Interest rates - The single most important attribute of a savings account
Saving is the core of what we believe will set you up for financial success. This blog is going to take you through our tips and tricks for saving more!
To start off, and considering we are in the middle of a crisp winter here in SA, we have a few small ways in which you can save on daily expenses this winter!Have a weekly money review
Sit down once a week and review your financial status. Review your accounts and the budget that you have set up for the month. Make sure that you are on track.Make coffee at home
As much as we all love a freshly ground cup of coffee from our favourite café, spending R20 plus every day on a cup of coffee adds up quickly. Try cutting down on these to once or twice a week only.Prep for grocery shopping
Make a grocery list and stick to your list, only get what’s needed. You should also do some research and see which grocery market is running specials for the items you require. Sign up for loyalty cards as you get cashback points.Reduce eating out and ordering online food deliveries
As easy as it easy to simply click and have your dinner delivered, this can add up fast. You should pre-plan your weeks meals and even cook most of it over the weekend and freeze your meals for an easy alternative in the week. Save eating out for a weekend and only once or twice a week.Use it up
You probably have lots of unused or partly used items around your house. Before you go to the store to buy more, look around and see if you can find something at home. This simple exercise will help you to spend less and to clear out some of the clutter in your home.
Try and adopt these few tricks into your everyday life this winter!
But if you want some more in-depth tricks for saving in a more broad sense we have compiled our top 10 tips and tricks!
Our Top 10 Tips & Tricks For Saving
1. Set your goals and go for it
Firstly, why do you want to save? Do you want to go on that family trip you’ve always dreamed about? Do you want to buy a house or a new car? Maybe you want to start an emergency fund for any unexpected expenses? Whatever your financial goals are, make a list, add the amount you need to achieve that goal and keep it top of mind.2. Budget budget budget!
It’s simple - you can’t start saving if you don’t track your spending. When you start crunching numbers and understanding where your money is going, the sooner you can start saving for things that matter. Budgeting is also a great way to identify how much we actually spend on things we need, compared to the things we want.
Remember that your savings are part of your spending as well, so you will have to add this to your calculations.
3. Shop Smart
In this day and age, it’s easy to overspend. Credit cards, ATMs and online shopping make it easy to spend money that you might not necessarily have.
Retailers are good at what they do, and they spend a lot of money on research regarding understanding consumer behaviour so you end up putting more items in your shopping cart. It’s always a good idea to set up barriers when shopping. Enjoy shopping online? For non-essential items, leave things in your shopping cart and come back in a day. Visiting a store? Put items on hold and sleep on it.
4. On the menu: Home cooked meals
We all love convenience food because it’s quick and easy, especially when you’ve been running around all day and haven’t had a chance to cook. BUT it also costs a lot more money. You can make just about anything at home for a fraction of the cost plus it will be a lot healthier because you know each and every ingredient used. Got a freezer? Why not prep meals for the week or month and freeze them to ensure you have something to whip up when your time (or energy) is running low.
5. Buy (and sell) Pre-loved
When it comes to kids clothing and toys, you can spend a whole lot less when you buy second hand goods. Try local classified sites or even check out a few second hand stores for everything your kids need, without the extra spend. Have your kids outgrown their outfits or no longer playing with their favourite toys? Why not use these sites to advertise the items and in return, make some extra cash?!
6. Cash Back? – yes please!
Put money in your pocket for items you already buy. Most local banks offer cash back campaigns that give you money back on purchases from various stores. This is usually via points that you can redeem back for cash. It’s an excellent way to get money back on everyday expenses like groceries and petrol so speak to your bank and get activated!
7. Go generic
These days, generic items are just as good as brand products and they’re a fraction of the cost. Stock up on generic items and save!
8. Pack lunches for the family.
When you’re packing lunches for the kids, why not add an extra one for your spouse? Eating fast food five times a week is costly and unhealthy. And even if your spouse replaces one fast food lunch a week, the savings will be about R200 a month. That’s R2600 for the entire year!
9. Make savings automatic
As they say, what you can’t see you won’t miss. After you’ve set up your savings fund and calculated the savings you need to achieve your short to long-term goals, you should have that money automatically directly deposited into a separate savings account. Out of sight, out of mind.
10. Get rid of debt (AND SAVE!)
Is debt eating into your savings? Get on top of your finances and grow a healthy financial future with the help of Meerkat. We'll deal with all your creditors on your behalf, leaving you to focus on what matters to you most.
Do you find these useful? We’re going to now elaborate on what makes it essential to save and how you can go about it from now onwards!
Tackle your debt
Contact us and we’ll help you spring clean your debt so your finances can grow to new heights. We'll deal with all your creditors on your behalf, leaving you to focus on what matters to you most. Remember, it’s never too late to start saving and getting rid of debt!
If you are struggling to keep up with your monthly expenses on the salary you are earning, the idea of saving might seem unimaginable. But, you can start somewhere no matter how small. It is worth the effort as it can give you peace of mind and prepare you for unexpected rocky financial times ahead. You can start off small and as time goes on, it will become easier to save and your savings will accumulate.
Peace of mind
Most of us have had nights lying awake wondering how we are going to pay the rent this month or how we are going to afford something we need. You might worry about how you are going to keep up with paying your bills if you were to lose your job.
As you save and your savings accumulate, this worry reduces. If you run into a tough financial situation or lose your job, you will have your savings to fall back on. You will also have peace of mind for your own retirement or for your children’s college fund. This will help you to sleep better at night.
Expands your options
Having money saved up will allow you to have more options. For example, if you are unhappy in your job your savings will provide a buffer if you were to leave before securing a new more enjoyable role.
Perhaps you are looking to move as you need a bigger house? You can use your savings for a deposit. Sometimes we have unexpected medical expenses which stress us out and make us sicker! With a savings pot you will have funds available to cover the shortfall.
Or maybe you just fancy a weekend away from it all. Relax, sit back and enjoy, knowing you have saved up for your break.
Make your money work for you
Once you start saving, your money can start to work for you through the power of compound interest. As you save your money earns interest. That interest then earns interest and so on. Building up an emergency fund is the best way to get started. Our new savings solution can help you get started. We’re also busy finalising a nifty tool to help you prioritise and keep track of your goals.
We hope you have found this blog useful! These small tricks to help you save on your daily expenses this winter as well as more generally we hope you find useful! Do you have any other tricks which you would recommend? Let us know!