Saving Money In South Africa
Have you ever been so broke you couldn’t buy a bottle of water or had to have your friend transfer you R10 to get money out of your bank account?
While your financial situation might not have been as dire as ours, you’ve probably asked your friends to “budget a bit” when the squad goes out on more than one occasion.
Besides cutting down on one too many late night suppers and Friday nights at McDonald’s, there are more than a few lifestyle changes you can make to reduce your monthly expenditure.
If you’re sick of being ‘the broke friend’, we’ve made a list of 9 money-saving hacks you should know if you want to keep your bank statement in the black.
- Dining deals
Going out on date night doesn’t mean having to empty your bank account. Use apps which offer dining discounts such as Mr D Food and get up to 50% off your food bill.
- Keep your student IDs
If you’re still a student, make use of student deals when you shop at:
- Use a basket instead of a trolley when grocery shopping
Shop at Checkers and Pick n Pay for the best grocery deals. Before entering the store, plan your meals in advance and make a grocery list so you’d only put items you need into your basket.
Being aware of how much weight you’re carrying and having limited basket space will prevent you from adding unnecessary items.
- Practice the three-day rule when shopping
The rule’s simple: when you go window-shopping and see something you really want, walk away. If you’re still thinking about it three days later, allow yourself to go and get it.
This way, you make sure you’re buying something you really like instead of accumulating cheap, impulse buys.
But more often than not, if you can buy something from a physical store, you can probably purchase it cheaper online if you’re willing to wait for the delivery.
- Have multiple emails to use promo codes more than once
To achieve maximum productivity, send all advertorials and newsletters to one email to keep spam away from your main work account.
- Use an app to keep track of your expenditure
Download Money Manager on your mobile phone and key in every purchase you make. With different categories available (i.e. shopping, food, transport), you’ll be able to keep track of exactly where your money’s going.
Even though it might feel like a hassle, it’s a good habit to cultivate as it encourages you to be more aware of your everyday spending.
- Get the latest promo codes on Picodi
Often, we find ourselves calling for a Taxi when we realise we’re late to a dinner appointment with our friends again. Plan for better time management so you can afford to take the bus and still be on time.
If you simply take too long to get ready, be the first to get promo codes for Uber and Taxify. There are limited redemptions though, so fastest fingers first!
- Take an interest in financial plans
While it’s important to be financially prudent, it’s also vital to learn how to make your money grow.
Besides having a regular savings plan where you automatically transfer a fixed portion of your salary into every month, you can make small financial investments such as money market funds.
Learn about compound interest investments and take interest in the types of insurance you might possibly buy for a more secure financial future.
- Don’t spend too much on stationery and the latest fashions
Instead of buying too-pretty-to-use stationery you’d inevitably end up hoarding, grab readily available office supplies or one of the many free pens you’ve received from student welfare packs.
Saving Is A Lifestyle
While many of these money saving hacks focus on helping you stretch your dollar, it’s important to note none of these tips will immediately save you a whole lot of money.
At the end of the day, being financially savvy is not about restricting and depriving yourself. It’s about making lifestyle changes which encourages you to shop smart!