BASSETERRE, St. Kitts – AT one point or another in life, everyone has to consider the fact that they were being lazy; for there was something of importance that had to be done, but they chose to procrastinate and revel in their laziness.
On that same note, everyone has done something without considering the available options and ended up saying, “I should have done this instead of that.”
Ever thought of how expensive being lazy and not taking time to think things through can be, or of how a little shift in the way you do things can save you money?
Here are some of the ways your laziness and immature thinking may be costing you and what little you can do to turn things around, because, in many cases, that is all it takes. A morsel of effort and a little thought can add significant weight to your wallet.
Relying on Fast Food
Convenience does not come cheaply, but is the mark-up worth it? Foods bought on a daily basis may very well be costing you more than you think. On average, a person would spend $20 to $35 on food every day, and when calculated to a normal five-day working week, it comes to $100 to $175. To cook a meal or even pack a little ‘leftover’ and take it to work does not take much effort, and the money saved from doing this is fairly ‘handsome’.
Failure to Compare when Shopping
Finding a lower price on items can be as easy as making a phone call. Purchasing groceries at that one store just because it is right down the road, or purchasing a piece of furniture from that particular outlet just because their name is popular, can cost you more than you think. Shopping around may take a bit of time but it can also save you hundreds.
Not Banking
Still hiding money under your bed or in that old shoe box? Why not hide it in a financial institution? While it may seem easier to keep your money at home for easy or immediate accessibility, natural disasters, fire or even a robbery can take it all away in the blink of an eye. A stroll to the bank and a few minutes to set up an account is all it takes to keep your money safe while gaining interest on it.
Not choosing the best Saving Rate
It may not just be your loyalty to that one bank with which you have been doing business for years swaying your decision to save in other places. Sitting your money in an account that is not paying the most favourable rate may be costing you. It might not seem like much, but the small difference in the interest you are earning on your money will add up in the long run.
Not paying Bills on Time (even if cash is available)
Missing deadlines? It is so easy to do. You forget to make a payment on your credit card, you delay on paying your phone bill, or the interest you owe on that piece of hire purchase conveniently slips your mind. The longer you postpone paying overdue bills, or even the bill that just came in the mail, the more you are costing yourself precious dollars. A little bit of organisation and a ‘pinch’ of mental battle with idleness may save you a lot.
Driving to places in Walking Distance
Having transportation for yourself does not mean that you should drive everywhere you need or want to go. If your destination is in walking distance, a nice walk to that place could be just the thing for you; not to mention walking is good exercise. Another way of saving from this is that you keep the gas in your vehicle a bit longer, which is a good thing when considering the frequent rise in gas prices.
Not constructively utilising Yard Space
The cost of living is constantly on the rise. The simplest foods are expensive. Instead of growing grass and feeding animals that do not belong to you, utilise the space in your yard by planting crops that are used on a daily basis; thus eliminating the need to purchase them at the grocery stores and markets. It may take time but the returns will be significant.
Failure to establish a Retirement Fund
Being young does not mean you should not be investing in your retirement, especially when the cost of living is soaring as the years go by. As much as most persons would like their youthful vitality to last forever, it will not. And let us face it, Social Security and even some pensions will not cut it when there are bills to be paid with no job. By putting a small amount of money towards retirement every now and then, it will eventually add up and as you grow older, and you will not only have peace of mind but you will also be able to live comfortably after retirement.
Loans
Planning a large purchase or building something and considering paying cash? The word ‘loan’ may scare a lot of persons for fear of interest, but this may just be the correct way to go. Even though you may have the cash in hand, borrowing the money from a financial institution may be less of a risk than you think. Putting the cash in an account to garner interest and borrowing the money you need can save you more in the long run. Additionally, if a lucrative deal or emergency presents itself, the cash in hand will fulfill that purpose.
Many, if not all, businesses have tightened the grip on their finances. Why not do the same? The easiest thing to say is, “I do not have the time” or “It is no big deal.” Make the time and make it a big deal to cook your own meals, find the better deal or save. Make the time and make it a big deal to keep more money in your hands.
Make saving money, no matter how little a priority.
