Managing your money so you can live comfortably day-to-day while planning for you and your family’s future can sometimes feel overwhelming. School fees, petrol prices and groceries are immediate concerns that often eclipse long-term money matters like savings and retirement. Errol Meyer, legal specialist of advisory services at Standard Bank Financial Consultancy, says: ‘For the majority of people there’s almost always a way to save something, even if you’re battling to make ends meet.’ He suggests the following to cut excessive spending and change your habits.
1 TAKE ADVANTAGE OF SALES AND DISCOUNTS
This doesn’t mean you should buy things just because they’re on sale. Rather, you should look out for sales on items you use regularly and can’t do without, and take advantage by buying as much as you can reasonably afford at the time.
2 BUY IN BULK
It’s usually cheaper to buy necessities like toilet paper and toothpaste in bulk rather than buying them individually. Keep an eye out for bulk discounts and try to buy the items before retailers institute their annual price increases.
3 PAY OFF DEBTS
Move debt repayment to the top of your priority list. Once debts are gone, you’ll be saving every month. ‘If you have R10 000 worth of debt, for example, on which you’re paying 17% interest &ndas