How often have you gone to the bank and silently screamed to yourself ‘’ WHERE HAS ALL MY MONEY GONE’’ when you see the balance on your receipt? I’m sure that if we went back and reviewed our credit and debit card transactions, we would find some guilty purchases. Seeing your spending might leave you in shock, on the bright side though, it can guide you on the areas you need to cut back on. Saving money is one thing that’s easier said than done, so let’s go through some tips that will have you saving in no time.
Saving tips for the Home:
Electricity is a huge expense. If you could shed R340 off your monthly bill you could be saving R4 080 per year. One of the biggest culprits in the home is the geyser and probably contributes to 40% of the monthly bill. Turn off your geyser when you leave the house or install a geyser blanket. Geyser blankets keep your hot water hotter for longer, meaning your geyser won’t come on as often and thus use less electricity.
Change your light bulbs. Energy-Saving light bulbs use up to 80% less electricity than normal light bulbs and as an added benefit, they last up to 10 times longer. Let’s also not forget to turn the lights off when we are not using them, make it a habit to turn off a light every time you leave a room.
Unplug those appliances! Even when they are not in use, appliances and electronics draw electricity that can amount to 10% of your monthly expenditure.
Saving tips for better health.
Let’s start with the Gym. Cancel the membership that most of us don’t use and save up to R4 200 per annum on a R350 monthly membership. There are many fitness options you can do at home such as You-Tube Aerobics Videos and downloadable fitness apps. Or, for a small onetime investment, purchase a skipping rope and a few dumbbells! If you enjoy the gym, then consider searching for alternative membership packages.
The next time a doctor prescribes medication ask for the generic version, they are a great deal cheaper than the originals. Always be on the look-out for cheaper medical aid packages and search for a doctor who charges the medical scheme rates.
Say goodbye to the Takeaways!!! We all know how easy it is to hit the drive-thru after a long day at the office. If you cut back on the Takeaways you could save R7 800 per annum based on one Takeaway meal a week worth R150. Plan your meals by the week. Buy your groceries weekly based on the meals you will make and discipline yourself to drive past the drive – thru.
Saving tips for your vehicle:
Check in with your broker every so often to see if there’s anything they could do to save you on your premium (if they aren’t actively doing it already). Shaving R200 off you insurance premium save another R2400 per year. Speak to your broker about your current excess. If it’s feasible, you might want to take a slightly higher excess to save on your monthly premium. Insurance Brokers can quote on multiple carriers with one phone call. So, pick up the phone, talk to a broker and get saving on that vehicle insurance.
Keep your vehicle maintained and avoid skipping services. Maintaining your vehicle will help you avoid bigger bills in the long run. Check the shock absorbers and wheel alignment regularly. These will use a large amount of petrol if they’re not in good condition.
There you have it! These are just a few of many ways to help you save money. Test and try what will work for you. Remain disciplined when trying to save money, it’s easy to fall back into bad habits. Set yourself monthly savings targets. Before you know it, you’ll be booking that family holiday with all your hard-earned savings.
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