Make time for your finances this festive season (Part 2)

Scale down

• Cancel subscriptions to apps you don’t need.
• Cancel duplicate insurances, especially those offered as a side product.
• Switch to  cheaper packages (eg; DSTV)
• Check out the terms and conditions and cancellation clauses and penalties applicable.
• Get comparative quotes on medical aids, insurance etc . This could save you quite a bit of money.
• A roof over your head is a necessity. Paying rent in an area you can’t afford isn’t. Considering relocating to a cheaper location. Sometimes, just a few blocks makes a huge difference in rental prices
• You need transport to get around. But do you really need a big fuel-guzzling car with the price of petrol these days? Consider changing to a vehicle with a lower fuel-consumption, especially if you are working from home

Save money on the way you do things

While it’s not always possible to physically put money under the mattress or in a savings account, we can still “save”.

• Switch off your geyser during the day. If you save R10 a day on electricity this way – that’s R300 a month that can go towards something else
• Make food that feeds more people – and where leftovers can be frozen. Soups and bredies (even without meat) go a long way these days.
• Medicines are costly. Make your own immune system boosters from natural ingredients.
• Check for specials on cellphone data and airtime deals during this time.

Do your homework and find cheaper food prices

• Sadly, the price of food  and staple products have increased tremendously over the last year.  Sometimes by as much as 30% on basic items like rice and sugar. By keeping track of “specials” of various grocery stores, you can save at quite a bit of money on your weekly or monthly grocery purchases.

Start an emergency savings fund

• With many people struggle to even afford the basics these days, saving money might seem a little far-fetched. Yet, if Covid-19 has taught us anything, it is that we need to be prepared for anything.
• Even if it is a small amount, try and set aside some money on a regular basis. It all adds up.
• If you set aside just R5 a day, every day for a year – you would have R1 825 to show for it.

The most important bit of advice that I can give today is this:

Don’t try keeping up with the Jones’. There are no more Jones’s!

• Ask for help and take help when it is offered.
• Visit financial sites, and become  empowered by gaining as much information around your rights and options as a consumer and a debtor.
• Remember, it’s OK to be worried and stressed about your finances. Just don’t let it consume you. 

Make the time and the effort this holiday season to get a clear view of your finances. It can only stand you in good stead.