10 Money – Saving New Year’s Resolution
By Vanessa Papas
Despite earning mega money as the star of The Hunger Games and its sequels, Jennifer Lawrence made a resolution to not spend her money on anything extravagant. Instead of splurging on the hottest wheels she bought a Chevy Volt for only
R390 000, lives in the same three-bedroom apartment she got when she first moved to Los Angeles, and prefers to park her own car rather than pay for valet. Oscar winner Reese Witherspoon made a New Year’s resolution a few years back to ditch designer boutiques for vintage shopping. Not only does she save thousands on her wardrobe but she has unique items no one else is wearing. Sarah Michelle Gellar’s New Year’s resolution last year was to change over to an organic and fresh food diet. While healthy eating in South Africa can be expensive, like Sarah, if you buy items on sale and in bulk, you can save cash.
And fans were shocked after Zooey Deschanel’s finances were uncovered during her divorce from Ben Gibbard when they realised how frugal the star was. At the time, she was living on a modest budget and had three credit cards – all with zero balances.
“It’s clear that while millionaires and billionaires certainly have tonnes of disposable income to spend, some of the richest folks on the planet don’t waste their money. With a new year should come new spending habits,” says Alexander Forbes financial planning consultant Jaco Prinsloo. “It can be tough to hold back on spending money once your bills are paid, but by sticking to some money-saving resolutions you’ll be able to put it away for later and it will serve you much better.”
Jaco Gives Readers 10 Easy Ways To Help Save Money In 2019
New Year, New Me: Some of your New Year’s resolutions might require some new equipment such as a bicycle, trainers or a set of golf clubs. This should not be seen as a shopping opportunity but rather one to save your bank balance. Before you buy new equipment, try your local pawn shop or one of the many online second-hand sites for easy savings.
No Joining Fees: This is the year you get fit, healthy and learn something new. Before joining the gym, a cooking class or golf club, ask around. You can save on expensive joining and membership fees by learning the basics from YouTube or a friend or family member. You will be surprised what you can learn online, anything from yoga to making the perfect espresso to bird watching.
Change Your Bank Balance, By Changing Your Bank: There have been many changes in the banking industry over the last few years, including lower bank charges and bundle options. When was the last time you checked what your monthly banking charges are, and what value you are getting for those fees? Look into the option of switching to another bank which offers you a more suitable solution for your needs and banking habits.
Hit Unsubscribe: Leave your bad money habits in the past. Identify the clubs, daily deal newsletters and subscription services you are no longer interested in and unsubscribe. By eliminating the ‘loyalty fee’ on an unused rewards programmes or magazine subscriptions your bank balance will improve month by month.
Paying Off Your Debt Is In Your Best Interest: A quick way to increase your disposable income is to pay off as much debt as possible. By decreasing the principle amount owed you will decrease the interest payments. For maximum effect start with the high-interest loans first like credit cards and store accounts.
Just Google It: Who needs a shopping assistant when you have Google? Google will allow you to search, compare and locate the cheapest prices for just about anything. A Google search is a quick way to increase your bank balance by not overpaying for goods and services.
Maximise Your Financial Health: Financial health is just as important as mental and physical health. You can check your financial health by calculating your cash flow and net asset value. To increase your cash flow, eliminate any unnecessary expenses like bottled water and daily cappuccinos and increase your asset value by reducing your debt.
Do It Yourself: The house needs cleaning, the car needs to be washed or the roof needs to be painted. Instead of hiring a cleaning service or handy-man, get into the habit of doing it yourself. This will save you money and maybe you’ll burn off a few calories, which will help with some of the other New Year’s resolutions.
Ask A Professional: When you need financial advice it is okay to ask a professional. Speak to an accountant, debt counsellor, or financial planner. Making use of an outside party with industry knowledge can help you find efficient ways to manage your finances, save and set a plan into action to achieve your financial New Year’s resolutions.
Grow Your Income: Turn your passion into cash by teaching what you know and love to those willing to learn. It can be as easy as teaching computer skills to the elderly at a retirement home, or your ball skills at the local primary school. Or be even more ambitious by going back to school and studying to acquire new skills to further your career.
Just remember, saving is a process and not a single event. The easiest way to save a lot is to save a little each day.