Sticking to a budget can be a real
challenge and it becomes even more daunting if your goal is to save a lump sum
in a matter of weeks or months. But if there is method in our operations and
discipline in our endeavor then it’s possible to save GH¢1000 within the space
of one month. This isn’t merely a 30-day challenge of avoiding spending; it is
about smart saving that you can continue implementing even after those 30 days
are done. Here is how to work towards getting that amount of GH¢, 1000 as a
savings plan.
1.
Set a Clear Goal and Make It Visual
So, one can start by promising him
or herself to save at least GH¢1,000. If for instance, your goal is to save
some amount of money or to lose some weight you can jot it down or make a goal
tracker to ensure you stay motivated. Create a savings chart and note down the
progress at the end of the day. Divide the GH¢1,000 into smaller achievable
daily or weekly goals that amounts to about GH¢33.33 daily or GH¢250 weekly.
That means you will require developing a visual reminder that will assist you
in remembering the kind of life that you want to lead.
2.
Cut Non-Essential Expenses Immediately
For the next 30 days, avoid the
things that are not necessary to spend money on. These ranges from dining out,
online purchases or subscription to items and services one may not need. All
the money which you could have spent on such things can be saved, starting from
such non-essentials which you would buy in a supermarket.
Here are the areas which there are
potential for making first level swift cuts:
Cancel subscriptions
(e.g., streaming services, magazines, or apps)
Avoid eating outside and cook
your own meals preferable if you stay away from the restaurants.
Eliminate impulsive buying by
opting out email marketing campaigns or removing saved credit card
information on the target e-shop
Just reducing daily spending from
GH¢10 to GH¢20 would reach hundreds of dollars in a month.
3.
Find Ways to Earn Extra Income
The most effective way of saving as
many people have stated is to raise the amount of income. You might want to
take up an additional job, do some extra hours, or sell things that one is not
using anymore.
Here are some ideas by which people
can make extra cash:
Freelancing or gig work: Freelance sites including Fiverr, UpWork, or
TaskRabbit make it possible for one to post their services, for example
writing, designing or repairing services to make money quickly.
Ridesharing or food delivery: Being a driver in companies like Uber, Lyft, or
DoorDash can be flexible to have a couple of extra bucks.
Sell unwanted items:
Sort through your house and take things you do not use anymore and try to
sell them on eBay, Facebook Marketplace or in classifieds. Items such as
used computer, used television, used clothes, or even used furniture will
help to make some cash.
Even if you try to earn about GH¢200
to GH¢300 on the side, from barley selling items or doing other side hustles,
it will go a long way to helping you achieve your saving goals.
4.
Use the 24-Hour Rule for Spending
One of the ways that can help with
this issue is the 24-hour rule which you should strictly follow. Now, if you
had the feeling that something non-sensible has to be bought, then wait for
twenty-four hours before you buy it. Most of the time, you begin to understand
that in the first place, you didn’t require it and that money should go to your
saving account.
For instance, if you’re thinking of
buying new clothes, a new device, or ordering food online, just wait for 24
hours before making a decision. Every ignored impulse buy brings you nearer to
the target of the set amount of GH¢1,000.
5.
Negotiate Bills and Look for Discounts
This poll indicates that bargaining
to reduce the amount of money to be paid to such firms or searching for lower
rates is not very popular. Call your service providers Internet/Phone/Insurance
to see whether you can make a lower payment for the services received. Savings
made in the daily expenses can also be significant in a month regardless the
successful cut made.
Moreover, do not ignore discounts,
coupons or cash back for things you have to buy, on a daily basis, such as
groceries. Erasing apps for saving money or making money from essential
shopping purchases through Honey, Rakuten, or Ibotta.
6.
Create No-Spend Days
Using certain technology, set a
goal, as an example, to go for a no-spend day and do not buy anything that is
not an essential item. In pour 30 day no spend challenge, try to aim for a few
days with no spending. On these days avoid buying meals outside or going to the
coffee shop, also look for ways to entertain you without spending.
You can save at least GH¢10 to GH¢50
per day by neglecting small expenses for a few days in a week and summing up to
hundreds of cedis at the end of the month.
7.
Automate Your Savings
Saving can often be challenging, and
by linking your savings goal to a specific account, you do not have to worry
about daily transfers. Open another account that you’ll have to link the
checking account to, and then transfer a fixed amount of money to the other
account every week or after each pay check. For instance; via ST Posting set a
weekly transfer of GH¢250 to reach the target of GH¢1,000.
That way, you avoid the times that
you would have already spent the cash before you realized it was saved.
8.
Use Cash Only
Yet another solution on how not to
deviate from savings challenge is to ban the use of cash on any spending apart
from necessities. Take a certain amount of cash to one at a time for
consumption during that particular week. After that comes the money burning –
literally ‘cash to ash’ once it burns it is gone totally.
It also assists you in controlling
your expenditures and every cent that has not been spent by the end of week
goes to your saving.
9.
Take Advantage of Windfalls
In the event that you get any form
of ‘extra cash,’ whether it is in the form of a tax refund, birthday money, or
a bonus at your workplace – put that money immediately into your savings. There
are situations when you receive some money unexpectedly, and it will bring some
additional money to your savings which will let you achieve your goal.
10.
Stay Motivated by Tracking Progress
Staying motivated in weight loss
means that you should track how you are faring on; and here are some ways that
you should consider; Whenever you save an amount put it on your visual tracker
or savings app and remember to cheer for the small victories – reaching GH¢100,
GH¢500 or getting to GH¢999 which will take you to the big GH¢1000.
A working financial adage is that
the best way to avoid overspending is to watch the piggy bank and try to fill
it up as much as possible, or at least keep an eye on how little there is left
to be filled.
Conclusion
Indeed, it might seem rather
impossible to save at least GH¢1,000 within 30 days but a good plan combined
with a great deal of self-control will suffice. Fixing your spending leaks is
easy- minimize your unnecessary expenditures, look for other sources of income,
automate your savings, and use these strategies to achieve your dollar amount
savings goal. Take the challenge today, and ensure that you are on the right
path to better financial future!
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