Saving tips - no matter your income
Having a rainy and sunny day savings plan never hurt anyone...
We come from a generation of people who turn to credit very easily. Sometimes, well, let's be honest, most times that doesn't end in happiness, but rather in debt.
After reading a headline recently that involved a lady who was hurt over a R150 loan, we thought it important to share some savings tips with you that are easy to implement.
These are based on everyday practices and can be difficult to implement, but nothing is impossible.
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1. Open up a bank account that offers you the ability to save money in a separate account
Capitec does this well. Allowing customers to open up to four savings plans outside of their main account.
The Global One account is a great way to start putting aside money and the best part is they have a Live Better plan. This allows you to earn when you swipe your card, and also you can click to round up when making purchases.
For example, if your purchase of R41.00 gets rounded up to R45.00. The R4.00 difference is transferred from your main transactional savings account to your Live Better savings when each transaction clears.
2. Try the envelope challenge
This came onto social media a while back and has many people sharing their success with it. Basically, you number envelopes with values from R1 to R100 or however much you feel appropriate.
Then each day you pick an envelope and put the amount of money that is written on the top. So for instance, day one could be R1.00 and day could be R24.00.
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3. Old-time 'piggy' bank
Keep an old coffee tin or an empty 5ltr water bottle in your car or somewhere visible in your home. Every day whatever change you have on your person gets placed inside.
Your very own modern-day version of a piggy bank. You can even make it interesting with your family, and make it something that everyone does, and at the end of the year, you'll go somewhere as a treat.
4. Create a budget and grocery list
This is an oldie but goodie. Sticking to a grocery list and budgeting with coupons can save you lots of money.
Because you never really understand how many unnecessary items you buy when you're out shopping until you see the money leave your account.
5. Sign up for rewards programmes
Besides the fact that most retailers and restaurants have apps or cards that help you save, it is the best thing to feel like you are earning something back when you spend.
When you eat out, almost all food outlets have an app that allows you to gain points for each purchase. If you are uncertain, then enquire.
And when it comes to retailers, you can see how much you've saved on your till slip, which does great things for your state of mind.
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