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Ten tips to start saving

Oct 10 2014 13:14
Fin24

A Fin24 user wants tips on how to save money. He writes:

How can I save my money?

Renee Marais NCRDC1780, independent debt counselor based in Pretoria, responds:

Pay yourself first

The most important thing is to start at the beginning of the month when you receive your income and pay yourself first.

This payment can be into a savings account, for instance. Speak to the banks to find the best product to provide you with the best return in terms of interest.

Shop around. There are many banks with value added points or cash back systems. Find the right one for you.

You can also speak to a licenced financial services agent about products like life insurance
and/or policies, annuities or other possible higher risk investments like shares, but speak to an expert with the necessary credentials.

READ: Savings tips for real people

Contingency fund

Have a contingency fund for emergencies like new tyres for your car or sudden illness.

Holiday fund

Have a holiday fund

Make a list

Have a menu and a grocery list for when you do shopping. Do not go on an empty stomach. It has been proven that you spend more when you are hungry

Buy in bulk

Buy in bulk when the price is right.

Fill up early morning

Put petrol in your vehicle very early in the morning as petrol is heavy when it is colder and you get more for your buck.

Service your car

Service your car regularly.

What to buy

Do not buy anything without asking yourself: Do I need it or do I want it? You will often find that the purchase is not necessary.

Budget

Have a budget and stick to it.

READ: I'm struggling to save, what can I do

No credit

Do not buy on credit. Save and then ask for a cash discount - you will thank yourself later.

ALSO READ: Not your run-of-the-bill savings tips

- Fin24

Disclaimer:
Fin24 cannot be held liable for any investment decisions made based on the advice given by independent financial service providers. Under the ECT Act and to the fullest extent possible under the applicable law, Fin24 disclaims all responsibility or liability for any damages whatsoever resulting from the use of this site in any manner.

savings  |  money  |  money clinic
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