Let’s get real guys, cutting back on unnecessary purchases or switching to cheaper alternatives will help you get closer to achieving your financial goals. Here are my top 5 things that you could do right now to start saving money:
1. Don’t be blinded by the brand
Switching to an alternative brand when buying food or household items is a great way to see you saving money fast. I know, we buy what we know, what we are comfortable with and sometimes what we grow up with but guess what, if you want to achieve your financial goals, you have to make practical changes now. It’s not good enough saying that you can’t make your budget work for your lifestyle if you are not prepared to make the changes required, it simply won’t happen.
Now, I’m not saying go all out and buy all store brand items 😊, find out what alternatives works for you and go from there. For example, I stopped buying Heinz ketchup and I started buying a cheaper alternative, whereas I still buy Branston baked beans because I just can’t get over the taste of store brand versions. But hold up, I don’t always buy it, and when I do, I always look for promotional offers and stock up.
2. Those coffee beans are stopping your means to grow
Further to a poll undertaken by the Independent, the average British person will drink 676 cups of coffee a year, according to a new survey. The poll claims that they buy three drinks from a cafe or coffee shop each week on average and drink 10 cups of instant coffee. This amounts to a total of £303 spent on coffee each year. Just on coffee guys, the better option is to invest in a good coffee maker and save yourself all that money.
3. It’s not out of service, you’ve just cancelled the subscription
Let’s think about it, do you really need all those subscriptions, Netflix, Talk Talk, Spotify, Sky, Sound cloud etc. You need to sit down and really think about what subscriptions you need and why. For example, in my house, we only pay for Talk Talk (for phone and broadband) and Netflix for TV. Everything else is on YouTube and should the occasion warrant it, the odd rental (which is rare).
So, evaluate if these subscriptions are things you really can’t live without and if you are thinking of cancelling, look at your contract terms because you don’t want to be stuck paying the cancellation fee, which is sometimes the monthly cost of the remaining months left on the contract.
4. So, what do you want to eat tonight babe – Chinese or pizza?
Eeerrrmmm no! 😊. If you want to start saving money fast, then gone are the days when you just “go with the flow” to decide what you are going to eat. As they say “if you fail to plan, you plan to fail”, so plan your meals in advance, know exactly what you need to buy so you don’t end up buying unnecessary things and more importantly, stick to the plan.
I am not saying don’t ever eat out, just do it in moderation. If you want to save money fast but you are the kind of person that eats out 3 / 4 times a week, then something has to give.
5. Stop buying to impress people
Being Nigerian, I can’t even begin to explain how normal it is to buy things or do things bigger just to impress others, it’s like in our DNA 😊. But seriously, if you want to save money fast, really evaluate why you want to buy something before you do. If you need it then yes, go ahead, but don’t buy it just because:
- someone else has it or
- you know someone else wants to buy it, so you have to buy it first, or
- someone else can’t buy it but you can, so you do.
If this is you, STOP! It’s not conducive to the bigger picture, which is saving money in order to achieve your financial goals.
That’s it folks, it really is as simple as that and I can guarantee that if you implement at least one of these suggestions mentioned above, you will see a difference in your finances.