Carol Ofori shares some budgeting tips for the days preceding pay day
Make sure your bank balance is not sitting with a zero balance...
If you can say with conviction that January was a good month for you, then you have your ducks in a row.
For those of you who cannot say that January was smooth sailing in terms of finances, then we have some advice to share.
We asked Carol Ofori for some money management tips, especially for that week before pay day, which somehow feels like the longest week ever. We've heard time and time again that budgeting can save you and your family the pressure and stress that comes with month-end costs and those unexpected costs.
1. Carol shared how her number one rule is to never leave her bank account with a zero balance. You never know what might happen during the weeks preceding pay day and you have to have a contingency fund in place for any emergency (or non-emergency).
2. Buying in bulk. This is something many families attest to. She buys her meat and many of her groceries in bulk so this way she can plan her meals efficiently. This is also a great way to save in the long run because when you buy your meat in bulk, you generally pay less.
Read more: How to survive when expenses outweigh income
3. Carol also said that she finds setting out money for her expenses helps when it comes to those weeks before pay day. She puts aside money for her petrol, weekly fresh fruit and vegetables, bread and milk.
4. Plan your meals ahead of time. Buying your perishables in bulk is one thing, but cooking your meals and freezing them can be a great way of not feeling the pinch that comes with mid-month.
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5. Another great way of managing your money is investing in food vouchers. The Checkers/Shoprite group offer a food coupon booklet, if you buy these food stamps when you do have money then you can use them when you are feeling the pinch.
6. Commit to a savings account within your bank account. Many banks offer customers sub-accounts that allow them to put money away in a separate account that is non-transactional. Some banks also offer you interest on the money in these accounts.
7. Start a piggy bank. An oldie but goodie. Save your change (coins) and put them in a jar. This way, you can commit to saving some money that can essentially help you with your day-to-day expenses like bread and milk.
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