In South Africa, we have a poor savings culture, which will mean we will have to work for longer or retire poor, as we are living longer. Households that are considered affluent but certainly not rich are paying higher tax contributions and possible wages freezes and below inflation rises have left previously financially comfortable families […]
28 November 2012
What are your biggest outgoings every month? The chances are it’s your bond payment or rent – 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.
Here’s a step-by-step guide to slashing your daily expenses – all before this time next week!
Day 1: Trim transport costs
Regular travel costs really mount up, whether it’s because you’re buying petrol for your car or a train/bus ticket to get to work.
One of the best ways to trim transport costs is to walk to work. If you live close to your place of work you can save costs by walking or cycling and get fit in the process thereby saving the costly gym subscription.
If you drive consider a lift club to share petrol costs and wear and tear on your car.
Day 2: Compare food prices
Now it’s time to tackle your grocery bills.
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.
Day 3: Check your bank account is not costing too much.
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.
Day 4: Ditch the caffeine fix
We’re mid-way through our money-saving week – and it’s now time to curb your caffeine addiction. If you buy a R15 takeaway coffee every working day, that equates to over R3,000!
So, ditch the take away coffee, invest in a nice thermal flask and brew up some coffee before you leave the house.
Day 5: Frugal lunch
If you’re always nipping out to buy lunch at work, you could easily be spending R30 a day. That equates to around R150 a week; so get up ten minutes earlier in the morning and throw together a simple packed lunch instead.