Savings Day 8, 9 and 10
Hooray to the long weekend, we all needed some rest from the hectic corporate world to recharge and face the last few weeks of 2018 with energy. This explains why I have not written anything over the last few days as I left my computer in the office to avoid actually working on a public holiday.
I really hope you read my previous post about assessing your current situation. It’s a little longer but its worth investing some time. Adding onto that, it will help if this season you actually do sit down and at least make time to allocate some money to your “social/festive” season budget. Plan how much you are prepared and are able to spend this holiday and if possible transfer that to a separate account “your spending account”.
The problem with December is that, most companies pay earlier than normal, meaning your salary get deposited in your account long before your debit orders can go off and before your rent and other fixed costs are due. As a result, it give a false sense of having a lot of money which then leads to high spending.
Allocating your spending money to a different account will help you make sure that your debit order will not bounce when they are due and that you will still have money aside for your normal fixed expenses. The idea is to only spend what is in that account, if it dries up, you are done for the holiday.
On the other hand if you know you are going to overspend regardless of the amount you set aside, at least put in your 32 days notice now to avoid having to incur extra charges in January when you urgently need the money to pay your missing debit order or your kids once off beginning of the term school costs.
I thought the following will help you put into perspective. If you do not allocate the spending amount, your December budget will find you like those two
On the savings challenge- I was at the mall this weekend to do some grocery shopping and at the end of the day I was left with N$50 in my wallet and N$ 20 in my car. Deducting N$10 for the hot soup I bought for lunch from Engen, I will transfer the change in my savings.
Current savings balance at day 10 N$ 281.00
Inga Kusha ngula