Save more monthly with these #CashClever tips

Written by Ridwaan Bismilla

We all know we need to save, but some of us aren’t quite sure how to. This week, I’ve decided to equip you all with helpful tips on how to save monthly. I believe these are vital steps to be mindful of in order to succeed! As an accountant with access to client financial records, I can confidently say that people who save are always successful in business, personal finances and general well-being. This is conclusive and there is simply no debate about this finding. I suggest you save at least 15%pm of your gross monthly income. There are many creative ways to save and be frugal. Start by looking at how much you spend daily in order to start ‘wasting less’. This exercise could help save you anything between R1000 to R10000 per month.

HOW TO START SAVING MONTHLY:

• Limit or reduce the number of coffee purchases by half.
• Limit restaurant visits to once a month or at most, once a week.
• Prepare your own lunch from home and only buy it as a treat.
• Prepare home-cooked meals instead of pre-packs or take-aways (potential savings of between R200 to R5000pm for these four points).
• Save electricity at home by actually paying attention to your electricity consumption, making sure that you only boil the amount of water your need in your kettle at a time, unplug cell phone chargers and gaming consoles or any other electronic devices when not in use, switch off lights if not needed, heating one central room instead of many, etc. In doing so, you are not only helping the environment but saving major moola in the process (Saving here of around R200 to R1500pm).
• Purchase a small JoJo tank to harvest rainwater to fill your pool or water your garden.
• Connect old/unused pool hoses to the nearest gutter downpipe to feed directly into the pool (You’re looking at saving around R200 to R800pm for these 3 points).
• Make use of or familiarise yourself with banks rewards programs; you can earn cashback which could be utilised for savings (Saving you around R200 to R2500pm).
• Limit your clothing spend ( Saving of around R200 to R5000pm).
• Avoid impulse buys; rather wait 30 days to see if it is still relevant.
• Reduce your sugar intake – save on sugar tax and your grocery bill (R500 to R1500pm).
• Relook your data and cell phone contracts. (R150 to R1000pm).
• Save fuel (and the environment) by limiting or consolidating vehicle trips and carpool to work where possible (R200 to R2000pm).
• Save on bank charges (educate yourself on the different bank products available). Some monthly consolidated offerings for about R110pm cover most banking needs for the month (R100 to R200pm).
• If you were to receive a tax refund from SARS, -invest it instead of spending it.
• Increasing your earnings by starting a small side hustle … if your current job allows it.

So, try to maintain the focus and keep disciplined and watch as your Investments steadily grow over time. If you need help starting your savings journey or assistance on any other financial matters … feel free to contact me on any of the below-mentioned platforms!

• Website: www.r1faminvestments.co.za
• Email: info@r1faminvestments.co.za
• LinkedIn: Ridwaan Bismilla
• Facebook: Ridwaan Bismilla
• Instagram: r1fam_invevestments

Look out for my next piece where I will be covering all the different savings and investment products out there to consider. Bye for now.