30+ ways to s-t-r-e-t-c-h your money

Over the years I have discussed many different money saving tips and ideas – with all of us feeling the pinch over COVID-19, I thought I would jot down a few of my favourites to help you save and be money smart…here goes!

1. Get organized: Gather all important financial related documents into a central location that is equally accessible to both partners and the family.
2. Track your spending and pay yourself first: Write down where you are spending your money. Re-route some of your spending to a savings account: pay yourself first for a secure financial future. 
3. Plan to save: Start a savings account to cover expenses like clothes, Christmas spend, holidays and insurance. Plan for future expenses throughout the year.  
4. Build an "emergency fund": You never know when you will need additional cash so try to have two to three months of living expenses in a readily accessible savings account or money market account. COVID is a prime example!!
5. Don’t go in to debt, and if you are, get out of debt: If you must use a credit card, control your credit card spending. If you can, pay more than the minimum monthly payment. Once you have paid off your credit card, take the money and put it towards savings or some other form of debt. If possible, the goal is to simultaneously pay off your debt while still putting some towards savings. Remember, you are loaned the money, you will pay interest and make other people money.
6. Set goals: Decide what you want to do with your money. Do you want to pay off debts/student loans? Buy a house? Save for a new car or further education? Write down your goals and your strategy for achieving these goals. Write out a budget. 
7. Review your insurance coverage: Every year, review your health, life, disability, renter/homeowners, auto, and personal liability policies to make sure you are both adequately covered.
8. How much should you save and/or invest? Save at least 15% of every Rand you earn beginning with your first job. The older you are the higher the percentage has to go unless you think you can work forever!
9. Bring your own packed lunch to work once or twice a week instead of buying it.
10. Don’t grocery shop on an empty stomach or you may end up buying more than you need.
11. Cut down food costs by buying what you need on sale, buying generic brands, buying in bulk, and shopping at discount outlets.
12. Shop with a list. 
13. Save petrol by taking care of your car with scheduled check-ups, or just drive less.
14. Consider carpooling, walking, taking the bus or metro, or riding your bike.
15. Exercise at home rather than joining a gym.
16. Make your own coffee at home rather than buying from a store, or at least cut down the number of times per week you purchase coffee.
17. Track your spending – know where every Rand goes!
18. Buy clothes for next year at the end-of-season sales – try garage sales and thrift stores.
19. Take advantage of free entertainment in your community – parks, museums, exhibits, etc. Go to free park concerts and other community activities.
20. Try to buy with cash. If you use credit cards, get rid of all but one or two, and pay off the balance each month. You can save hundreds or thousands of Rands a year by avoiding credit card interest charges. 
21. Always do your grocery shopping with a list of items you need and don't buy anything that's not on the list. You can save hundreds of Rands a year by avoiding impulse food purchases. 
22. Compare unit prices on labels when shopping (for example, price per kilogram). You can save hundreds of Rands a year by purchasing items with the lowest price per unit. 
23. Avoid shopping at convenience stores. You pay for the convenience -- the prices are usually higher than grocery stores. 
24. Consider taking your lunch to work rather than buying it. Depending on where you live and what you eat for lunch, you could save money per day. 
25. Review your telephone and cell phone bills for services you don't use and cancel them.
26. If you subscribe to magazines you rarely get around to reading, cancel the subscription. You could save tens of Rands each month. 
27. When choosing a cell phone plan, find one that's appropriate for the calls you intend to make.
28. When your doctor prescribes a medicine, ask if a generic is available - you'll pay less.
29. Before buying a car, compare insurance, maintenance, and repair costs for comparable models. You can save thousands of Rands over the life of the car by choosing the right model for your budget.
30. Unplug Your Electronics. Unplug small appliances whenever you can. Computers, cell phone chargers, and other electronics often continue to use power -- and radiate heat -- even when turned off. To simplify, plug items into a power strip that you can use as a master switch.

Just a few money saving hints and tips for you to consider – being money smart is an attitude change and way of life. Make every Rand count and work towards being financially free!

Financial Education is the key to Financial Freedom. Keep yourself financially capable and adopt a healthy attitude to your personal money management.

Best wishes, Nigel Willmott CFP®