19 March 2020
“I’m spending more on my clothing and beauty products than I do on my car repayments and medical aid contributions combined. I hadn’t realised how much I was spending on ‘fun’ stuff proportionate to the more important things.
I am quite good with eating at home and preparing meals for the week ahead on a Sunday, so I think those costs aren’t too bad, but I definitely need to relook at how I am spending my money.
I do have some basic savings in place, which is great – that said, I’m sure it wouldn’t hurt to increase my retirement annuity (RA) contribution. I know I’m not making as much of a tax saving on this each year that I could be, and that probably doesn’t make the best financial sense. Since my savings amounts go off each month via debit order, I must be honest I don’t miss them – they’re out of my account before I can even think about what else I would have spent that money on. It means that increasing my
RA contribution probably won’t hurt as much as I think it might.
I also want to save towards an overseas holiday, and take out
income protection – cutting back on my grooming would allow me to do both.”
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