[Rek jou cheque] Pocket change to prosperity: Cutting everyday costs can transform your finances
You may not think that saving R10 a week by buying less prepaid data or airtime is going to do you any good, but that R10 a week soon adds up to R40 a month—around R500 a year.
This, combined with your other savings, can maximise your income so you can spend the extra money on other things—whether that is paying off debts, bolstering savings, or spending on a much-needed special purchase or holiday.
The little bits saved can add up to a lot.
The struggle is real, therefore, I was delighted when I came across these practical savings tips from Wonga.
Money-saving tips for the home:
– Geysers: They are the biggest electricity-guzzling culprits that can add up to 40 per cent of the monthly electricity bill. Switching off your geyser when you leave the house is the easiest way to keep these costs down. You could also install a geyser blanket - either purchase one or make your own “think pink” material. It’s also an excellent plan to isolate the first metre of your existing hot water pipe. By switching off your geyser, you can save vast money that is usually spent on electricity. If you save R340/pm – it adds up to a lump sum of R4080 in a year.
– Look at the times you have your energy switched on: If you have hot water throughout the day, consider cutting it back to just a few hours in the morning. This can save energy and lower your monthly bills. Even cutting it by half an hour a day can help
– Unplug appliances: Even when turned off, appliances and electronics on standby draw electricity that can amount to 10% and 20% of your electricity bill.
– Where else you can save ‘lights’: In winter, use electric blankets instead of a heater in the bedroom. An electric blanket uses only 3 kW.h of electricity a week, while a small heater could use up to four times as much.
– The stove is one of the heaviest users of electricity. When cooking, match pots and pans to the stove plates of equal size. A small pot on a large plate means the heat around the pot is wasted.
– One cup at a time: Every time you boil an overfilled kettle, you waste unnecessary energy. Rather, boil the kettle once and keep the water hot in a flask. Or at the very least, get into the habit of boiling one cup at a time. And remember that it’s always cheaper to use a kettle for boiling water rather than a pot on the stove.
– Forget the fancy household cleaners: Use old-school methods like bicarbonate of soda or vinegar and lemon juice instead.
– As far as washing dishes goes, the cheaper makes of dishwashing liquid are not always the best, as they are not very concentrated and could cost you more every month.
Money-saving tips for better health
– Ditch the takeaways: As a working mother, I know how easy it is to give in to the temptation of buying takeaways to spare you the effort of cooking. But try sticking to having takeaways on specific days only.
– Gym subscriptions: Consider saving money on the gym and working out at home instead. If you love going to the gym, consider whether cheaper membership packages are available.
– Quit smoking: Ditching cigarettes could save you a lot of money in the long run and be very beneficial to your health. Not only will your bank balance look better, but you will also feel much healthier!
– Medical expenses: Always ask your doctor if you can get generic equivalent drugs – they can be much cheaper. Discuss charges before a consultation, and if you’re paying cash, ask for a discount.
Money-saving tips at work
– Make up your lunches at home: If you think ahead and plan them, you won’t need to buy them in that expensive coffee shop at work.
– If you buy your lunch every day at work, you could save around R150 a week, or R7000 a year, compared to making your own at home.
Money-saving tips for your car
– Drive wisely: Check your tyre pressure, don’t brake too harshly, and stay within the speed limit. These tips can prolong the life of your car and save you fuel costs.
– Cut down to one car: Consider if your household needs two cars. Cutting down to one car could save you a fortune.
– Run your car cheaply and wisely: Be sure to check your car’s wheel alignment and shock absorbers. You’ll be surprised how these can cause your car to guzzle extra petrol when they are not in good working order.
Money-saving tips for your social and family life
– Phone wise: Watch your cell phone bill. Messaging your friends whenever possible rather than having lengthy phone calls is a good idea. More people realise it’s better to buy their dream smartphone cash and manage their airtime spent with prepaid than paying monthly on an expensive contract. You can always sell your old phone later when you want to upgrade.
– Holiday close to home: There are plenty of places to enjoy close to home, so you don’t always need to travel to another country to enjoy a holiday.
– Avoid impulsive shopping: Do you really need extra shoes, jeans or accessories? Think carefully before making each impulsive purchase.
If the daily savings seem insignificant, multiply them by weeks and months to get to the bigger total that will motivate you to save.
In the end, the struggle is real – and every little bit helps.
dailyvoice@inl.co.za