Saving money shouldn’t be a burden – and it isn’t all that difficult to do. When we’re tied up in our own finances it can become difficult to identify saving opportunities, but with a bit of perspective saving really can become simple.
1.Reduced premiums on car insurance
The first way to save money is to contact your insurance broker and request the consideration of the decreased value of movable assets. These assets depreciate in value every year – so premiums should be adjusted according to the actual value covered. Over-insurance is as wasteful as under-insurance is dangerous.
2.Credit Life Insurance Policies Considerations
Secondly, check the terms and cost of credit life insurance policies. Often lenders work their own preferred policies into loan agreements, but (while credit life insurance is compulsory) you are under no obligation to utilise that particular cover. We’ve found that consumers can save an average of R250 a month simply by switching to another credit life policy – all for exactly the same benefits.
3.Budgeting and sticking to the budget
The third saving tip sounds complex, but once it’s set up, it will exponentially simplify your life… develop a budget. People don’t like the word, but in truth, it’s a benchmark to work from and eases the stress that everyday decisions can cause. From whether or not to splurge on a dinner out, to how much to put in savings this month, a set budget will guide your financial decisions and help you to achieve your economic goals.
We decided to add two bonus tips on the original 3 tips.
4.Spare some money on pocket save
Banks like FNB and Capitec allows you to open and link an additional savings account to your main account. Use this kind of facility to spare some money and forget about it until when it is necessary to use it.
5.Save half of your 13th cheque for January
We mostly struggle financially every January because we tend to spend a lot in December. If you are getting the 13th cheque or salary, spare half of it into you pocket savings account. You will need it in January for transport back to work, kids’ back to school items and a whole lot more