MyMoney Online, The Personal Finance series with Warren Ingram

13 tips for saving hundreds (nay, thousands!) of rands each month

Money is too tight to mention in Mzansi right now. Photo credit: www.pexels.com (2018)

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Fuel prices are skyrocketing.

Economists expect food inflation to accelerate.

Eskom is attempting to hike electricity tariffs by 50% over the next four years.

The economy is toast.

The Money Show’s Bruce Whitfield interviewed Galileo Capital’s personal finance expert Warren Ingram.

Ingram gave the following tips for making ends meet:

  • Make your coffee at home.

  • Don’t order drinks at restaurants, just ask for tap water.

  • Buy your goods in bulk. Make a list of the consumable items that you and your family use the most. Compare prices at your supermarket to what you would pay for the same items in bulk (e.g. toilet paper, toothpaste, soap, etc.)

  • Cancel your TV subscription and switch to a streaming service.

  • Listen to the radio – it’s free!

  • Review your insurance – don’t cancel your insurance but you should ensure that you are getting the best deal possible. It pays to shop around.

  • Buy your vegetables direct – shopping for veggies directly from a farmer or green grocer can often be much cheaper.

  • Stay out of the shopping malls as a form of entertainment – rather go outdoors, plan walks or do events at home with friends where everyone brings their own drinks and a dish to share.

  • Cancel memberships – if you are not going to gym, why are you still paying for it?

  • Make food at home and freeze it for meals at work.

  • Eat more veggies and less meat.

  • Consider a solar geyser or at least buy a geyser blanket (R200 can save you thousands in electricity over time).

  • Review your expenses – go through your last three months of bank statements to see what silly expenses you have that can be cut.

For more detail (and more suggestions); listen to the interview in the audio below.

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This article first appeared on 702 : 13 tips for saving hundreds (nay, thousands!) of rands each month


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