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In today’s day and age with prices of goods constantly increasing and our salary staying the same, saving money and staying debt free is a constant challenge. Below is money saving tips that are practical to use each day and simple to practice. Once you get into the habit of saving and working clever with your money you will soon be debt free and able to save for that family holiday.
Pay cash as often as possible. That way you can only make a purchase when you have money available. Over time you will use your credit card less and ultimately avoid interest charges and late payments. Try to have as little cash as possible in your wallet at all times, if the money is not there it cannot be spent.
Keep those 5 cents, they really do begin to add up. Get a coin jar and save all those cents and loos rands lying around in the house. You will be surprised how much it can actually add up to at the end of the month. Once your jar is full add the coins and exchange it at the bank.
Make use of store coupons. This can seem like a waste of time but the savings can well be worth the effort.
Grocery shopping is a big part of our monthly expenses and can be a tough task. A simply way to cut spending is to plan meals, make a shopping list and sticking to it. Eat before you go shopping, yes it might sound silly but when you are hungry while shopping everything looks good and you end up buying things you do not really need. Keep your eyes open for specials but make sure it is REALY a special by comparing other prices. Buy generic products which is most of the time cheaper than the branded items and exactly the same.
Why not earn extra income with your talents. If you are a great baker why not sell your baked goods or if you are a master with the guitar why not give lessens. There is so much you can do with your talents that can earn you a few extra Rands.
Stop cluttering your house and packing your storage space full of unnecessary items. Sell them on Gumtree, you will be surprised what you can sell and how easy it is to make extra money.
DIY. Stop being lazy and start being handy. Why do you need to get someone in to paint your house and all those other odd jobs, do it yourself. You can get crafty and make any of the expensive home decor items yourself.
Shop around for insurance quotes, compare the quotes and even tell the insurance company what you receive at another company, they might be willing to lower your costs instead of loosing you as a client.
Learn to say no. It is easy to simply give your child what he/she wants if it means they will stop screaming but don’t give in. Do you really need to go out for lunch with your colleges as often as you do? By learning to say no a few times will do wonders for your bank account.
Dont try to keep up with the Joneses. Trying to keep up appearances is more than a costly obsession. You can’t judge people by what they have and you don’t know how they got it. It is possible that they are in more debt than what you are.
Ask yourself, do you really need it? Picture the scenario. It is lunch time with an hour to kill you wonder around in the mall, there is a sale on boots. Summer has started so do you really need those boots? I thought not.
Why not walk or cycle to work? If work is too far, start a lift club and save on your petrol expense.
Cut down on those guilty pleasures. Limit your few beers after work to a beer on the weekend or your glass of wine each night to a glass of wine twice a week. Set limits and stick to them.
Quit smoking. Ignoring the health implications, smell and guilt, your pack a day is easily costing you R32 that is R224 a week. So if you don’t want to quit for your health quit for your bank accounts sake.
Cancel your gym membership. How often do you go to the gym? If it is less than 3 times a week you need to ask yourself do I really need to pay each month for a service I don’t really make use of. Instead go for a run, it costs you nothing.
Bundle your insurance. Many times if you take out home insurance, car insurance etc. all at one company they work out special rates for you that save you money in the end. But remember to not get caught in the sales pitch and take out unnecessary insurance.
You can’t save when you have debt. It is important to know that there is no point in trying to save money if you have debt. You need to settle your debt first and that way you will save in no longer having interest rates on the loans once they are paid off. If you have a home loan and extra money each month after paying your instalment, push that extra money into your home loan.That way you pay off your loan faster and possible lower your interest rate
Make use of your library. Do you really need to personally own each book you read? You can save money on expensive cooking books novels and guidebooks by simply going to the library and borrowing them for free. If you really have to buy the book why not visit a second hand book store, where you can easily pick up a book for half the price.
Do you really need all those TV channels? Go on a cheaper TV package or cut your DTSV costs all together. All that time that you waste by watching TV you can start doing family activities such as playing board games or start doing crafts and those fun hobbies you never have time for.
Stop buying readymade meals. They might be convenient but they are costly. Preparing your own food saves you money. Be smart make a big dish such as lasagne that you can freeze then you have readymade meals that most likely taste better and that has more nutritional value.
Shop online. Online shopping is getting better all the time and there is plenty of online stores and comparison website such as OneShop that helps you find the best prices. You don’t need to drive form one store to the next, simply get comfortable at home behind your computer and start comparing prices.
It is important to remember that a rand saved here and there really does begin to add up. And all the little savings can make a big difference in your monthly budget and even create the opportunity to save money for a rainy day or pay your debts faster. |
Debt Blog 