Marriage Advantage:
Marriage is a significant life choice that goes beyond emotional connection. Apart from providing companionship and emotional support, couples often enjoy financial benefits. Combining incomes can lead to a more stable financial situation. Just like how organizations offer discounts for group purchases, married couples often benefit from being in a lower tax bracket, which can lead to reduced tax liabilities. This is most effective for couples who have a strong understanding of their financial goals and a high level of trust in each other.
Furthermore, bulk food purchase helps in saving money. Food is not among the expenses you can delay, we all eat daily.
When it comes to essential expenses like food, buying in bulk can result in substantial savings. Let’s take rice as an example. If you calculate the cost of a cup of rice at 250 naira and compare it to the cost of a a bag at 50,000 naira, opting for the larger quantity can save you a significant amount. To put it into perspective, a bag of rice is equivalent to 300 cups. By purchasing a bag instead of individual cups, you save 25,000 naira. Additionally, if purchasing a full bag seems unaffordable, you can collaborate with friends to share the cost and benefits of bulk buying or buy in halves.
Also,embracing thriftiness involves making small but consistent efforts to save money. Unlike the traditional method of saving with family or friends, there are now authorized platforms like PiggyVest that provide secure ways to store your savings. You can start by setting aside a small portion of your income regularly. Over time, these small contributions add up and grow into a substantial amount. This approach is effective because it doesn’t require a large amount to start and it is done at your convenience
Remember that special occasions like birthdays, weddings, and holidays often come with various expenses, including new outfits, accessories, gifts, and travel costs. By reducing such occasions, you can reduce your spending. Instead of attending every event, consider prioritizing those that hold the most meaning for you and finding creative ways to celebrate without overspending.
Finally, apply the 30-day rule when necessary. This involves delaying non-essential purchases by 30 days before making a decision. While this strategy can be effective for this helps stop you from buying things on impulse. it’s important to consider external factors. For instance, in a currency-sensitive environment, like a situation where the value of the dollar is rapidly increasing, prices may change significantly within a month. Therefore, while applying this rule, be aware of potential currency fluctuations and make necessary adjustments.