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PUBLISHED : Monday, 04 February, 2008, 12:00am
UPDATED : Monday, 04 February, 2008, 12:00am
 

True or False?

1) Budget - another way of using money

2) Economise - spend less

3) Alternative - a forecast of expenses and revenues

4) Reserve - money set aside

5) Prioritise - keep aside

Tips on how to save

You have tried everything, but your purse seems to have holes ... you never manage to save.

Think positive: Don't think about what you cannot buy because you save; think of what you can get with your savings.

Don't be too materialistic: Is getting more things really going to make you happier?

Relax: Saving will help you take some stress away. In case of emergency, you will have reserves. Think of saving as soft cushions ... isn't life more comfortable with cushions to sit on?

Plan, plan, plan: Before spending, write down how much it is, if you can afford it and what are the alternatives.

Save regularly: Little rivers make big rivers.

Stick to your shopping list: Find other hobbies than going shopping.

Here are a few activities you can research on this week's topic:

1 Write down your plan on how to use your lai see: how much you want to save, how much you want to spend and what you want to spend it on.

2 Ask several banks about their conditions for opening a savings account: what is the minimum amount, the interest rate, the age ...

3 Write your budget on an Excel spreadsheet and note down your actual savings and expenses to compare how you are doing.

Answers

1. True 2. True 3. False 4. True 5. False

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