Today’s Editorial May 13: We should all be thrifty spenders

Bodden Town Member of the Legislative Assembly Osbourne Bodden wants you to think twice before you stop at the petrol station for that extra cup of coffee in the morning or before you order a lavish and expensive lunch.

He thinks we should all pay a little more attention to our spending habits and cut down on many of the costly frills.

And he’s right.

Priorities should be made to ensure that rents, mortgages, food and utilities are paid when due.

We expect our Government to be fiscally responsible, but we’ve got to show some individual restraint too.

For starters, begin keeping up with how much you are spending on day-to-day incidentals like morning coffee out, cigarettes, snacks, lunches and drinks.

Once you start keeping an account you’ll probably find that you are getting yourself into a money crisis with just nickels and dimes, which do add up to real money.

Another area to cut back is to limit the amount of times you pop behind the steering wheel of your vehicle to run a quick errand. Plan your trips in advance and get all of your running around done at one time.

It will cut down on the amount of frustration you experience in tied up traffic and will help reduce your fuel bill. Keeping your tyres properly inflated will help too.

One basic thing we can all do to help manage our money is making out a personal or family budget. This should include finding ways to pay off credit cards.

Good budgeting means you spend less than you earn, leaving the remainder to go into an interest bearing savings account.

There are countless budget guidelines all over the Internet.

Another thing that sounds too easy to do is to keep up with mail. Open it on a daily basis and don’t let it pile up. Doing so puts you in danger of missing a bill that is due.

Too, companies are run by humans who make mistakes. If you are being overcharged for something you won’t know not to pay the bill unless you closely examine your statements.

We believe that every child who graduates from public and private school systems in the Cayman Islands should know some financial basics – like learning how to save money and balance a cheque book.

While Government is there to help those truly in need, it can be argued that not everyone seeking financial assistance deserves it. Many should be able to find ways to cut back spending and keep money on hand to help pay for the essentials.

One basic thing we can all do to help manage our money is making out a personal or family budget. This should include finding ways to pay off credit cards.

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