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Interest rates are set to rise again and food
and petrol prices are increasing at alarming
rates. For those who are desperate, the
implementation of a couple of simple measures
could save more than R1 000 a
month.
Shop online
Online
grocery shopping sites usually list the prices of
items from lowest to highest. This makes for an
easy way to compare brands and ensure the best
value for money. By shopping online we avoid going
into the store where we tend to be tempted to buy
non-essential items. Buying online makes sure you
stick to your shopping list.
Diesel
Although the price of petrol is regulated,
diesel is not. Check out petrol stations along
your daily routes to see which offers the best
price.
Energy costs
A lot has
been written about this topic given our
electricity crisis. But remember to switch off
lights, use energy-efficient bulbs, insulate
geysers and either install a timer or switch it
off at night and during the day. Installing a
solar geyser is the best energy-saving
strategy.
Entertainment
Rather
than going to entertainment centres have a picnic
with the children at the local park or community
centre. Money management website Justmoney.co.za
calculates that taking a family of four to a
restaurant each week easily sets you back R500, or
R26 000 a year. Yet R500 could cover the cost of a
whole week's worth of home-cooked dinners for the
same family. If you tend to have two cappuccinos
when you meet friends for coffee, cut back to one.
It is better for your health and could save you
R200 a month.
Internet
There are
a lot of aggressive deals out there. Shop around
and make sure you are getting the best value for
money. You might not need all the bandwidth you
pay for.
Insurance
To reduce your
monthly premiums Santam recommends reducing the
cover on your car, which depreciates over time.
You can therefore adjust the insured value of your
vehicle every year and reduce premiums. Vehicles
are insured at market value, whereas house
contents are insured for their replacement value.
If your vehicle is old and not worth much then it
is best to opt for fire, accident and third-party
cover only. Increasing the excess on insurance
will bring down
premiums.
Mortgage
Simon Stockley
of mortgage broker Integer recommends shopping
around for the best possible deal on your home
loan. Negotiate with your current lender and if no
meaningful concessions on the rate are on offer,
consider switching to another lender.
Phones
Justmoney.co.za questions
the necessity of a home phone considering we all
own cellphones, usually with off-peak minutes.
Axing Telkom will save you R98,16 a month or R1
177 a year. Buying SMSes in bulk and using them to
communicate rather than making a call will also
slash your cellphone
bill.
DStv
With load-shedding,
how much TV are we getting to watch anyway? By
cancelling DStv you save R478 a month or R5 700 a
year. Or if you still need some additional
viewing, downgrade to the smaller package, DStv
compact, for R199.
Less
smoke
Justmoney.co.za calculates that the
average smoker can save R8 556 a year by quitting.
At about R23 a pack, cigarettes set you back R713
a month, or R8 556 a year. It might be hard to
quit altogether, but even cutting back by half
will save you more than four grand a
year.
Gym subscription
If you are
not using your gym membership, now is the time to
own up and cancel. It is just making you feel
guilty and putting the money into your budget will
alleviate the guilt.
Hire for the
occasion
If you are invited to an event and
need that special outfit to go with it, you don't
have to buy one. There are many places, such as
Not Tonight Josephine, which hire out evening
wear. After all, you want to be seen in the outfit
only
once. |