FINANCIAL FREEDOM

Where to Save or Lose Money

By Seyi Durojaiye

I recall a lesson learnt sometime ago about analysing my money transactions.

I had made a trip to a store where I planned to buy foam for a sofa I was making. The store was located on a busy road and in a London borough known for its ruthless parking attendants.

I found a parking bay on a side street close by. On parking the car, I decided to pay for a permit allowing 30mins – costing about 60p. After about 20mins I made my way back to the car, foam in hand and was only a few meters away when I saw a parking attendant next to my car. As is usually the case, she claimed to have already written the ticket, could not cancel it, and anyway I was a minute above my limit.

My anger, initially directed at the attendant was now at myself. As I drove home, I thought if only I paid for an hour, I could have avoided the situation. Although it would have meant having time left on the clock, my not getting a ticket would have been guaranteed. I would have saved myself £50 - parking fine - by spending £1.20.

Why did I not pay the £1.20? To save 60 pence. However, I failed to think and look beyond the present, had I analysed the money transaction taking place, it would have been clear the decision I was about to take was a wrong one.

Here is the problem, stopping to think. How many times have you stopped to think about the consequences of your daily money transactions? Rushing through life, you find yourself focusing on “big things”, not realising the “small things” count and in reality have an effect on your life in the end.

Having money is not always about earning more but about managing what you already have. You probably know the quickest way to have more money is by not wasting it, spending and saving wisely.

Understanding where you stand before, during, and after entering into a money transactions is very important. More so your daily transactions, as they can lose or save you a lot of money over time.

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