8 Ways to Save for a De­posit

Money-sav­ing tips that don’t mean sac­ri­fic­ing your morn­ing cof­fee

Cosmopolitan (South Africa) - - WORK -

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 ˆ 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.

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