As the Corona Virus takes its toll economically, it’s time to re-assess what we do with our money. It is definitely time to re-evaluate our relationship with money.

Here are some ideas on how to make your money work for you and not the other way around:

Be wise with your money

• Be accountable to yourself about your money
• Know where your money is going. Check till slips and bank statements.
• Save, save, save. Always have a “slush fund”, a “rainy day” account, a coin tin to fill up!
• Give and donate a portion. Spread it around and make a difference!

Ways to save

• Keep a minimum balance in your account. Beat the overdraft.
• Use banking loyalty points to pay banking fees. Investigate banks with better terms.
• Keep your credit card in credit, pay the full amount off every month.
• Check, compare and update short term insurance regularly.
• Trade down your fancy car for a more affordable one
• Pay now, consume later and skip repayments and interest costs

Have fun without blowing the budget (when we are able to again!)

• Invest in small pleasures - A hike and a picnic would be mine
• Invest in local pleasures – Explore right here at home. Take a local holiday.
• Invest in social pleasures – Have friends for a meal, go out for coffee or ice cream

Switch this for that

• Turn habits into treats – switch your daily coffee out to a weekend treat
• Buy 2 or 3 smaller experiences for the cost of 1 big one and get 3 times the enjoyment
• Buy experiences, not things. Experiences have lasting value and memories last forever!

I will leave you with a last thought and I am not sure who said it, but I certainly believe it to be true –

Those who spend money on others are measurably happier

than those who spend it on themselves

What do you think?