5 things Papua New Guineans can cut down on to save more

  • Not saving means we’re not preparing ourselves for the future or for that emergency expense that gives no warning.

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    One of the problems many of us Papua New Guineans have is our inability to save. It’s a problem because not saving means we’re not preparing ourselves for the future or for that emergency expense that gives no warning.

    As we start another year, why don’t we get started and stick to it. It’s tough but you’ve got to start somewhere.  Here are some of those typical expenses that us Papua New Guineans can cut down on.

    1. Quit or cut down on smoking

      Can you work out how much you spend on cigarettes every week and multiply that by 52.

    2. Quit or cut down on alcohol consumption

      Unlike a few decades ago where alcohol was cheap, it’s not any more. And our increase in consumption isn’t helping our plan to save. You probably won’t quit, but perhaps a change of lifestyle by not going out as often as you would. Spend more quality time with your family.

    3. Quit betelnut

      As you’ve noticed, we didn’t say cut down but quit. Yes, you need to quit this unhealthy habit. Not only does it take a proportion of your budget, without you realising it, it’s downright unhealthy.

    4. Customary obligation

      In this day and age, our customary obligations have to a certain extent lost its very purpose. Papua New Guineans seem to want to compete so that they can “be the best”! But for what?  Pay only what you can afford, not what amount your relatives expect you to spend.

    5. Buy local

      The prices of imported goods at supermarkets seem to be increasing by the day. What about spending more money on local fruits and vegetables at the market.  Yes, prices have gone up but the market too is very competitive and you’re bound to find something that’s cheap but also healthy.

    So what do you do with the spare cash you save?  You can hide it under your bed or better make it work for you by saving it in a bank account that can enable you to earn interest on your savings.

    Interested?  Here are the account types you can consider http://www.bsp.com.pg/About-Us/Product-Campaigns/Deposit-Products/Deposit-Products.aspx

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