Set aside some money from each pay to cover fixed and variable expenses, including gifts along the year. Use used jars or used envelopes, or set up separate bank accounts for specific expenses.
Be prepared for the unexpected! Set up a rainy day fund. Use used jars or used envelopes or a bank account for unexpected expenses that can’t be postponed.
Stop and think about investing into a private pension scheme. And then act on it and enroll into a private pension scheme. You are entitled to a tax credit of 25% up to a maximum of €2,000 annually.
Shop during sales.
Take time to study your expenditure patterns. Buying a bun rather than preparing your own lunch for work will cost you at least €2 a day. Doesn’t sound much right? In a year that’s over €500!
Distinguish between needs and wants: truly do you need the latest smart phone?
If you are going shopping – determine what you want and leave your credit and debit credit cards at home.
If you use a credit card, use it wisely, making sure that the credit card bill is paid on time. The interest rates are high. And if a debit card serves your purpose – use that. If you do not have a debit card – get one.
Use your appliances efficiently. Visit Enemalta plc public Facebook.
Set up calendar alerts so that you never miss a payment – water and electricity – telephony and internet – ground rent – insurance renewal – condominium payments – etc.
Now at the start of 2020 draw up at to-do-list of financial short term goals and long term ones.
Download smart applications on your mobile phone to help you take control of your finances.
If you are making a household purchase like a washing machine, look out for deals and sales.