“Savings is a commitment, not an amount!”
~ Todd Christensen
The cost of living is higher than the wallets of many South Africans. Economy is no longer a luxury, but a necessary action. We’ve rounded up 30 of the greatest savings tips for money-conscious people like you.
This is part 1 of a huge list of 30 money saving tips.
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1. Local – Lekker
South Africa has many fantastic local businesses. To save money, shopping locally will allow you to ask for discounts. And, of course, you’ll be supporting the local economy and community.
2. Forget Hollywood
By forgetting about the fashion legislators abroad, you will save a large amount of money. When you buy the latest trend or marketing hype in your inbox, you’re usually an impulse buy. We can survive without having the “latest” things. Savings happen when you spend money on what you need instead of what marketing leads you to believe you want.
3. Switch off and go hiking
South Africa is home to some of the most beautiful hiking trails. Many of them are also free. It costs very little to turn off technology and spend time in nature, and it’s something the whole family can enjoy.
There are plenty of online thrift stores and many hidden gems to discover and visit in South Africa. Prices are usually one-tenth of what you would pay for new items.
5. Economical sale
Thrift sales have become a big thing all over the world. Facebook Marketplace is a well-used platform for selling unwanted items. There are also thrifty online stores where you can sell your items too, such as: https://www.yaga.co.za
6. Student discounts
If you’re studying and have a student card, there are lots of ways to save. From shopping to entertainment. If you think about it, chances are there is a student discount. Online programs like Varity Vibe, https://varsityvibe.co.za/ there are ongoing discounts and savings opportunities.
7. The rule of home food
Let’s face it, takeout is awesome! However, it eats up more of your budget than you think. Having takeout once a month as a treat is fine, but if it becomes a routine, it’s just a waste of money. There are so many great recipes that you can download and make at home for half the cost of a takeaway, and have leftovers for the next day.
8. Pay yourself first
A general rule of thumb is to take ten percent of your paycheck and put it into a savings account each month. Before you spend even one cent of your money. For some, this is impossible, in which case it is very important to even set aside the 50 rand (or any small change) until you can free up more money. You never know when those savings will come in handy.
9. Buy in bulk
Buying in bulk is important because it saves you a lot of money in the long run. Try to shop in the middle of the month because you will be able to buy at even more discounted prices. Get a friend to go shopping with you and you can split the principal amount and split the expenses to make a small budget even bigger for the month.
10. Depositing cash on loyalty cards
More often than not, each store has a loyalty card or loyalty program. Many of these programs and cards now work together with fuel purchases. Do your research and make sure you’re cashing in on the free savings.
11. Use shopping directories
There are several directory sites in South Africa that are updated daily, e.g www.latestspecials.co.za. Before you even leave your house to go shopping, download the catalogs you would like to go to, this will save you time and money.
12. Shop with a list
Don’t go shopping without a list. The list allows you to buy everything you need. And will help you stay away from buying extra goodies that you shouldn’t be buying. It also helps you bring only the right amount of money to buy the items on your list.
13. Set boundaries with your children
Every parent who loves their children understands how hard it is to say no to their child. Especially when we think about how little they understand finance. Instead of buying another toy, put the money in a college savings account for them. This will take all the guilt off of you and make it a little easier for you to set boundaries.
14. Let your mind control your money
Money should be treated with logic, not with emotions or stomach. Shopping when you’re hungry should never happen. Having a snack in the car before going to the store helps a lot and prevents you from buying things you don’t need.
15. Turn off the lights during the day
Rising electricity prices have taught us to be more careful about turning off lights and appliances that are not in use. Make sure you replace all light fixtures with energy-saving light bulbs.
We hope you enjoyed these tips and will use them to grow your money even more. Join us by signing up here to be notified when the next 15 tips are available.
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For the past 12 years, Debt Rescue has been at the forefront of helping over-indebted South Africans. Debt Rescue has been able to help thousands of consumers gain financial freedom through the debt resolution process. Contact us now to see how you too can affordably manage your debt.