Six ways to help steer your money saving journey this year
One a penny, two a penny, three a penny, four...
Savings. Do we even know what that means anymore? With the plight that the economy has forced upon us, many South Africans have been forced into dipping into their saving plans.
Not ideal, of course, but somewhat necessary. However, there are those of us that don't look carefully at the way we spend. Because if we are really honest with ourselves, we must admit that spending has everything to do with emotion and feeling.
So if we can commit to being more aware of our spending patterns or behaviours, then we can definitely save. Some of the saving switches have everything to do with making different lifestyle choices.
Monitor your unnecessary purchases for a period and calculate how much this will cost you in a year– you might be surprised to see just how much you’re spending and, more importantly, how much you could save if you sacrifice those luxuries.
Mbere has set forth six simple ways of making money more available for saving.
1. Be energy efficient at home: "Your electricity and gas bills likely went up in 2021 due to the rise in electricity tariffs, resulting in an even bigger drain on your finances." (Business Tech)
Take some time out to work on ways of reducing your electricity use. Look at switching to solar powered lights, perhaps think about day-night switches, which allow the lights to only come on when it gets dark. Switch off your geyser, your stove mains, your microwave.
2. Cut out takeaway coffee: This is a luxury for many people, something that they are not willing to part with. But if you look at the amount of money that you are spending on a cuppa joe, the rands add up.
"It can end up costing you about R5000 a year. By opting to be your own barista, you could make those cups of coffee at home for under R1000. That is a massive saving of R4,000 for the year." (Business Tech)
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3. Swap out takeaways for home-cooked meals: Again, something that could put a lot more rands into your pocket. We know it's easier to succumb to buying takeaway, but if you are serious about building a savings, then rather opt for buying food that you can cook at home.
4. Kick the habit: "Smokers or vapers may be shocked at just how much their habit set them back in 2021. Simply doing the calculation might just motivate you to kick the habit in 2022. The R40 a day for a box of cigarettes has always been built into your budget so rather put it into a savings account going forward. You will end up saving between R13,000 and R16,000 per year." (Business Tech)
5. Shop for second-hand clothing: This could be a non-negotiable for some. But we're in no way suggesting you do anything you are not comfortable with. All we are saying is that there are much more affordable ways of buying clothes nowadays.
So instead of only looking at the premium, look at the alternatives. "The second-hand clothing market has recently experienced a boom and there are now various platforms that offer contemporary items at a fraction of the in-store price tag." (Business Tech)
6. Take advantage of rewards programmes: By simply swiping a rewards card, you could accumulate a savings throughout the year. Clicks, Checkers and Dischem all offer a great return on swipes. This one is a no-effort tip and the bright side is it will pay to be a part of the programme.
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