The coronavirus pandemic has caused many South Africans to take a hard look at their
finances. Many have had to use their emergency or savings funds to help get by. While the
reopening of our economy has brought a huge sigh of relief to many, it is still as important,
if not more, to put funds aside in savings.
What do you mean, save?
During challenging times, it may seem difficult to develop or maintain a savings plan – but
when you take the time to see how you can manage your finances better, you can find an
effective solution to help towards financial stability, and with a savings plan in place, better
future stability. You may think that it is all but impossible to save during these uncertain
times. The good news is that with careful thought and planning, you can.
Consider These Easy Steps:
- Track your expenses – where do you spend your money? A better understanding of
how and where you spend your money will enable you to plan your budget better.
- Relook at your budget – decide where you can cut back. The money that you may
spend on a hobby or luxury could be put away in a savings account.
- Compare costs of major items before purchasing anything – shop around before
- Buy in bulk – this may seem contradictory, but buying in bulk, especially when the
item marked at a lower price than usual, does help you save in the long term.
- Have a look at what you spend on food – bring a packed lunch to work, shop from a
list and buy what you need and not what you want or what ‘looks good’.
- Check the amount of fuel you use – are there alternatives to using your own car
every day? Think about joining a car pool where you can all share costs.
- Cancel or reduce digital services – do you really need your monthly Netflix
subscription or an expensive cell phone on contract?
The easiest way to save money is to spend less. Another point to think about is involving
your entire family. Consider what you need and not what you want. The difference between
the two can help make a difference to your savings plan.
Speak to a consultant at One Debt today for more information.