So here’s the deal guys, I took a decision about a year ago to be more prudent in my spending after realized I was way too extravagant and had little or no savings most of the time. I had to come up with a strategy that would actually work, need I say I had tried so many times in the past to achieve this feat but failed woefully.
I weighed all the options I had but there was only one that had the highest chance of being effective in my case (trust me guys, it was really bad).In Nigeria we deal mostly with cash but in the past five (5) years or so, the government has constituted policies that promote a cashless society in order to curb inflation.
Having lived in the UK before, I was already accustomed to using my ATM cards to pay for virtually everything. It was a struggle readjusting to the Nigerian way of making purchases with cash.
This led to my excessive spending habit, which I was not aware of by the way. I had to figure out the root of my problem, especially with a baby on the way back then. There was no way i would continue to live like that, always making purchases on impulse and looking for the slightest opportunity to spend.
The moment i realized the cause of my problem, i decided to take drastic action by not carrying more than a certain amount of cash for a period of time (mainly for emergencies). Now I only pay for what I need and mostly with my card, if there are no POS machines in the stores I want to buy things from I leave without buying and that’s it. Money saved LOL.
People that used to know me when I was an impulsive spender now complain that i’m stingy (not that i care anyway). Well I just feel as one grows older, priorities change and change is inevitable.
Another strategy that encourages me to save more is having a short term project that I cannot afford, once that is settled I come up with something else that I need to invest in.
To be honest i’m still struggling with this new lifestyle but I believe i’ve made significant amount of progress so far. I’m still learning to be disciplined where money is concerned. Now that i’m a wife and mother I realize it is my duty to ensure that the family’s finances are in top shape.
What methods do you use to save more money? Please kindly share in the comments section.