Smart Tips to Saving Money
The standard of living continues to increase while inflation is on the rise, and we find ourselves with less and less disposable income. Our salary may not be enough for the things we need and inadequate to cover our expenses.
Izwe Loans offers you complete freedom to use your loan for what is you need. This could be to pay for your home, your child’s education, to consolidate existing debt or for any unpredicted expenditure. By keeping your payments up-to-date your interest rates do not increase and therefore the term of your loan will not be extended. In this way you avoid the overwhelming stress that comes with unpaid debt.
Saving money is smart and we all know that it is what we should be doing. However, sometimes we face an incredibly tight budget and find ourselves using money from our savings for daily expenses!
Better savers are better spenders!
The following tips will ensure you always manage to put a little away:
1. Set Reasonable Goals
Know what you are saving towards; maybe you plan to renovate or extend your house, or enrol your child at one of the best schools or universities. It’s important to have a plan – it keeps you motivated and ensures you reach your goal.
2. Keep a Budget
By keeping a realistic budget that you will stick to half the job is done for you. If you write down a plan of action, of how you will use your money, you are more prone to following it. Make use of Izwe Loan’s budgeting tool [link]
3. Write down your expenses
Get into the habit of jotting down how much you spend and on what. You will then be able to see all the unnecessary expenses that you can cut out of your lifestyle and rather save that money.
4. Start a Retirement Plan
It is impossible to work forever. Plan for future peace of mind by starting a retirement savings plan and have something to look forward to. Most of the major insurance providers such as; Old Mutual, Allan Gray, Liberty, Discovery, Investic etc. – provide a wealth of information on how to go about selecting the most appropriate plan suited to your budget and future requirements. In addition to the insurance providers, there are brokers and financial planners; ask an Expert at The Financial Planners in South Africa by clicking the following link http://goo.gl/wV9FLa to get this process started.
If you are just getting started with saving, follow these small steps that will also make a difference:
5. Use free Wi-Fi whenever possible
By switching off your data and using free Wi-Fi you can significantly reduce your data costs. Izwe Loans now have 5 Wi-Fire sites within their branches, allowing you free Internet access. The next time you visit Izwe Loans don’t forget to use Wi-Fire – it’s free! Visit www.findfreewifi.co.za to find hotspots close to you.
6. Sign up for every available rewards programme
This is when saving really pays off. If you sign up with the rewards programme at your bank or favourite supermarket you shall soon reap the benefits. For example;
- FNB eBucks has partnered with Checkers to maximise rewards for their customers.
- Standard Bank has the UCount Rewards and
- Pick n Pay gives back through the smart shopper programme.
There are many more, not all are free; however, the rewards make it worthwhile.
7. Don’t spend big money entertaining your children
Your children need you to spend time with you and not your money. Entertain them inexpensively by doing things that can be found around the house, such as: crafts, tossing coins in a jar, playing in the garden and telling stories.
8. Cancel the DSTV channels you don’t watch
Most of us have satellite channels we rarely watch, if ever. Change your package and only subscribe to the channels you actually watch. You’ll be surprised at how much you save just by signing up for a more compact package.
Lastly, live a little! After all you work hard for your salary, and deserve a treat. Spoil yourself every now and then. In this way saving won’t feel like a chore, or leave you with a feeling of always missing out.