8 Ways to Save for a Deposit
Money-saving tips that don’t mean sacrificing your morning coffee
1 BE WARDROBE-SAVVY Think about how many onceoff outfits you buy for parties, weddings and big nights out, and then never wear again. Now think about how much money you’d save if you rented those outfits instead, for a fraction of the cost. Meet Just Gowns, Silver Swallow and even Bride & Co – they are easy-to-use clothing-hire companies that help you look expensive without being expensive. Plus, you’ll never accidentally double up on an outfit. 2 NEVER SPEND A R50 NOTE EVER AGAIN Stop taking those pink notes out of your wallet immediately. Why? Marie Campagna Franklin, a college professor and finance blogger in the US, decided that every time she received a fivedollar note, she’d put it aside. In 13 years, she amassed about US$52 000 (about R625 000). The same is true for your R50s! 3 GET COOKIN’ Two words, friends: bulk cooking. Sexy? Not really. Money-saving? Yup. Say you’re cooking spag bol for dinner: double or triple the recipe and freeze the portions you don’t eat. The next time you’re stuck with no dinner, contemplating a R200 Uber Eats order, you’ll have something delicious to fall back on. 4 ADD TO CART SMART Cyber Monday. End of financial year. Boxing Day. Black Friday. Etc. They’re the times of the year when most retailers offer walletfriendly sales and deals online and in store. Add the dates to your phone calendar, and wait for them to roll around to score clothes, makeup and more for a fraction of the price. 5 INVISIBLE SAVINGS Open a separate savings account and set up an automatic transfer of R500 from your main account every month. You’ll barely notice it’s missing, and at the end of the year you’ll be R6 000 richer. 6 PAY LESS WHEN YOU EAT OUT Is there any point to life if you can’t share wine with your girls over dinner? You can still indulge with your mates – and save with some tweaks. ‘Go out for breakfast or lunch (and aim to go out for only one meal a week) – they’re cheaper options,’ says Heales. Not ready to ditch dinners? ‘Choose BYOB restaurants to avoid spending R150 on a bottle of wine you could pick up for R45.’
7 BE TRAVEL-SAVVY
NICOLE HEALES, A FINANCIAL ADVISER AT NICOLE HEALES FINANCIAL, SAYS YOU SHOULD ALWAYS BOOK YOUR FLIGHTS FIRST AND YOUR ACCOMMODATION LAST. ‘ FLIGHTS GET EXPENSIVE CLOSER TO YOUR TRAVEL DATE BUT YOU CAN ALWAYS FIND LAST MINUTE HOTEL DEALS.’
8 SWITCH BANKS
Still with the bank your parents picked out for you when you were 11? You could be getting flogged with a buffet of savings-draining fees. Look for a bank with no overdraft fees, no minimum deposit amounts and the cheapest account-operating fees. Capitec always scores well on costs.