Getting the most out of your money!

Why does it seem as if there is so little funds left at the end of the month? For some people their funds go even more quickly, in fact by the middle of the month they start complaining that they have no money. In this time of financial instability it pays to be more careful how we spend.

How can we ensure that we get the most out of our money?

Set Goals

‘If yuh want good then yuh nose mus’ run’  That Jamaican proverb really illustrates that if you want to be successful then there must be effort and sacrifice.

Often Jamaican consumers are more willing to sacrifice any number of comforts when they want to buy a coveted item.  This includes buying cheaper lunch items or taking home cooked meals and cutting back on costly entertainment. So if you have a goal it makes it easier to make the necessary adjustments in your saving pattern so as to afford it.

Make good buys

A ‘good buy’ is not always one that is for less money.  Sometimes it’s an item that will greatly assist you such as an upgrade to an electronic device such as a phone or tablet.  The cost of those items might be a strain but in the long run they provide much more benefit if they are used to enhance your interactions at work or school.

If you can get an item that is being sold below the market price that would be great too! There are a number of sales though that are not really saving the consumer any money.  So it is important to check the original price of the item as well as do a thorough inspection before you buy!

Set Limits

It is very important to know how much you can afford to spend.  I have a friend who swipes her card then says a little prayer hoping that there is enough funds to pay for her purchase.

Besides the fact that you should always know the balance on your card, it is also important to know when to stop shopping and take a step back.

Often consumers who set boundaries for themselves save more money than the ones who follow through on their whims to but whatever they feel like then pay for it later.  So if that pair of shoes or electronic device is out of your price range, the best thing to do is to walk away.

So how do you get the most of your money?

Let me hear from you!

Teri Ann Renee Paisley

Gleaner online writer