We are all feeling the financial strain in South Africa. It seems like the cost of pretty much everything is rising. We are not talking about the “nice-to-haves” like vacations and fancy stuff, we’re talking basics; like groceries, petrol, electricity … the list is endless! Across the country people are looking for ways to make their money go further.
So, whether you want to be a millionaire (so freakin’ bad) or simply want to stop spending your pay check before it’s in your account; it can be done!
The obvious money-saving tip is to find every day savings. Often we spend more money than we need on unnecessary expenses, or even luxuries. In fact, what usually hurts our bank accounts the most are the repetitive, daily things we purchase. It’s usually the small habits that cost you!
Here are a few easy tips on how to tuck away some cash:
• Make a “money date”. Like any relationship, if you want your financial life to improve, you must spend time with your money. Commit to update your budget once a week, review your accounts and track your progress against your financial goals. Make use of a budget-tracking app, they're handy and there are plenty out there.
• Never shop without a shopping list, only get what you need. Sign up for rewards programs.
• Pick a bank that gives back. Choose a bank that makes the most sense for you. Seek out perks like no ATM fees, interest on savings accounts and no overdraft fees.
• Have a game plan. Plan your meals ahead. Dust off the cookbooks. Cook your favourite dishes in bulk so you can freeze and defrost.
• Pack your own lunch. Avoid processed and pre-packed foods. Takeaways are expensive, high in fat and kilojoules and low in nutritional value. Bring your own snacks to work and keep them close by. Have sweet and salty in your top drawer so you’ll always have something to satisfy you. Vending machines are over-priced.
• Withdraw yourself a cash limit and leave your debit card at home. You’ll still have money but overspending will be out of the question
• Skip the latte! Yeah, this is a tough one. Buying coffee every day definitely adds up. Make your own brew at home or at the office.
• Avoid buying bottled water. Buy a filtered water bottle and fill it with tap water. Au Naturel!
• Quit the cancer sticks! You’ll reap the health, as well as banking benefits.
• Say cheers the smart way. Decide before hand what you’ll be spending on drinks. Leave your credit card at home and spend only the cash that you’ve allocated for the night. Tip: Remember drinks are usually cheaper at happy hour!
• Think before you eat out. Share a starter or a mains platter. Skip desert and buy a chocolate on your way home.
• Cancel memberships you don’t use. Haven’t been to the gym since 2015? Even a small amount of money can add up to a big amount over a period of time. You are already used to living without that amount, so sign a debit order for the same amount into a savings account.
• Look for discounted gym fees. Sanlam Reality Health members can enjoy up to 60% on monthly fees. Worth looking into, right?
• Change your cell phone package to suit your real needs.
• Cut on paid television. Gasp! Do you really need 300 channels? Look at different bundles.
• Ask your landlord to lower your rent in order for you to sign a new lease. Clever!
• Concoct a cleaning solution. Use basic ingredients such as vinegar and baking soda to get the job done for a fraction of the price of commercial cleaners.
• Hang washing up to dry. Dryers can run up the costs, damage clothes and decrease their lifespan.
• Carpool or make sure that you’re tyres are properly inflated to increase fuel efficiency by more than 3%.
• Take care of yourself. Get enough sleep, wash those hands, and do whatever it takes to prevent the sniffles. A little TLC, healthy food and regular exercise can help prevent expensive medical bills.
• Treat yourself. Believe it or not, this will help you feel less restricted so you don’t go on a spending binge down the road. Every once in a while, go ahead and buy something you don’t really need (ahem, another bottle of nail polish!).
The secret to saving is by making everyday savings a priority. With a few small adjustments and some creativity, you’ll be surprised by what you can achieve!
Source: www.oprah.com, www.bettermoneyhabits.com, www.cnbc.com, www.oldmutual.co.za, www.fin24.com, greatest.com, www.regions.com, www.cosmopolitan.co.uk, glamour.co.za, www.discountvouchers.co.za, money.usnews.com
DISCLAIMER: The information on this website is for educational purposes only, and is not intended as medical advice, diagnosis or treatment. If you are experiencing symptoms or need health advice, please consult a healthcare professional.
