Cape Town - Consumers can save large sums of money by just cutting down on the small luxuries in life. Investment actuary Hildegarde Wilson crunched the numbers.
“If you save R25 a day that you would spend on one cappuccino every day, for a year you would save R40 000 and over R90 000 in a decade,” she told Fin24 about analysis she conducted.
Wilson said an even bigger saving can be expected from smokers should they quit.
“If you save the money from 3 packets of cigarettes a week, after a decade you would have saved R154 000.”
She also warned against spending money that you have saved, suggesting that you rather consult a financial adviser about where to put that savings.
Hildegard suggested we put our love for example baking or photography to good use to earn an extra income.
"Sell those cupcakes... sell those pictures," she said. Using Build-a-Bear as an example, she said the company was started by someone who loved making bears and today "it's a multimillion [dollar], multi-national company and it started with somebody who loved making bears".
READ: Save thousands by ditching just one guilty pleasure
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