EXPERT TIPS TO RECLAIM YOUR FINANCIAL FREEDOM

Living payslip to payslip is a hustle in itself. However, the stress of it all can easily be avoided if you plan properly – here’s how.

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A big reason why we run out of money between pay cheques is due to poor planning. If you aren’t setting a budget beforehand, you’re more likely to find yourself in financial difficulty. But managing your cashflow starts by prioritising the expenses that are necessities, then using what’s left to pay for niceties. While we can’t tell you how to make that pay cheque worth millions, we can tell you how you might be able to get there.

DIVIDE AND CONQUER
We get so excited seeing our payslip come in that we might just splurge it on that outfit we’ve been eyeing all month, or that gift for a friend we haven’t bought yet. Those things can wait until you’ve sorted out the necessities like your home and other assets that need attention. If you’re putting your money into savings, lock some of it into an account that you can’t easily transfer funds from. This will also help you to stay debt free, since you won’t need to take out as many loans or borrow money from a ‘friend’ to see to unforeseen expenses



HAVE A HAPPY HOUSE
A simple, yet unseeming, way of cutting the cost of repairing and caring for your home is to consistently look after it – much like topping up your car’s tank with petrol through the month instead of waiting for it to stop on the highway before refilling it. Keeping your home in good shape will help you cut the cost of a huge repair being needed later on down the line.



TRACK AND NEGOTIATE
Get a responsible buddy to keep tabs on your spending habits and who will help you get back on track with your expenses. One way to track your outflow is by choosing where you buy your produce – is it at an expensive mall, or are you shopping at the farmer’s markets? With markets comes room for negotiation, too. Buy your fresh produce there instead of complying to commercial prices.

LET THAT STUFF GO!
The biggest issue during our mid-month struggles is spending on things we actually don’t need (or even really want). Sell some items at a thrift store; there are loads of home-based thrifters as well as larger brands in and around cities. Thrifting doesn’t have the bad wrap it used to. In fact, it’s become quite the trendy source of clothing. Make a habit of ‘one thing in, one thing out’ and sell old clothes and other items that are still of a good quality.

TEXT: SAADIQAH SCHROEDER