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Cut down your spending

If you spend more than you earn, perhaps it is time to take a long, hard look at your finances. Often due to emotional spending or getting caught in a debt trap, spending more than you earn means your debt will pile up slowly until it is too much to recover from. This can lead to over-indebtedness and even debt review, which in not a position you want to find yourself in.

In the quest to save you money, here are a few ways you can cut down on your spending:

Don’t pay so much for transport

With rapidly increasing fuel prices around every corner and endless maintenance costs for vehicles, now is the time to switch to alternative methods of transport.

  • Use public transport- trains, buses and taxis allow for most people to get around efficiently without costing them an arm and a leg.
  • Walk when you can. If going somewhere close by, it’s better to walk and get some exercise while not wasting valuable petrol and a short journey.
  • Car-pool and use the group dynamic to cut down on petrol costs.

Cut down on vices

Whether drinking, smoking or treating yourself to a shopping spree, vices can add up to a huge amount at the end of the month. While a great way to keep you sane and working hard, these also drain funds that could be needed elsewhere. While it may not seem like much on a day to day basis, over a month or year it really starts to add up. If you take a smoker, smoking a box of premium cigarettes every two days, they can spend up to R600 per month or R7,200 a year. That is a lot of money to breathe in and blow out.

Alternative life

While you want to have fun and take your family on days out, the cost of holidays or even a dinner can be huge. Especially when dealing with a large family. Find other ways to enjoy doing things together that don’t waste your needed money. There are many things to do that won’t break the bank, be creative and find alternative ways of enjoying a day out. Choose a camp site over a hotel or have a picnic on a beach rather than eating at a restaurant.

Clothes can also be quite a cost, substituting brands for less expensive versions can also save you loads. Many retail stores specialize in supplying no name brands that come at half the price.

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