The transition from a very relaxed holiday period to school or work means that many people tend to feel the financial pinch from their festive spending. The latest repo rate announcement from Reserve Bank Governor, Lesetja Kganyago, suggests that the future may be very bumpy as the rate remains unchanged at 7% and the economy remains unstable.
27 November 2012
Take a look at what your biggest outgoings are every month? It is most likely to be your bond payment or rent, closely followed by transport, food and utility bills.
Trim your everyday expenses and you should find you have some spare cash to pop into a rainy day fund. And having this savings pot has become more important than ever, as the economic uncertainty continues and many people’s employment prospects look ever-more precarious.
Below are some ideas on how to trim your everyday expenses.
Travel costs soon add up, whether it is buying petrol for your car or a monthly train pass. One of the best ways to trim this cost down is to use trains and buses, which are considerably better than several years ago.
Another option is cycling to work or perhaps looking at a lift club to save on petrol costs and wear and tear on your car.
Compare food prices
Instead of shopping at the more expensive grocery store such head to your local Shoprite or OK store or Fruit and Veg City. Check the process and buy in bulk where there is a saving, but be careful and always check the prices which are often shown by weight.
Check your bank account charges
Changing bank accounts is not as hard as it used to be and can save you a fortune. We regularly hear of clients moving from an account costing R250 per month to one at R75, a saving of R2100 a year or R100,000 over the average working life.
Re-think the caffeine addition!
If you are buying a takeaway coffee every working day the cost equates to R3,000 a year! Invest in a thermal flask and make your own coffee at work or before leaving the house.
You are most likely spending R30 a day on shop bought lunches. Taking ten minutes in a morning to make a simple packed lunch will save you money on a weekly basis. Save one day a week for a ‘splurge’ lunch and you will appreciate it even more!
Cut your phone costs
Take note of your tariff and when you have ‘free’ calls and SMS’s and try to stick to these times. Shop around for a new tariff if the one you are currently on is unsuitable. It is getting more competitive and there are more options out there, with great deals on the market and phone call costs coming down.
Should you find yourself needing advice about debt and how to manage your day to day expenses do not hesitate to contact DebtBusters on 0869 99 06 06 or debtbusters.co.za