Money SENSE

1) Save at least 10% of your take-home pay.
Deposit your savings in a separate savings
account so that you do not eat into your savings
when there is an urge to spend extra.

2) Draw up your budget. List what you intend to
spend on each item every month, and what
was actually spent. If your actual expenses
exceed your target expenses, review your
spending and cut down on unnecessary items.

3) Pay off your credit card bills on time and in
full. Remember that interest charges on the
outstanding credit card bills are much higher
than interest paid for your bank deposits.

4) Reduce your utility bills. A family of four can
save up to $160 in water and electricity a year
by reducing each person’s shower time by five
minutes. You can save a further $100 a year
by using a water efficient washing machine
with the heater off and wash on a full load
each time.

5) Exercise caution when purchasing items
that come with ongoing cost. For example,
when buying electrical appliances, consider
energy consumption levels.