We are well into the third month of the year already. How is the new budget you set for yourself working out?

Perhaps you had an unforeseen expense that destroyed your budget, you haven’t got around to planning your meals for work and still eat out, or you haven’t disciplined yourself to start saving yet.

Remember, planning a new expenses budget can be overwhelming. Trying too many changes at once will set you up to fail.

Remember to take baby steps. Small triumphs give you motivation to carry on.

•    Plan your meals in advance so you know what to get at the supermarkets. Schedule time on the weekend to cook in bulk so you have food ready to take to work. This could save you a small fortune in eating out bills.
•    Have you set up a direct deposit into a savings account yet? It takes a few minutes online and then it takes care of itself. You will feel good knowing you have a savings stash building. Even saving a little every month is better than nothing.
•    Have you considered giving up the car and taking public transport to work? This could save you hundreds a month.
•    Cut down on your social activities. Restaurants, bars, night clubs and cinemas all cost money. Try having friends over to your place or alternate between houses for get togethers. Investing in a monthly movie and series subscription could be cheaper than visiting the cinema on a regular basis.
•    Try to get your debt paid off. Start by adding a little extra to the biggest repayment. Once that is paid off, then use that payment to pay off the next debt. 

It’s not about becoming a social hermit, it’s about moderation and scaling down. You will be surprised how planning your spending can save you hundreds every month. Imagine how much you would have in a year if you were to take that monthly saving and put it into a savings account. 

“The importance of savings is highly understated. The very fabric of family life, friendships and relationships can be tested and could hinge on savings and having the money at hand when you need it most. A disciplined savings plan therefore is critical to ensuring you lead a happy and prosperous life in the company of family and friends.” - Mohammed Qasim Al Ali, CEO of National Bonds

Your deVere Acuma adviser could help look over your budget and find ways to save on your monthly expenses. 

Please note, the above is for education purposes only and does not constitute advice. You should always contact your deVere Acuma adviser for a personal consultation.

* No liability can be accepted for any actions taken or refrained from being taken, as a result of reading the abov