If you’re looking for ideas on how to save money monthly, these hacks will help your cash go further.
1. Make use of apps
SNAPnSAVE is a nifty app that pays cash back on groceries. It’s easy – book the discounted products you want through the app, buy them within 48 hours and snap and upload your till slip. Because the offers are brand-specific and not supermarket-related, you can shop at Checkers, Shoprite, Pick n Pay or Spar and save on everything from bread and milk to after-sun gel and furniture polish.
2. Shop for discounts
Foodies (you’ll also find them as Foodeez online) in Cape Town and Best Before in Sandton are just two of a growing number of ‘best-before’ stores selling discounted, non-perishable foods, toiletries and household goods near, or just past, their best-before date. Most items come from countries such as the UK, Italy, France and Spain, which means you’re getting imported products at reasonable prices
3. Save, save, save!
Experts recommend saving at least 10% of your income per month, but we all know that this is easier said than done. One way is to automate your savings. Choose a savings or investment account and set up a debit order so that the money is invested automatically, every month.
4. Review your debit orders
Why pay for national gym membership when you train at the same gym every day? Do you really read all the newspapers, newsletters and online content you subscribe to? Small savings like these become big wins over time.
5. Buy the best you can afford
The best things in life (clothes, appliances, homeware) are not free, but they do last a lot longer. Buy the best you can afford, even if it means saving up for a month or three – you’ll save in the long run.
6. Be informed
It helps to know the going price of an item to avoid falling for fake special offers or getting carried away during sales. Recently, in the UK, 12% of Black Friday shoppers bought something they already owned at home.
7. Bigger is not always better
We’ve been conditioned to believe that buying in bulk is cheaper, but make a point of checking the price per gram. Frequently it’s smarter to buy two 500g packets than the 1kg option.
8. Get rid of debt
Pay off the smallest account – while keeping up the minimum instalments on the others. The thrill of being rid of one debt will motivate you to keep going, as long as you add the amount you’re saving on the settled account to the monthly instalment of the next one on your list.<
9. Turn your stuff into cash
One man’s rubbish truly is another man’s treasure. Sign up for a Saturday morning car-boot sale. Aside from making money, it will keep you out of the shops.
10. Pack your own lunch
Collect the money in a jar that you’d usually spend on impulse buys and treats in a week: coffee (R30), bottled water (R15). Did you know that a daily coffee alone costs about R8 000 a year?
This article originally appeared in Today Issue 1 2018.