Savings: 10 tips to help you save

Here are 10 easy ways to boost your savings:

1. Choose quality over cheap
Invest in buying quality products that last and support a circular economy. Be mindful of how items, especially clothing, are made. Regularly purchasing inexpensive clothing not only drains cash flow but also harms the environment. Additionally, strive to reduce your reliance on single-use plastics, opting for reusable alternatives to minimise environmental impact.

2. Prioritise high-interest debt

Manage your debt wisely but focus on paying off loans with high interest rates with bigger instalments to save on interest.

3. Build an emergency fund
While saving the recommended three times your monthly expenses for unexpected costs may seem challenging, incorporating simple saving habits like cutting down on fast-food expenses, dining out less frequently, and minimising wasteful spending will become evident when you create a budget and track your spending. You will be amazed at how quickly you can help fill up your piggy bank.

4. Shop smart for big purchases
Avoid the last-minute rush for celebration essentials. Stock up on items throughout the year that you know you will need in December. Always look for deals and discounts when making major purchases. Consider using apps and making online purchases to save on fuel costs.

5. Utilise extra income wisely
Make smart use of additional income. Save unexpected funds or use them purposefully instead of tapping into your bank accounts. The same applies to gift cards; they all come in the same colour green.

6. Keep tabs on your subscribed services
Regularly review your paid subscriptions and cut out unnecessary ones to save money. Despite good intentions and New Year's resolutions, ask yourself when was the last time you used that gym membership or any other fee-based memberships. Be honest with yourself – if you are not using it, it is money down the drain.

7. Lower cell phone costs
In a world where technology evolves rapidly and market competition is intense, consider choosing a device that aligns with your specific needs and budget, rather than chasing the latest trends.

8. Reduce energy usage
As South Africans, we've mastered the art of load shedding. Why not turn this electricity downtime into a daily habit? Take an hour or two, even when the lights are on, for electricity-free activities. In our beautiful country, there is no excuse not to unplug and enjoy the outdoors—or perhaps even read a book!

9. Control expenses when dining out or socialising
As with all other events, set a budget for these activities. Look for venues with discounts or happy hour specials. Sharing meals with friends can help split the bill, and consider embracing the cost-effective practice of 'bring and braai'—contribute items or ask guests to contribute to an at-home get-together and social gatherings. Be mindful of impulse spending on extras like desserts or extra drinks. These simple steps allow you to enjoy socialising without overspending.

10. Hunt for discounts and use cash backs
Retailers are savvy! It is time to be an equally savvy consumer. While retailers seem to offer a variety of cost-saving deals for the consumer's benefit, making smart choices by investing only in everyday items that you use is crucial. Additionally, consider shopping at stores that offer cash back promotions and make the most of cash back rewards. Buying 3-for-2 or saving 10% on items you never use is counterproductive.

Remember the golden rules:

1. That saving is not just a practice but a way of life.
2. To celebrate in small ways by rewarding yourself for sticking to your saving goals.
3. Most of all ––find your reasons to save, but save you must!