Money Saving Tips

• 2. Groceries
  
  · Plan the week’s meals and fit in budget meals on certain days.
  · Try not to overstock on groceries, rather let the supermarket be your grocery cupboard as this leaves money in your hands for longer.
  · Do not go shopping without a list and try leave the kids at home
  · Do not go shopping on an empty tummy you will end buying more than you need
  · Certain items like sugar, rice and other house hold items are available in bulk at wholesale stores and it is worthwhile shopping for these items at wholesale prices.
  · Vegetables are often cheaper at fruit and vegetable stores, but when you go, take a list or you could get sidetracked by purchasing the extras.
  · Have treat evening once or twice month like going out for dinner or takeouts, this will help save on the unnecessary outings and will make the experience more worthwhile.
  · Have a day of the week to treat the kids to a “sweet day”
  · Grow your own organic vegetables inbetween your flower beds and with small gardens or flats you can grow your own produce in pots.
  · Search the Internet for Budget Recipes
  
  3. Shopping
  
  · Ask yourself “do I really need this?” before buying something
  · Have a budget and use cash and leave the cards at home
  · If you can’t afford to pay cash for the item then don’t buy it on credit
  
  
  4. Health Care
  
  · Choose a medical plan that pays the highest rate of medical aid tariff, most doctors’ charge up to three times the medical aid tariff. Get a few quotes and choose the best medical aid you can afford.
  · Keep all your slips for medicines not claimed by your medical aid. Your medical aid contributions and medical expenses not covered by your medical aid are tax deductable.
  · Look after your health and exercise. Your body is your biggest asset and healthy bodies save money on medical expenses.
  · If your medical aid does not cover doctor’s appointments you can often negotiate a cash payment discount.
  
  
  5. Household Expenditure
  
  Electricity costs are escalating and are expected to continue to do so for the years ahead. Saving power not only helps the nation’s power crisis but obviously saves you money. Develop an energy savings habit in the family. The biggest electricity consuming appliances in ones home are geysers, stoves, air-conditioning and fridges.
  
  Here are some power savings ideas:
  
  · Switch off your geyser when you wake up in the morning until the evening.
  · Restrain from opening the fridge door for extended periods of time.
  · Boil just enough water in your kettle; use a flask to store excess boiled water.
  · Switch off lights and use energy saving bulbs especially the new LED technology
  · There are subsidies available for solar panel geysers’
  · Install isolation material in your roof like isotherm which is very cheap and reduces
  · Air-conditioning costs.
  · Wrap your hot water pipes with blankets and invest in a geyser blanket.
  · Use a gas stove if possible as it is far more efficient than electric stoves.
  
  Water is an expensive commodity and one can reduce water consumption quite easily:
  
  · Taking showers instead of bathing.
  · Wise watering of the garden at night
  · Placing a brick into old type toilet tanks, this reduces the amount of water stored in the tank to flush.
  · Replace washers in taps that drip
  · Collect water from downpipes into a storage tank and use to fill the pool or water the garden
  · Use a plastic bubble type pool cover to reduce evaporation
  · Check your water readings to ensure that you are being billed correctly. Check that the water gauge does not run while all the taps are off in your home. Leaking water pipes are common and can run up your consumption.
  
  Telephone Accounts:
  
  · Take a package with free minutes and try limiting cell phone calls.
  · SMS instead of making calls
  · Consider prepaid cell phone options, this automatically will lower your cell phone usage.
  · Internet accounts like 3 G are also available on pre paid purchasing data bundles and will ensure that your internet usage will not go over your limit.
  · Avoid cell phone contracts just to get a new phone. Rather purchase a phone outright and use prepaid airtime.
  · Avoid waffling on your cell phone, get to the point and keep your calls to under two minutes.
  
  DSTV
  
  · Take a DSTV lite package that can save you half the normal subscriber rate.
  · Take DSTV holidays switch off during school terms. Watch the games at a friend!
  
  6. Life Assurance
  
  ·Review your life assurance policies every year and shop around for quotes from different advisors unless you have an independent advisor that can get you the best deal. Life assurance companies continuously compete in the market.
  
  
  
  
  7. Gifts
  
  · Buy gifts on sale and put them away for birthdays and special occasions
  · Save gift bags and wrapping paper and recycle
  · Make your own cards and personalize them
  
  8. Break Bad Habits
  
  · Quit smoking – read The Easy Way by Alan Carr or use Zyban. Quitting can save hundreds of Rand per month.
  · Drinking – Alcoholic beverages cost a fortune stick to the special occasions and cut down on every day drinking especially at pubs and clubs.
  · If you go out for a night on the town take cash with and leave the cards at home, this way you won’t feel so generous after the first few drinks. Partying costs a fortune. Think before you drink your hard earned cash away.
  · Stick to an entertainment allowance and party once or twice a month.
  · Gambling is highly addictive, mushrooming online casinos are raking in billions of hard earned cash from people who can least afford it. The casino will always win! Yes, there are those occasions where people win, but for every winner there where thousands of losers. Stay clear of casinos especially online casinos. If you happen to visit a casino take cash that you are prepared to loose and have fun, leave your cards at home. However it is best to refrain from gambling entirely.
  
  9. Bank Charges
  
  South African banks are having a field day with bank charges. Banking fees can add up to hundreds of Rand each month. Every time you swipe your card or make a transfer, the charges just add up. The problem is, there is a lack of competition in South Africa and the major banks have formed a cartel. However there are ways of reducing your banking fees and you could literally save thousands of Rand per year.
  
  · Visit your bank and discuss the most cost effective type of Bank Account available.
  · Open a second bank account with Capitec or Bidvest that charge no fees for debit card transactions and that pays interest on positive balances. Transfer your living expenses for the month to this account. Use this bank account to pay for the groceries and etc.
  · Use your credit card for transactions but make sure you pay it back within the 30 day time frame to avoid interest. Credit Card Transactions are paid for by the vendor and not the card holder.
  · Draw cash and pay for goods with cash, avoid multiple withdraws and small auto tellers inside shops which charge over R10 for a transaction.
  
  10. Bond Repayments
  
  Interest on your bond is calculated daily so you can save thousands of Rands during the term of your bond by simply paying your bond before the due date. Another way to save money on your bond is to see a bond originator to see if you can qualify for a better rate. Even a fraction of a percent can make huge difference over the time span of your bond.