Money Saving Tips
Most people want to save money but usually don’t know where to start, Often its small savings here and there that can add up to a fair amount of saving if one applies oneself. You might think some of these tips to be a little light-hearted, but if you think about them seriously you might find that they are just what you need to start saving money. Here are some money saving tips…..
Is your mortgage killing you ?
For most people buying a house is the single most expensive item they commit to in their lifetime, and that can literally take a lifetime to pay it off. Paying cash to buy a house is not feasible for most people, and paying a high rental means that you have nothing to show for the money spent. Before signing on a mortgage, do some homework and research to compare interest rates of the different institutions that lend money, a saving of 1 or 2% on your interest rate in the long term can translate to considerable saving.
Take a serious look at your monthly budget and see if you can add a few extra Rands to your monthly mortgage payment, that way you an also save money and shorten your mortgage term, just adding an extra R100 a month can show a big difference.
The interest rate on Credit Cards is considerably high, if you can clear your credit card you will make a large saving on your monthly budget. If you can discipline yourself once you have cleared your credit card debt then only use it for emergencies.
Buying anything on credit means paying interest, whether its clothing, furniture, groceries, including a motor vehicle. Buying anything on a payment plan means that it carries interest, do your calculations and see how you can save money on interest you are paying on that new lounge suite or television. It might pay you to save up even pay half of the price of the item or a larger deposit and save on the long term interest rates and pay a lower monthly premium if you can afford it.
Phone Contracts don’t save money
Its so easy to own a cell phone on a contract where you pay monthly for the rental over a period of say 24 months, then you own the phone, but then decide to renew the contract for a newer phone. One of the problems with a contract phone it also carried higher call charges. A cell phone at R350 a month for 24 months will cost you R8,400 over that period, but that does not include the calls per minute or SMS calls which cost more than prepaid SMS calls. If you want a smart phone a prepaid option will cost from about R800 up to R2,000 for a reasonable phone that can do almost everything you want, and the prepaid charges for SMS bundles and data bundles are considerably cheaper as well. This can be a considerable saving over a 24 month period.
Most people take their local supermarket as the place to go for their grocery shopping. Very few consider that most supermarket layouts are designed for impulse buying. Consider this, how many times while waiting in line to pay for your goods you look around and see things that are on display and you are tempted to add to your supermarket trolley, you might not even realise that you have added a magazine that was not on your list, or chocolates which are placed on display at the till. On the end of all supermarket aisles are items that attract the eye and tempt you to put into your trolley. Before going to a supermarket make a list of your needs and stick to the list, avoid temptation to add things you really don’t need just because you see it on special. Use a debit card instead of a credit card to pay for your groceries, you are unlikely to try spend more than what is in your debt card, you can save money on your grocery bills with some forethought.
At a well known chain store supermarket they have house-brand goods, consider these, they are usually cheaper than the branded versions. House-brand goods are usually packed by reputable well known brand names with just a house-brand label on them. The product inside is as good as a branded quality. This is just the tip of the iceberg to save money, look around your home, consider what you need and what is luxury, don’t look at your neighbour and try to keep up or do better than them, most homes are full of useless clutter that gathers dust, much of it unnecessary, often money spent on stuff that is just on display and has no real value.
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