KICK START 2018 : HOW TO STOP WASTING YOUR MONEY

New Year is traditionally the time for people to pledge to get in shape, having great financial planning, join a gym, make a lot of promises - and then break them. Interdisciplinary skills are more important than ever, especially in terms of money management skills. 

Fed up with squandering your hard-earned cash? Most of the time you know you're doing it but need a nudge to change your spending ways and start reaching your goals.  

Listed here are few practical ideas:

1. MIND THE COMPANY YOU KEEP

We all have them-   friends who know how to live it up. While they might fun to be around, when you're trying to stick to a budget, it might be worth taking a break from their spendthrift ways. This of course, doesn't mean ditching them entirely. Knowing how to recognise their extravagance will help you redirect your focus to the task at hand : saving!

2. LEAVE THE THINGS YOU DON'T REALLY USE

Memberships and subscription services, are among the biggest ways that we can lose track of where our cash goes. To get a sense how much you do this, grab a highlighter pen, and take a look at your money/bank statements.  If you're seeing recurring payments you don't recognise, find out what they are, and cancel them if you don't need  them.

3. ADOPT THE 30-DAY RULE

Learn the difference between wants and needs. For example, you're out shopping and spot something that you would really like to buy : a pair of expensive sport shoes. Instead, you adopt a wait-and see approach. The 30-Day Rule basically involves waiting a month to test whether you want to spend the money on the shoes. It's a great way of setting boundaries and rules about discretionary spending.

4. DOWNLOAD A FINANCE TRACKING 

These kind of smartphone apps allow you to set reminders to pay your bills and monitor where your cash is going.

Free Money Management Apps