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Saving money is not just for when you already have a purchase or holiday idea – it should be something that you do monthly and you need to be disciplined with it, says venture capitalist and entrepreneur Shakes Motsilili.
Motsilili, who is also a TEDx speaker, also looks to savings wisdom from billionaire Warren Buffet. He once said: "Do not save what is left over after spending but spend what is left after saving."
Motsilili has his own savings wisdom. He shares 10 practical tips:
1. Stick to a budget
You need to ask yourself; do you want it, or do you need it?
2. Grocery shopping management
Shop for specials and buy monthly.
One spends so much more, especially on treats and luxuries when you shop randomly through the month.
3. Healthier lifestyle
Bad habits are expensive. A box of cigarettes can cost up to R50, and up to R80 in nightclubs.
Stop smoking, reduce buying junk food and daily alcoholic drinks.
4. Save an amount of your earnings every month
Set up a monthly debit order to your savings account.
5. Invest
Start investing your savings smartly.
This could be as simple as setting up a money market account, which attracts higher interest than an ordinary bank savings or cheque account.
6. Think about how you travel
Whether you use your own car or public transport, you need to have a look at a more optimal way to do your daily travels.
Buy monthly tickets for public transport or try joining a carpool.
7. Be very prudent with your entertainment spend
Carry cash when you go out night. When the money is finished you go home.
8. Prepare meals at home
Prepare food at home, or carry a packed lunch and cook food instead of buying take-aways.
Carry beverages from home.
Buy in bulk at a supermarket.
9. Cancel memberships you don't use
If you aren't going to gym, why are you paying for it?
10. Save for a reason
Have reasons for saving so that it stops being an exercise without real meaning for you.
