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  • Writer's picturezarreen soni

Top 10 Ways to Save Money

All of us want to save money. Everyone has a different way of saving money, whether it's by skipping your weekly R20 treat at the bakery or deferring that all-inclusive holiday.

Here are a few of our top 10 ways to save:

1. Set objectives for saving: one of the best ways to save money is to visualize your savings. If you need encouragement to save more money, set saving goals and a deadline. In three years, are you willing to put 20% down on a home? Now that you have a goal, you know how much money you need to save each month to achieve it. Utilize the calculators from Regions to accomplish your objective!

2. Clear your debt: if you are trying to save money by budgeting but are still deeply in debt, start with that. Not convinced? The amount of money you spend each month on debt repayment can be easily calculated. You can easily put that money into savings if you are not forced to pay interest on your debt. A personal line of credit is one of your options for debt consolidation to increase your ability to pay it off.

3. Make annual expense reports: do you buy snacks from the office vending machine on a weekly basis for R200? That means you deduct R10,000 from your budget each year for soda and snacks. The behavior suddenly becomes expensive.

4. Create a interest gaining savings account: the tendency to periodically borrow from savings is reduced for the majority of us if you keep your savings separate from your checking account. Consider options with greater yield rates, such as a Regions CD or Regions Money Market account, for even better savings if your goals are more long-term.

5. Pack lunch: a straightforward method for saving money is to establish regular saves. If buying lunch at work costs R70 but taking lunch from home only costs R30, over the course of a year you can build up an R1200 emergency fund or considerably boost your contribution to a retirement or college savings plan.

6. Energy Cost Savings: by reducing the water heater's thermostat by 10°C, you can save 3-5% on your energy costs. When compared to a traditional storage tank water heater, installing an on-demand or tankless water heater can save you up to 30% on energy costs.

7. Spend to Save: weatherize your home today before it's too late, as utility costs rarely go down over time. Ask for an energy audit from your utility company or find a certified expert who can evaluate your entire home's energy performance. This might range from little changes like sealing windows and doors to the installation of new insulation, siding, or ENERGY STAR high-efficiency products and appliances. You might eventually save hundreds of dollars on utility costs.

8. Spend a "Staycation": the idea is sound: look for delightful vacations close to home in your own backyard rather than spending thousands of rands on pricey international airfares. If you can't drive far, look for low-cost flights in your neighborhood.

9. Give up smoking: naturally, quitting smoking is difficult, but if you smoke a pack and a half a day, giving it up might help you save approximately R3000 annually. Join the group; according to the Centers for Disease Control, South Africans are now less likely to smoke than they were at least halfway through the 1960s.

10. Pay yourself in advance: set up an automated withdrawal from your bank account for each pay period. Make sure it goes straight into your banks saving account.

Contact Clear Review Consultants for a tailor-made financial solution plan on 0215696041 or visit our website to fill out a form:

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