9 ways to reduce your essential expenses
We often think of budgeting as an exercise in cutting out all of the things we want. But what about focusing on getting what you need for less, so that you can save more towards the things you really want?
We often think of budgeting as an exercise in cutting out all of the things we want. But what about focusing on getting what you need for less, so that you can save more towards the things you really want?
Do the same for all of your insurance policies (e.g. vehicle or household insurance) If you want to stay with your current insurance provider, see if they will reduce their rate to keep you.
Tip: Your car’s value decreases every year. Your insurer won’t pay out more than the car’s current replacement value, so your premium should reduce accordingly. Most insurers don’t do this for you automatically. Create a reminder in your calendar and request a reduction each year.If you are still in the market to buy then look at these handy tips when budgeting to buy.
Tip: When evaluating your contract options, give careful thought to the phone you select. Choosing a good but less expensive phone can save you a lot over the 24 months you pay it off. You might also consider keeping your current phone and switching to a month-to-month contract or going pay-as-you. This can save you money and allow you greater flexibility.
Tip: If you are up for a contract renewal, remember that in many parts of South Africa the rental market is currently in a slump. If you are a good tenant, this could put you in strong negotiating position with your landlord.
Tip: Just lowering the thermostat on your geyser from 70ºC to 60ºC could reduce your monthly ill by 5%. For further savings, cover it with a geyser blanket to keep it insulated and keep it switched off during low-use periods (like during the day when you are out).