July has been designated ‘National Savings Month’ by the Savings Institute of South Africa(SISA), an independent non-profit organisation, especially dedicated to helping South Africans develop a culture of saving.
As history proves, South Africans are not very good at saving, but we have hope that things will get better! According to South African Reserve Bank (SARB) figures, our saving rates have plummeted over the last 16 years, reaching an awful low of -2.70 percent in 2013.
Image Source: Trading Economics
But.. there’s light at the end of the tunnel. We have seen a slight increase in the Household Saving Rate in South Africa. The saving rate went from from -0.50 percent at the end of 2016 to -0.30 percent in the first quarter of 2017.
We need to take time to reflect on our saving and spending habits; the habits that affect our futures. Many of us seem to overlook the fact that we actually don’t have much time to save money, and procrastinating could lead us to very poor times ahead…
Here’s how you can save money like a true South African:
- Keep a huge change jar
We are very quick to waste our change, mainly because it can seem insignificant and become a nuisance; however, people all over the world have saved enough money to fund holidays, pay for their children’s school supplies, buy new furniture, add to savings accounts – you name it! 10c, 20c, 50c all the way to R5, and even notes, can all go into a big change jar. The bigger the jar, the more money you’ll probably put aside to fill it. Once the jar is full, you can cash in the change and spend it on something you need or put it into a savings account.
- Use phone apps to help you save
We use technology for so many different things, so why shouldn’t we use it to help us save? There are some very awesome apps that can help you take control of your finances.Read our blog on 4 Apps available to track your spending.
- Host more bring and braais
Social gatherings can be very expensive, especially if you’re catering for a lot of guests or going out to restaurants all the time. A bring and braai is one of the best ways to have a great time with your friends and family without stretching out your cash. Everyone brings their own drinks and food, or each guest contributes a dish to share with everyone else.
- Participate in store loyalty programs
Most nationwide stores have loyalty programs that provide really good benefits the buyer. Whether it be discounted prices on clothes and groceries, cashback or vouchers, you should definitely take advantage of the different stores’ loyalty programmes.
If you are spending too much and saving too little, or if you have absolutely no idea where your money is going every month, Debt Rescue can help you take control of your finances and get out of debt.