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Below are some practical tips on how to save money in South Africa.
Your goal should be to save at least 10% of your pre-tax earnings. Consider paying yourself first by starting a regular savings plan that could form the backbone of a fund from which you will be able to draw money to cover the necessities of life.
Whether you are saving for a house or for your retirement, you will never reach your goals unless you make savings a priority. Little changes can add up to big savings on day-to-day expenses. Those savings can be put to good use for achieving your long term savings goals.
Are you a spender or a saver? Be honest with yourself and select investments that will provide you with the discipline you may need.
Turn savings into a game. Instead of force feeding budgeting tips to yourself, look at this as an
adventure. Try to top your own savings each month or compete with a friend. Make savings a family affair – have a fun programme of savings for everyone to enjoy.
Consider having a kitchen jar to save money for a family holiday. You might want to give yourself pocket money allowance. The key is that your spending should not exceed your allowance. After the money is gone, it's gone.
Don’t neglect tomorrow due to extravagance today. If you know you need to save need to save more, start saving money TODAY! Procrastination is enemy no 1.
Invest when the market is low, its sale time! Its important to invest for the long haul and be prepared to ride out the highs and lows.
It may help to draw up your bucket list and separate it into short, medium and long term goals. This will play a large part in selecting appropriate savings vehicles to achieve these goals.
A great way to help save money is to create a budget, and then stick to it. Even by just tracking where the money is going, you will be more aware of your spending habits and eliminate unnecessary spending. Download the free excel budget template (below) or the 22seven budget app to easily track and manage your money in one place. One of the best ways to save money is to never see it. Set up direct debits and designate that some of your money goes directly into a savings account.
Keep a money jar that you can throw all your change into each night is a great way to save money. Plus, if you keep a note of how much you spend, you will be able to calculate how much your day-to-day living is costing
Avoid temptations such as special offers popping into your mailbox daily, unless it’s something you have been looking out for specifically.
Retirement should not be regarded as a point in time but rather as a period over which
transition is made from living off earnings to living off savings. When you cannot work
in old age, your money will be working for you.
You must start early enough, and you must save enough. If you leave off starting to
save for retirement from 30 years before to 10 years before, you will have to put away
10 times as much each month.
Take retirement savings seriously and do more than your parents and
grandparents did. Use the online retirement calculator to work out how much money you need to save to get your desired monthly retirement income in South Africa and then start saving money for retirement today, or learn more about creating the perfect retirement plan.
Education can be costly. The best time to start saving for education is when your child is born. The next best time is now. Every little bit helps!
Keeping on top of your mortgage situation can help you save big.
Always keep up to date on your car insurance – remember each year the value of your car will
decrease so remember to amend the retail/ market value on your insurance to ensure you are
paying the right premiums for your car insurance.
You don’t need to insure your house with your lender. Rather, shop around to find the best home
building insurance deal you can get. Plus, update your household inventory for insurance purposes. Check on replacement costs and grade your household goods correctly to ensure you are not over insuring your household items.
Your health will directly impact the cost of life insurance and in some cases can reduce your health insurance and unforeseen or budgeted for bills if you get ill.
Keep your tyres properly inflated – you’ll prolong their life as well as save on petrol. Regular maintenance of your car – like your home – will ensure it lasts longer. Make it part of your routine to check the car's oil, water and tyre pressure regularly. Live closer to work. It's better to pay more for the house, an appreciating asset, rather than on petrol and maintenance on the car.
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