Nine money-saving tips
Moneyweb
In September, petrol prices are seen rising 59 cents a litre, diesel by 56 cents a litre and electricity tariffs up over 20%. And SA consumers remain under tremendous pressure to clear debt.
Budget Insurance’s Susan Steward shares a few tips on balancing budgets.
1. First, get rid of debt Go through your statements and pay off outstanding debt or strategise a smart budget plan to make the necessary payments.
2. Cut the right costs Can you afford not to be insured? Weighing your insurance options according to your needs and speaking to the right people, saves you money and stress.
3. Let go of excess Try reprioritising your needs and wants list to avoid having to pay for wants and sacrificing family healthcare and education in the long run.
4. Remember your saving goals Set up a monthly debit order to an investment account or open a tax-free savings account; increase your pension fund contribution and maybe request the 13th cheque option from your employer.
5. Cover for a rainy day The amount you save towards an emergency fundshould ideally cover three to six months’ living expenses. Start by putting aside R250 a week, for example.
6. Track your spending Keep track of expenses in your statements, establish where unnecessary spending goes, and find a pattern to re-strategise saving methods.
7. Phase out outdated fees You could be paying subscription fees for magazines, gym or a bank account you don’t use. End subscriptions and use the money more efficiently.
8. Payments that don’t reap rewards Read the fine print/terms and conditions for gaining loyalty points from reward programmes. You could be overspending for smaller returns.
9. Know the money lingo Research and seek advice on the best methods to save money and make it go further. Understanding investments, pension funds and the best account to save and spend can take you a long way.