘your’ savings account – Rather than paying your bills as they come, log all your expenses once a month (including a little bit for a treat, and then consider what remains another expense which you deposit into the savings account.
- If the impulse comes along to buy something that is not a necessity, calculate whether you could afford to buy it twice – This advice should hold you back from so many purchases that turn out to just be luxuries we don’t always even use regularly.
- Be realistic about what you can save, without having to re-transfer funds out of your savings every month – Rather save smaller amounts, than large sums you tend to think about dreamily as being available spending money throughout the month.
- Download the Expense Apps available to track your spending – When you see exactly what you buy, and just how much you buy of some things, you tend to slightly embarrass yourself into purchasing with better intention. The Expense apps are very convenient for tax purposes too, as they log every aspect of your purchases.
- Include your savings in your monthly budget, rather than scooping up what is left after you’ve paid your bills – Doing this means that there is an intention in every rand you earn, being positioned in one way or another – but always serving your needs more strategically.
- No one is beneath specials, so keep a keen eye on the sales and specials at grocery and convenience stores – Price comparisons before you shop, actually go a long way in saving you money. Shopping smart makes you brilliant!
- Meal preps can save you time and money – Science is studying our lockdown behaviour, and claiming we are developing unhealthy eating habits – especially while working from home. Therefore, meal preps will better structure your habits, and save you money.
- Adhere to stricter lockdown safety regulations by shopping online – What happens when you shop online, is that you are not aimlessly roaming the grocery aisles; so, with online shopping, you are just choosing essentials for delivery.
- Delete your unused/ unnecessary subscriptions – Whether it’s Netflix you’re not watching as often, or a Lightroom upgrade you opted into a while ago, look at how much you’ll save if you unsubscribe.
- There’s no shame in a side-hustle – You could run a service buying and delivering groceries for people (if online shopping defeats them), or even walk your neighbourhood dogs.
- Do you still need your car? Take a look at your lifestyle these past few months, and going forward; Do you believe that retaining a car (and all its payment responsibilities) is the ideal solution to your life? There are other cost-effective means of travel (like Uber and taxis even).
For more tips and advice follow Liezel on Instagram.