Save Smart: 10 Money saving tips
Stacey and J Sbu received a confession about someone struggling with budgeting. We did a deep dive and found some pretty helpful money-saving tips.
In uncertain economic times, saving money can be a challenge. However, with a little self-discipline and some healthy financial habits, anyone can save a little extra every month.
https://www.oldmutual.co.za/articles/money-saving-tips/
has shared some valuable money-saving tips to help you get started.1. Draw up a monthly budget
The first step to saving properly is to draw up a budget. Take a look at your essential fixed monthly expenses, such as investments, rent and car payments and add these to your budget first. Then, calculate a reasonable budget for your other monthly expenses, such as groceries and toiletries. Use a bank statement or a budget app to help you track your spending.
2. Put savings away right after payday
Set up a debit order to transfer your savings to a separate account as soon as you get paid every month. This will help you learn to live off less money and allow your savings to grow.
3. Track your budget
Use a budgeting app to track your purchases and expenses. This will help you identify areas where you may be overspending and cut costs further.
4. Reduce the amount you spend on credit cards
Credit cards can be misused easily, leading to trouble. Consider keeping your credit limit low and your card "out of sight and out of mind." Exercise self-discipline and patience to wait until you can pay for the things you want.
5. Save on bank fees
Switch to a low-cost bank account to reduce transaction fees. This can save you a significant amount of money in the long run.
6. Stick to a shopping list
Draw up a comprehensive shopping list to focus on only the essentials needed for your meal plan. This will help you avoid impulse buys and reduce food waste.
7. Become a bargain hunter
Look around for different stores that run specials and take advantage of them. This can help you save money on household items and groceries.
8. Cook at home
Cooking at home is far cheaper and healthier than eating out. Consider cooking in bulk and freezing food to save time and money.
9. Sign up for free customer rewards programmes
Sign up for rewards programmes that offer cash back, discounts, or other benefits. This can help you save money and get more value for your spending.
10. Cancel unnecessary subscriptions
Review your subscriptions, such as gym memberships and cancel them if you're not using them regularly. Consider alternative ways to stay active, such as running or body-weight training.
By following these money-saving tips, you can develop healthy financial habits and save a little extra every month. Remember, every little bit counts and a little extra every month can add up to a decent amount over the long term.
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