This is continuing the discussion on some ways to curb spending on items you did not budget for and  some tips to track your spending. Some of the main tools required are Discipline, Tracking and Being Conscious.
- Limit use of Cash – Limit paying for goods and services with cash. Either use cheques or make all payments you possibly can with your bank card and POS. Luckily lots of places now accept POS.
- Use online banking – Use online banking to transfer funds. If you haven’t started using online banking you must sign up as it is convenient, secure and makes it so easy to track your spending. GTB has a great platform. Also try Mobile Banking.
- Bulk Buying – You can use services that do bulk buying and delivery, it makes it easy to track your purchases.
- Payment Services – Sign up for Quickteller or Paga these are services which enable you to pay for bills and utilities online. Â Apart from the ease it also makes it easier to track your spending.
- Track Spending – Keep a spending journal to track all the loose Naira that leaves your pocket. When you withdraw cash from the ATM, make sure to keep a journal and track how you spend the cash.
- Create a budget for the unclassified category as well – there are many things you will see that you spend on more regularly than you think. Create budgets for giving loans to friends and family, buying phone credit., fixing your weave-on, manicure and pedicure, buying birthday presents for children etc.
- Say No – if there are things that have not been budgeted for say No. So someone offers you aso-ebi which you hadn’t budgeted for, decline nicely and instead wear the same colour to the event (gold is gold).
- Discipline – Follow your budget but when you have to go over limit yourself on something else, if there is the need to buy a keyboard for your child for music then reduce your budget and spending on something else next month (it is not about whether you can afford it or not it is the discipline)
I hope you get the idea, tract track track, while it may seem like a chore it will become close to second nature and you will think before you spend. I personally recommend using online banking as it makes it easy to track all your spending.
The world is getting more expensive; we cannot afford not to save for the future for our children and ourselves. Give it a try and see how much you are able to save even at the end of one month and then at the end of the year.
Another small perk is if you make purchases with your GTB card you get a certain amount back as rewards into your bank account now and then.
What are some other ways that work for you? Share
photo source: goodcents
