Some of these goals, such as committing to a healthier lifestyle, can be achieved, as we can control them more easily. But other goals are not so easy to reach.
One of these uphill battles that affect many of us is how to save for a rainy day.
Although some may think that we fail to save because we spend money recklessly, the problems actually arise when the money we earn doesn’t cover our basic living expenses.
Sometimes, no matter how much you try to minimise expenditure and just focus on the basics, saving will always be a sore point because you simply don’t earn enough.
Ordinary South Africans have to deduct a lot of expenses from their basic salary.
You first get taxed and then, from what remains of your money, you need to ensure that there is food on the table for the whole month.
You need to pay your bond or rent, school fees, transportation, clothing, electricity and rates.
By that time, chances are you have not even factored in your other debts, such as insurance and paying for funeral or life insurance, among other things.
This is the reality for most people who find themselves struggling to makes ends meet and living from one monthly salary to the next.
What makes it even worse is that if you cannot survive until the next payday, you seek a way out and end up borrowing money you can’t afford to pay back.
And though this seems to be the perfect solution at the time, in the long run it becomes a problem because by next month, it already means you will be short, as you must accommodate the new debt repayments.
So how do we work at achieving a more practical way of saving for rainy days with a strained salary?
You can start by getting an extra job or providing a service that people can pay you for.
If that does not work, look at selling unwanted items you have at home which you no longer use.
Cut out on things you want and focus on things you need.
Pay off all your debts to avoid penalty fees.
You can also arrange a stop order with your bank. This will ensure that money is already taken from your salary and put into your savings account.
You will, however, need to be disciplined so that you don’t use your savings until those rainy days come along.
