Page 51 - TODAY magazine Issue 1 2021

YOUR WEALTH // PERSONAL FINANCE
a demo model for sale, go for it. They are often heavily discounted and might only have a tiny scratch or blemish. (Read ’How to stop emotional spending’ on page 12 for advice on curbing impulse buying.)
Use gift vouchers and rewards points
‘We are a family of five and I don’t often have the luxury of shopping without a budget. So I look at both the price and value for money in everything.
I use online shopping sites to compare the prices
of luxuries, such as perfumes, toys and special items like decor and gadgets,’ says Karabo Ramookho, Old Mutual’s Strategic Retail Marketing Manager.
‘I also save for such bigger expenses and, where possible, use gift vouchers and rewards.’
Go incognito
Using an incognito or private browser can save
you money when you’re shopping online. Why? It automatically deletes your browser history when you close a tab. Companies track what you’re looking at and increase prices to make you buy something because you’re afraid that the price would go up again.
Turn off online notifications
Unsubscribe from online shops’ newsletters and turn off notifications of sales and special offers. ‘Even if the
sale is on for one day only, ask yourself if you really need that new duvet cover or dinner
plates,’ says Ramookho.
Get an extra potato, for free
Next time you’re buying packaged fruit and vegetables, make a point
of weighing the bags before you choose one. The weight indicated on the bag is actually the minimum it has to be. That means, some bags may weigh
more but cost the same.
SAVE ON HEALTHCARE
Medical expenses
When your doctor prescribes medication, always ask if there is a
more affordable generic equivalent you can use instead. If you’re on
medical aid, look for doctors who charge the medical aid scheme rate or are in your
Stop smoking
Just by giving up this habit, you’ll save money. Plus, quitting smoking is good for your health and may reduce your life insurance premiums.
SAVE ON YOUR CAR
Book that annual service
Keeping your car properly maintained can help to avoid large expenses down the line. Make sure you regularly check the wheel alignment and tyre pressure, too. When tyres aren’t at the right pressure, your car will use more fuel than usual. If a car is not properly maintained,
your insurer might also reject your claim in case of an accident. (Turn to page 40 to see other reasons why insurers reject vehicle claims.)
Be a sensible driver
When driving, avoid braking too quickly or harshly. Not only will this save you money on fuel, but it can reduce unnecessary maintenance costs, such as having to replace brake pads more often than you need to.
SAVE AT HOME
Go for gas
Gas stoves and heaters might cost you upfront, but in the long run they can greatly reduce your electricity bill. An added plus is that they work during power outages.
Convert to LED
A large part of any household electricity bill is made up of lighting. LED light bulbs use 75% less energy than incandescent bulbs and can last up to 10 times longer.
Use the cold cycle
About 75% of the energy needed to do a load of washing in a washing machine goes into heating the water. Make a point of selecting the cold cycle instead. If an item is heavily soiled, rather wash it by hand instead of adding it to a not-so-soiled load.
Use the tumble dryer sparingly
Hanging clothes up to dry instead of putting them in
the tumble dryer could save you around R1 000 or
more per year. For example, if your tumble dryer uses 3.15 kWh per cycle and you use it four times a week every week, and your electricity costs R1.35 per kWh the sum will look as follows: 3.15 x 4 x 52 x 1.35. That will bring you to R884.52 a year, just to tumble dry your clothes. Clothes also keep their shape and last longer
if they don’t go through the tumble dryer as often.
GET 22SEVEN AND REGAIN CONTROL OF YOUR MONEY 22seven is a popular app that will give you a full picture
of your financial situation – what you spend money on, your income, interest on savings and your debt – so that you can track your progress. Plus it’s free to download and use.
scheme’s network.
// 49 // ISSUE ONE 2021
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