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Cut some expenses where possible in 2021. It’s not easy at all but you have to see if you can sacrifice some none essentials. Basically lockdown your budget to level 3.
I know it may seem you’re not living your best life but this may help insure future income should it be lost.
I know it may seem you’re not living your best life but this may help insure future income should it be lost.
Let’s look at what we can save:
1. Pay TV: R399 x 12 = R4788
2. Cut clothing from R1000 pm to R500pm, so R500 x 12 = R6K
3. Cut cellphone contract from R700 to R200, R500 x 12 = R6K, see if you can sell the phone & settle the contract
4. Cut travels by R200, R2400
Total = R19188
1. Pay TV: R399 x 12 = R4788
2. Cut clothing from R1000 pm to R500pm, so R500 x 12 = R6K
3. Cut cellphone contract from R700 to R200, R500 x 12 = R6K, see if you can sell the phone & settle the contract
4. Cut travels by R200, R2400
Total = R19188
Look these are just some of the things I have cut. Your case may differ. There may be more or less, remember it’s really a personal thing.
What can you do with the saved cash? Well, I use it to pay extra into debt, which has been highly effective & satisfactory for me. I also put some in EF, some in personal dev. & some in investment.
This has taught me that I can do more with my income to secure a better future
This has taught me that I can do more with my income to secure a better future
I’ve also managed to add an income stream from all the cash I’m saving, so I’m growing my salary and I enjoy the activities of that side hustle. I use it to pay off debt & investing. I’m now also getting a mentor to help me make more informed & effective moves to grow this more.
Why all of this?
A better financial future that is independent of salary income. I have seen my dad work until 65 only to blow all his pension on a house and a failed business and he passed on 4 years later. This isn’t the kind of life I want, so I rather sacrifice now.
A better financial future that is independent of salary income. I have seen my dad work until 65 only to blow all his pension on a house and a failed business and he passed on 4 years later. This isn’t the kind of life I want, so I rather sacrifice now.
I essentially track all my expenses manually and any splurge that may happen due to spare of the moment indulgence in CL Hot-wings or that bread with mixed with toppings of warawara. The tracking is really important as it gives guidance of progress or where to cut more.
For most this doesn’t make sense because they’ve worked hard for their money and need to enjoy it, Covid19 has even made things tricky and more of YOLO due to the great fear. I however believe in being prepared for the future even though it looks bleak.
