Bank Better, Live Better
smart ways to save11/01/2018
Whether you’re saving for lobola, building your emergency fund or putting money away until you decide what to do with it, these tips can help you grow your savings.
51% of you told us that debt is your biggest worry, while 26% said you had no savings. And because 77% of you didn’t have enough cash, you didn’t save.
Can you free up some money and start saving? Try some of these ideas:
Reduce your debt
Every cent you don’t pay towards debt is one more you can add to your savings. Prioritise paying off your debt that has the highest interest, as well as debt that you may be close to paying off first. Then start working on the remaining debt with the money you have freed up.
Cash is expensive, so use free or cheaper electronic channels instead. If you need to draw cash, do so at Checkers, Pick n Pay, Shoprite or Boxer till points for only R1.61.
See where you can save
Review your budget to see where you can save. Are there regular activities you can cut back on? For example, if you eat out with friends quite often, why not invite them over for a shared home-cooked meal instead?
Use or ditch your loyalty programme
If your loyalty programme offers you discounts on purchases, then use it to save even more and put the money you save towards your savings goal. If you’re not getting any benefit from it, then get rid of it. Find out what your loyalty programme is costing you.
Ask for a discount
You could save just by asking for a discount. Use these ideas to pay less when shopping for clothes, flights or a home.
Open a savings plan
You’ll need somewhere to put all the money you’ll be saving. Open a Capitec transaction/savings account and earn from 4.85% interest per year on your daily balances. Get up to 4 extra savings plans, name them and use them to save for various purposes.