Where to save or lose money

You really do make money by thinking

Don’t believe me? Read on

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

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

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

Here is the problem, stopping to think. How many times have you stopped to think about the effects of your daily money transactions? Rushing through life, you find yourself concentrating 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. The quickest way to have more money is by not wasting it, but by spending and saving wisely.

Understanding where you stand before, during, and after going 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.