Reduce your spending

● If you are on a contract phone, switch to a prepaid plan.

● Try to shop once a month with a list.

● Do a spring clean at home. What you don’t need, you can sell online.

● Try to do without satellite and streaming TV services. These are costly.

● Do a “no spend challenge” for a week. If it works, make it more frequent. The 30-day rule is a simple method to control impulse spending. Here’s how it works. Whenever you feel the urge to splurge, whether it’s for new shoes or a videogame, force yourself to stop. If you’re already holding the item, put it back.

● Make a monthly budget and stick to it – what are your wants and what are your needs?

● Shopping online is cheap. You can compare prices and have your purchases delivered.

● Avoid offer deals – buy two and get one free (the price is factored in for all three).

● Make online bookings for hotels, movies and travel. You save a lot more.

● Loyalty programmes – use your discounts rewards systems.

● Check your bank statements monthly. Sometimes you may be overcharged and other times you may be charged for things you did not buy.

● Join a lift club.

● Buy healthy meals – your medical aid rewards you.

● Gym regularly. Your medical aid and insurance company reward you with discounts on your premiums.

● Shop at back-to-school sales for your children.

● Entice your children to study hard, so they qualify for bursaries or scholarships.

● Buy used textbooks for school or university.

● Pay bills immediately to avoid interest charges.

● Save electricity by switching off appliances or switches.

● Subscribe to saving schemes.