In Your Interest

8 simple tips to beat impulse buying

You're trying to keep on track with your new savings regime but it can be incredibly difficult to stop the urge to buy once it’s in us. You work hard, so you deserve a little something now and then. It's easy to justify and it's just a little something. But then the little something snowballs. You get the taste of acquiring something new, the mood boost, the excitement of opening something shiny. Unfortunately, the short term high you get from retail therapy is fleeting but the ongoing effect can be devastating to your savings plan. If impulse buying is undermining your monthly budget, here are 10 simple strategies for beating the urge. Choose a method that works for you, or use them in com

Where is your Ferrari?

This is an old story about two colleagues taking a break during work. One of them is a smoker and the other one isn’t. The non-smoker asks his friend ,"how long have you been smoking?" Between puffs he replies, “About a pack a day for 30 years.” The non-smoking worker takes out a calculator and does some quick calculations. He informs his colleague that if he had not smoked during that time, and invested the money he saved, he would have enough money to buy a brand new Ferrari. The smoker, nods his head knowingly, initially impressed with the idea, thinks for a moment and then turns to the non-smoker and asks, “So where is your Ferrari?” Saving money doesn’t do you a lot of good unless you a

Follow this simple rule to financial independence

You've made the decision to get on top of your finances and the first thing everyone tells you is that you need a budget. But you're like most people and you find budgets a drag. Don't worry, you're not alone and there is a solution. The problems I hear most recounted by people when faced with the need to budget is there's a lot of micro-accounting and budgets focus on the negative: you have to give up things to make it work. Well, experience tells me it will be easier if you can do away with the record-keeping and reprogram your brain to see positives. So here's the good news: You don’t need complicated spreadsheets with countless spending categories, and you don’t need to be a financial ex

Breaking the Law to gain financial freedom

I don't normally tell people to do this, but sometimes you have to break laws to get ahead in life. You may have heard this adage. “Work expands so as to fill the time available for its completion.” It means, if you give yourself a week to complete a task, it will increase in complexity so that you’ll end up having to use the entire week in order to complete it, even if the task was simple to begin with. This was an idea first proposed by Cyril Parkinson in a humorous satirical article meant to critique the lack of efficiency and the continual rising cost in the public service. Eventually the idea was revised and expanded to become famously known as 'Parkinson's Law' relating to productivity

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