Five steps for smart austerity

By SHAHD ALHAMDAN With 2016 almost over, it’s time to see if you’ve succeeded in achieving your financial goals and put your finances under a microscope to see if you’ve managed to save. Although many people are successful in planning budgets, most of the time they are terrible at putting them into practice. January can often be a good time for many people to make novel changes in their lives and try and develop new habits. We’ve found five money-saving tips for you to put into practice in 2017. Planning, planning, planning At the beginning of the year, set a goal of the amount of money that you desire to save. When you write down your goal, be realistic and consider not only your monthly income but also your routine expenses. Every three months you should evaluate how well you’re implemented your plan to see if you are on the right track. Other daily habits should be planned too, including meals and beverages, and daily purchases. Smart programs These days, it’s easy to find apps and online programs to help you manage your budget and spending right on your phone or computer. At the end of each month, calculate your income and expenses so you can know what unnecessary purchases you’ve made and try to reduce your purchasing habits. For instance, if you go out to eat with friends every weekend, you could try and reduce this habit to twice a month, or even find a free space such as public parks or a friend’s home to gather. Change the grocery routine Most of the citizens in the Kingdom believe that their grocery list shouldn’t be altered and everything on the list is essential, but this is not fact. By reducing the amount of meat you consume, you can save considerable money. Eating chicken and meat once a week, as well as eating fish or seafood twice a month, rather than everyday, will definitely reduce costs. Buying vegetables more than fruit can also help. The classic advice before going grocery shopping: never visit the supermarket when you are hungry if you want to save money.  Banking Stop using credit cards if you want to save money, and instead use prepaid cards. Try to buy with cash rather than using credit.  Open a bank account and deposit 10 percent of your salary in it each month, and forget about it. Education Reading financial books as well as money saving books is a clever move for self-education and learning how to keep track of your money and expenditure, and reduce your costs.