Keep a reign on your finances
With taxes, fuel costs and municipal tariffs increasing, it is prudent to keep a tight rein on your spending.
Small, seemingly insignificant expenses can add up and cause you to lose money.
Consumer confidence may be rising in SA but with fuel prices, water and electricity tariffs and taxes all on the rise, we all still need to keep a tight rein on our personal and household budgets.
This means seeking out and eliminating micro money leaks that might seem really insignificant now but can add up to a lot of wastage over time. Saving these small amounts now instead of letting them just drain away could make all the difference when it comes to achieving a big goal, like paying off your bond faster, or saving for your children’s education.
Also read: Couples should discuss their finances
Food waste
Even if it seems cheaper to buy fresh food in bulk, you will be wasting money if it goes off in the fridge before you can eat it. Rather buy less or arrange with friends or neighbours to share your bulk purchases so everyone saves. Even better, if you have a garden, make it your mission to grow as much of your own food as you can.
Processed food and takeaways
You may not have time to cook every evening, but you will save a lot if you can set aside one day a week to cook and create your own “ready meals” and put them in the freezer, instead of buying packaged dinners or fast food. In addition, you should try to entertain at home whenever possible instead of dining out.
Insurance premiums
You should review these annually and get quotes from your current insurer and from competing companies. Values and circumstances change and you may qualify for certain discounts based on your age or various risk factors. Just make sure you always make like-for-like comparisons when it comes to excesses payable and services offered as well as the monthly premiums.
Service charges
Go through your bank statements and check what you’re being charged for deposits, ATM withdrawals, online banking, notifications, debit orders and account management fees. Similarly, you should regularly review the management fees on any investment accounts you have, and check your cell phone, city council and other bills for any unexplained charges.
Energy vampires
Experts say the power invisibly consumed by various electronic devices in your home can account for as much as 15 per cent of your household electricity usage and cost you hundreds of wasted rands a year. The worst of these energy vampires are appliances with “off” buttons that don’t actually ever go off but stay on “standby” and keep using electricity. They include TV’s, sound systems and garage door or gate openers with remote controls, as well as devices with continuous digital displays like DSTV decoders and microwaves, and chargers for cell phones and other electronic equipment. The simplest solution is to unplug these or turn them off at the wall when they are not in use. And if you’re away from home all day, you can make further savings by turning off your geyser until you get home in the evening.
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