How To Save Money In South Africa
Don’t you wish you knew how to save money all those years ago?
Imagine if you had known of these ways to save money back then and how much you could have saved by now.
For instance, if you had started using just a few of these ways to save money and managed to save R300 a month it would have been worth about R300,000 after 20 years at an interest rate of just over 10%.
On the other hand, if you had put the R300 under your mattress every month, you would’ve ended up with a R72,000 pile of cash after 20 years which is significantly less than if it had been invested.
This is the power of compound interest at work which just goes to show that with a little bit of effort & discipline there are some really effective ways to save money which you can use to create wealth for yourself.
It’s never too late to start learning how to save money, so implement some of these money saving tips today and begin your own wealth creation plan.
30 Ways To Save Money
1. Move Your Bank Account
Change your bank to the one that gives you the best interest rate, lowest service charges and most effective rewards program.
Most banks have some sort of rewards program, for instance FNB’s eBucks gives you eBucks which you can use for food & petrol purchases or even holidays.
2. Stop Buying Fast Food
Convenience food shopping is not only expensive, but always leaves you wanting more & unsatisfied.
By buying fresh food you’ll save money as you won’t need as much to keep you feeling full & satisfied after meals and you can prepare more for less.
3. Stop Smoking
Anyone who smokes these days must have a death wish and money to burn.
There are huge savings to be realised by quitting smoking especially in light of the ever increasing tax on cigarettes.
4. Join Rewards Programs
Only shop at the stores that have money back rewards programs, like PnP’s Smartshopper for instance, as well as those at chemists, your medical aid company, banks, etc.
Even restaurants have rewards & loyalty programs that can be used to get discounts of your next meal.
There are also Apps, such as the Entertainer App, that allow users to get massively discounted meals at participating restaurants.
5. Reduce Your Liquor Bill
Drinking isn’t healthy for anyone and must be one of the most expensive ways of processing alcohol into urine.
6. Make Large One Pot Dishes
By making a large one pot dish you can use it for more than one serving or freeze the balance and serve it another time.
Buy a crock pot or slow cooker into which you can dump your ingredients & leave to simmer while you’re at work, saving electricity, and produce make great meals at the same time.
7. Turn Down Your Geyser
You can save huge of amounts on your electricity bill by turning down the geyser thermostat so that it doesn’t use power to continually heat it up to an unnecessarily high temperature.
8. Stop Using Your Credit Card
This requires discipline but there are massive savings to had by not having to pay the exorbitant credit card interest which is an unnecessary expense.
9. Take Advantage Of Specials
Whether it’s groceries or an appliance that you need, rather buy these things when they’re sold at lower than normal retail prices.
You can even do this while you’re doing your grocery shopping by choosing the products on special even if it means not buying your favourite brand.
10. Save On Fuel
Always be vigilant as to when petrol prices are going up or down in order to maximise your savings on the fuel price.
By doing this you can fill your tank just before the price increases or just after it decreases which could easily save you R100 for one tank.
11. Don’t Shop On An Empty Stomach
Don’t ever go grocery shopping when you’re hungry as you’re more likely to cave in to buying anything that looks good.
12. Cancel Your Unused Gym Membership
I can’t believe how many people are paying their monthly gym memberships without ever going.
So if this is you cancel your gym membership or any other membership that’s costing you money if you’re not using it or getting any benefit from it.
Also if you’re a member of one of the big medical companies, you probably qualify for free gym membership so ensure this is activated if you are an active gym user.
13. Buy Used If You Can
This applies to everything from motor vehicles to appliances & even clothes.
Just as an example the price difference between a brand new vehicle and a demo model, which also comes with the full factory warranty & maintenance plan, is enormous.
Also, buying good quality used clothes will come at a fraction of the price of new ones.
14. Take Advantage Of Black Friday Sales & Boxing Day Sales
You’ll get just about anything you want if you wait for one of these sales and you’ll save heaps of money in the process.
15. Have a Jumble Sale
I’ve made thousands out of selling our old clothes on Gumtree – try it, you’ll be amazed at how much money you can save from the proceeds of jumble sales.
16. Pack a Lunch
Take your own lunch to work every day even if it’s the leftovers from the previous evening’s meal.
Muffins, hard boiled eggs or sandwiches made with health bread are also good options.
17. Avoid the Shopping Mall
By going to the mall, especially with your kids, you’ll end up buying something or at least stopping for a drink which will set you back at least a R100.
18. Airbnb Your Spare Room
If you have a spare room, or property, you should rent it out or use Airbnb to get it occupied and enjoy receiving a decent amount of cash in return.
19. Cancel Magazine Subscriptions
You can often save money by reading your favourite magazines online rather than getting the hard copy sent to you.
20. Have Breakfast Every Morning
Ensure you eat a healthy breakfast every morning which will keep you feeling full for most of the day and remove the temptation to go and buy fast food during the day.
21. Don’t Pay For Parking
The cost for parking in a convenient area is huge and you could save tones of cash every month by parking in a free parking area even if it means an extra walk.
22. Repair Stuff Yourself
You can save a fortune by not having to get plumbers, electricians and handymen out to fix things that you could do yourself.
If you’re not sure of how to do something, you can find really helpful diy tutorials and videos online which show you exactly how to do something.
23. Use Free Entertainment
Take advantage of open events taking place where you live as well as free movies which you can often get with your loyalty programs.
24. Take Public Transport
Not only is public transport often cheaper, but you won’t need to pay for parking, risk getting traffic fines or pay for wear & tear on your vehicle.
25. Cut Your Own Hair
I don’t how well this will go down with the ladies, but for men you can save loads by doing your own hair.
A barber cut can cost a few hundred when you can do it yourself, save money and often do a better job.
26. Get Cash Discounts
Always ask for a cash discount or some sort of financial benefit for paying up front.
For instance paying your Dstv account up front for a year will save you a month’s subscription charges so you end up paying for just 11 months.
27. Use a Carpool
If you live near a co-worker share the driving to work so that you can each halve your vehicle costs of driving to work.
28. Consolidate Your Debt
By consolidating your debt you should be able to reduce your overall interest cost which could see you saving hundreds each month which you could use to pay off your debt quicker or invest it for growth.
29. Buy In Bulk
By buying all your staples like washing powder, soap, shampoo, food items and so on, in bulk you can save huge amounts of money.
30. Pack Your Own Snacks For Road Trips
Going on holiday is costly enough, but stopping at all the tempting road stops can cost you a fortune for hamburgers and drinks.
By packing your own sandwiches and snacks as well as a thermos of coffee is a great way to save money on road trips.
If you can learn how to save money and implement just a few of these ways to save money & invest the savings you’ll be well on your way to creating wealth for yourself.
Just remember, many rich people only become rich by investing their money to create their wealth and there’s no reason why you can’t do it too.