If you want to be able to get wealthy, you have to prevent leakages. Here are some tips to help you manage leakages, spend less and save more.
Transportation: Most times we often calculate how much we are likely to spend on transportation to and from work. For example; if I spend 200 naira daily, then I would spend a total of 1,000 naira in a week, and 4,000 in a month.
When making these calculations, we often leave out weekends and miscellaneous expenses. The best way to calculate how much you spend approximately in a month on transportation is to write down your daily expenses on transportation and then calculate it at the end of the month.
Remember; don’t wave out any day of the month including Sundays. This helps you to know where your money goes. Try it out! Start today!
Call card/ credit: you would totally agree with me that this is one of the factors or medium through which money leaves your hand – unaccounted for! I must warn you never to be tempted to keep withdrawing credit from your account; it is the best way to go broke.
I’ll advice you to open a savings account specially for credit card withdrawal, there are banks that allow you to open an account where you can withdraw all your money without closing the account.
Open a credit withdrawal account and put a specific amount of money in it monthly, the amount you resolve to spend on calls monthly. With this, you would be able to track how much you spend on calls monthly. If the money finishes before the end of the month, you now know what is running you dry.
Send text messages when possible and resort to social media platforms, make good use of these platforms and only make calls when necessary. This might mean ‘well, i just called too hear your voice’ has to end, till you are rich enough to afford it.
Money for subscription: I read this post on social media recently: ‘you complain you don’t have money, but when data finish – You subscribe’. How true, subscribing is not a bad thing, especially in a digitalized world. But subscribing without a budget in place can run your pockets dry, faster than any other thing.
Most people love to be online at all times, and many people even have online businesses, therefore subscribing weekly, if not monthly is inevitable.
One of the ways to save money and budget for your subscription is to look for the cheapest, most affordable data plan and go for it, if you know any, you can do well to leave it in the comments below, (If you don’t know any, you can visit www.hillaconnect.com where you can get 1GB for as low as N570 ).
Another way is to curtail your data usage. If you can monitor how long you spend on applications like Instagram, twitter and YouTube, instead of just scrolling aimlessly, think of what you want to post or check out before hand.
You can also take advantage of data saving plans on your phones. There are phones that allow you to lock some applications that you are not using at the moment to prevent data from being used in the background.
You can equally use your credit card account to budget your subscription expenditures. When you have exhausted your monthly budget, you can take advantage of ‘social plan’ that allows you to access only your Whatsapp, and browse in some cases.
Online business owners can make use of mobile Wi-Fi networks.
In the end, discipline is what you’ll need to help you save money!