“Either fill pitchers or live by the river.”
~ Vineet Raj Kapoor
The cost of living is higher than many South Africans’ wallets will allow. Saving money is no longer a luxury but a necessary action. We have compiled 30 of the greatest savings tips geared at money conscious people like you.
Last week we covered 15 savings tips. If you have not already, read 30 Savings Tips for South Africans (Part 1) . This week we cover another 15 great savings tips. Out of all 30 tips, let us know in the comments, which savings tip is your favourite?
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1.Use the 30-Day Item Rule
This is a big saver! Especially for large items that will bite a chunk out of your budget. The 30-day item rule is magic!
Let’s say you would like to make a purchase for an expensive item. Instead of rushing out to buy the first one you see, place the money in an interest-bearing savings account and leave it for 30-days.
After 30-days, decide if you still want to buy the item. If you do, make sure you have done your research. You may find something cheaper, better or different. You would have made some interest on the amount giving you a little something extra, and given yourself some time to not impulse buy. If you decide not to purchase yet, you will have already started growing interest on the amount added to your savings.
2.Save with Online Shopping
This tip does not work with all online shopping stores, but it certainly works with the majority. If you sign up for the newsletter, or create an account and leave specific items in your cart, you may receive an email from the online store within 24 hours with a discount code.
3.Use Cash instead of Cards
Using your card is an easy swipe. And when you look again, you wonder how the money went so fast. Rather draw money, keep it in your wallet and then shop. Giving out money and watching the amount decrease is far more difficult than simply swiping the card.
4.Learn to Negotiate
Negotiating can happen everywhere and doesn’t only need to happen with our local businesses. Many businesses have a discount which can be applied if you ask nicely. You will be surprised how much you can actually save on items.
This is a long-term saving. Buying cheap doesn’t pay off. You almost always need to buy the item three or four times. Just be careful, quality does not mean brand name, it means that the item is made to last.
6.Use the Library
The internet has almost completely rendered our libraries a forgotten treasure trove of knowledge. Spending time scrolling through websites and buying books or pdfs online is extremely useful, however your local library can also provide you with a lot of resources such as school books at a massively reduced cost. Plus, you’re not only saving money but keeping the libraries alive.
7.Switch to a Low-fee Bank Account
Being aware of how much you are charged on your accounts to keep your money in the bank is important. There are so many options where you pay nothing to keep your money in the bank and still earn interest. Choose wisely and choose the lowest possible monthly fees.
8.Use a Budget
We speak a lot about budgeting because it is important. This list would not be complete if we didn’t mention the budget. Keeping a budget and sticking to it will save you money and financially empower you.
9.Clear up your Debt
Debt eats away at your money and really causes more stress than anything else. If you do have debt and cannot seem to make ends meet, look into debt review by having a chat with one of our consultants. Feel free to ask the important questions and see how a solution to help you better navigate those monthly repayments can be made.
10.Cover the Geyser
Your geyser is responsible for up to 30% of your monthly electricity bill. Most of that electricity is drawn from the geyser because it keeps having to heat up large quantities of water. A geyser blanket allows less of this heating to be necessary. You will see a difference in your electricity bill within the first month.
11.Cancel the Subscriptions
Subscriptions are a large money maker for businesses and a bigger money muncher for consumers. Check your cellphone bill at the end of the month, as well as your bank statement. Check that you are not subscribed to anything on your phone. If you allow your little ones to play games on your phone, it is even more important to check on a regular basis. Other subscriptions that you do not use, like having three different online streaming services, can also be cut down to one. Every bit of saving helps. Weigh up the money spent and the time that you have to use them.
12.Leave the Kids at Home when You Shop
Children love going to the shops with their parents. At least until they become teenagers. The little ones will be caught with all the colours and yummy things around and will nag you until you give in. Parents can really learn negotiation skills from their children. Leaving them at home when shopping, if they have someone to look after them, will actually save you money, grey hairs and unnecessary tears.
13.Lower Your Fuel Consumption
Fuel prices are now through the roof. Some motor vehicles, it costs the same as a new microwave to fill the tank. Try to walk if it’s safe enough. Only drive if it’s necessary and spend your money at one shopping mall that doesn’t charge an arm and a leg for parking fees.
14.Don’t Buy into Get-it-now Schemes
Consumers are, for the most part, very oblivious to how brilliant quick solve schemes to sell a product can be. Very few ever work and most impulsive items always end up in the garage or in the back of a cupboard, wasting space and leaving you with regret. If it sounds too good to be true, leave it.
15.Revel in Free Fun!
Many of us tend to believe that entertainment costs a fortune. It doesn’t have to. Board games sound boring, but they’re amazing with some popcorn and cooldrink. They build family and friend bonds and save a ton of money. Walking in your local park, if safe enough, is also a money saver. South Africa has a wealth of places to visit which are free and fun, you only need to look.
Let us know in the comments below which of these tips are your favourite. Do you have savings tips that will help fellow South Africans, drop them in the comments below too. If you are struggling to save money due to financial constraints, have a chat with our consultants to see how we can be of service to you.
For the last 12 years, Debt Rescue has been at the frontlines assisting over-indebted South Africans. Debt Rescue has managed to help thousands of consumers achieve financial freedom through the debt review process. Contact us now to see how you too can manage your debt affordably.