We are always looking for ideas to help our clients save and or manage their money better. In the new year, there are lots of articles on this subject and we try to read them all. Here are a few ideas that we found that might work for you. Some you may have heard of, some may be new.
- Use cash only. You will think twice before laying down cold hard cash.
- Introduce scarcity – Shop from your own cupboards. Try and use up what you have on hand instead of shopping more often.
- Think of something that will actually motivate you to save and create an actual plan not a wish list. If you want that holiday, give up that luncheon out and put that money in a special account. Put that latte money down on your debt instead and be motivated by watching the balance go down.
- Negotiate your contracts. Analyze your phone, internet and cable plans, research the competition and then try to negotiate a better plan.
- Use 10 units of willpower (This was a good one by Bruce Sellery of Moneysense) Choose one category you want to cutback on and go cold turkey for three months. Don’t buy any new clothes for three months or don’t eat out for three months. This will use a lot of willpower but would be a great challenge. Challenge a friend or your spouse.
- Assess your purchases, is this a real need or a want. Amazing how we can convince ourselves that those wants become needs. Be honest.