November is financial literacy month and in honour of that occasion, Glenn Cooke over at Life Insurance Canada decided to organize a large group of personal finance bloggers to each publish an article on their best financial tip and this is mine.
Lack of planning is one of the biggest and inconspicuous drains on your personal finances there is. Think about it. A little bit of planning goes a really long way in almost every area where money is concerned. If you don’t do at least a bare minimum of planning, I guarantee you are going to overspend 99.99% of the time and most of the time it is 100% avoidable with just a little bit of extra work.
It Pays To Plan Ahead
There are so many way that it pays to plan ahead, but I always find that concrete examples help people understand things better so here are a few thoughts to open your eyes about just how much a difference this can make in your everyday life.
Plan Your Groceries
Adding a dash of planning to your groceries makes for one of the best financial recipes you could hope for! Taking a few moments to glance at the sales flyers for several of the nearby grocers and jotting things down on a grocery list will help focus your shopping trip so that you purchase mostly items that are on sale and that cost a lot less. After doing this for a short while you’ll get to know the regular and sale prices of the items you consume most so you easily spot what is a good deal on a particular food item and what isn’t. This will help you save even more as you hone your skills!
In contrast, if you just walk into the grocery store, you’ll likely just buy whatever looks good at the time and be oblivious to how much you could have saved through buying that product elsewhere for less or by neglecting to buy another product that is just as good for half the price. Even better, if you take a second to be smart and eat a good meal before you go to the grocery store, you’ll also have better self control to choose only those items that are on your shopping list and avoid the expensive indulgences your rumbling stomach tells you to buy that you don’t really need.