Money, the one thing we chase the most and can’t live without. We are all familiar with the famous saying “money is not everything” but in truth without it we may face many difficulties. The world is designed to evolve around money and it’s very difficult not to be part of this world and chase it. We’ve all been in that situation where we spend without thinking and end up with surprises in our letter box. From missed electricity, gas and phone line bills to taxes from the council, road tax and car insurance invoices.
I aim to give some ideas on how to best save in order to avoid falling in that same mistake over again of asking your loved ones for that last minute help. If you struggle and have only one income coming in, whether that is a low paid job, if you’re on benefits or you’ve got a higher paid job but your outgoings are hard to handle, I feel that the tips I’ll be sharing with you will benefit you under any circumstance.
Jam-iyah or hiqbat
The following terms are used by Middle eastern and East Africans to refer to groups of people that congregate money and share it in turns. I would like to explain this in more depth. This consists of e.g. 12 people putting a monthly total of 20 pounds each for the whole year, which equates to a total £240, now based on needs the leader of the group will decide who takes the money in each month. This is beneficial because you may enter two or three Jam-iyahs one for each need. i.e. Gas and electric, car insurance and kids activities. The purpose of this is for you as an individual not to over spend, this forces you to keep focused on paying this £20 pounds each month.
How does this benefit those who my have more money? The answer is simple, they’ll be joining Jam-iyahs that take more monthly instalments for instance £300 a month each. This has helped people buy new cars without the need to take loans with interest from the bank, and in some extreme cases houses have been bought also using this method of lending.
Look for bargains constantly:
I would consider shopping from the cheaper supermarkets, such as Aldi and Lidl. Never be ashamed of saving and been smarter. Research has shown that middle to upper class people shop from these supermarkets and that does with lower income tend to go to Tesco and other supermarkets with similar prices, they feel the need to due to pressure of showing they’re equal and able. You’ve got nothing to prove to anyone there’s nothing wrong in saving. In fact the person that deserves to be laughed at is the one paying more when it can be bought for less.
Another method I find that works really well is enjoying regular visits to car boot. How many times do we buy clothes for our children that are wore once or twice before they’re too small? How many times do we buy new clothes that rip after a wear or two? Car-boot is a fantastic way of saving by buying clothes that are used in everyday wear. Additionally you can buy books , toys, house decorations etc..
Finally I’d like to summarise with this. We should buy new stuff but only for special occasions and not everyday wear and tear.
I really hope this helps you as it helped me as I am in a better position financially.