Beginners guide for Saving | Meerkat | Savings, Insurance, Debt Management | Financial Solutions
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To be able to save you must be reasonable and realistic to yourself. Start with the small things. Develop consistency and make it a habit.

These simple money saving tips can make a huge difference to your life especially if you implement more than one. Let’s get started…

1. Start selling and stop collecting!

Most of us buy many items such as clothes, shoes, appliances that we no longer use . Instead of letting these things go to waste and sitting in the back of the cupboard, start selling! This way you can make a profit on the stuff you never use. This is a good way to start building your savings by getting money from the stuff that would otherwise sit in your house with no use.

2. Reward programmes

There are many customer rewards programmes for basically every shop around. Get as many rewards cards as you can so that you can get discounts on your favourite shops. Some allow you to receive cash backs while others provide discounts. Either way you will be saving just by swiping your rewards cards.

3. Write a shopping list – and stick to it

It’s easy to get those extra things you don’t need when you go shopping. Without a set plan you end up impulse buying and making unplanned purchases. By making a shopping list and sticking to it you can ensure that you will only buy the stuff that you are going to use and avoid that impulse spending.

4. Drink more water

Not only does drinking water have endless health benefits, but it has financial benefits as well. If you drink a big glass of water before eating, you will stay fuller for longer which means you will eat less.

Furthermore, drinking water at a restaurant will help you to save money by not wasting it on cool drinks.

5. Avoid fast food

Instead of getting fast food make your own at home. This is not only a healthier option but will also save your finances. Buying fast food can easily chip away at your whole food budget for the month.

Meal prep can also help you when you don’t feel like cooking. If you make a pot of curry or a stew you can freeze portions and eat them when you like. This will save you money and time.

6. Quit smoking

You probably know by now that your habit is expensive and potentially deadly. If you want to add years to your life and save tons of money stop smoking. Try some of the many anti-smoking products out there to help you quit, you will be much better off.

7. Avoid stress spending

It’s easy to spend money on things to help you wind down after a stressful day at work. Instead of buying these things to help you feel better, it’s a good idea to find other ways to de-stress.

Exercise is always a good option, reading a book or even having a good nap. These are all free options that will help you to de-stress and save money.

8. Pay off your debts and stop taking out credit

Paying off your debts is not always easy. But you do need to start. If you start paying off your debt now, you will be able to get to a point where you do not owe any money each month. This means a better budget and more money! Not only will your debt be paid off but the stress you have from paying your debt each month will be gone. If you cannot afford to pay your debts, contact Meerkat today for help.

Stop taking out credit, it will only make your debt larger and you will always end up paying back much more than you spent. The interest rates are very high, and you might even end up paying double for something you bought years ago.

9. Start a savings account

To be able to save you must be reasonable and realistic to yourself. Start with the small things. Develop consistency and make it a habit.

It is always a good idea to start a savings account, even if you put R25 away each month it will build up. You will always have the account to put your money into with a good interest rate. It’s easy to open an account. Contact Meerkat today to find out more about our upcoming savings plan

10. Normalize packing lunch

You will be shocked with how much money you can save if you can start packing lunch to work or school rather than buying lunch every day. Buying groceries in bulk and making your own lunch will end up saving you more than you think! This way you can also limit your spending to one grocery shop per week.

11. Develop a Money Management System

Saving without managing your finances is like aimlessly shooting for the stars. When you start saving you must keep track of your finances and your spending habits. This helps keep a record of how you use your finances. It also gives you an idea of where you overspend and what is worth saving for. Therefore, you can work around your needs and wants.

Evaluate your spending before building your budget: So before drawing up your budget you need to first write down all your expenses and debts. Write down how you spent your money throughout the past month. Set apart your needs and wants.

Set a monthly budget: Draw up your budget according to your needs and wants. Work around things that are not priority and you can cut off or reduce.

Continuously track : keep track of your spending. This helps you see if you are sticking to the budget that you set up for yourself. Also, to keep you accountable of your spending.

Start today

These are some simple things you can do in your daily life to save your money. Implement one or more into your life and it can end up saving you tons of money. It is never too late to start saving so why not today!

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