Simple yet effective ways to save money

The tough economic conditions in South Africa are making it difficult for many South Africans to save. Trading Economics statistics show the Household Saving Rate in South Africa has dropped from 0.20% in the third quarter of 2018 to -0.50%.

According to the Reserve Bank, credit growth increased significantly in both the private sector and households.

If you are one of those struggling to save, the good news is that it is possible to save regardless of how much you earn.

Here are nine practical ways that can help you save loads of money in the long run:

Sell your unused household items

Many of us have stuff in our houses that we hardly use – from clothes to appliances. You would be surprised how much money you could make and save from selling all the unused things in your house.

However, remember to save the money instead of just using it all after you have sold your items.

Walk

If you reside a few kilometres from the mall or work, walk to those places and save the money you could have used for petrol. With the high cost of petrol, you could end up saving hundreds of Rands.

The good news is that walking is good for you, so not only will you be saving money, but you will be well on your way to a healthy life.

Exercise at home

Save the money that you are paying at the gym by doing exercises at home, such as walking, running, cycling or doing home exercises.

Live a healthy lifestyle

Living a healthy lifestyle will help you avoid becoming sick and having to go to the doctor or hospital often. You could save the money you would’ve spent consulting doctors or buying medication. So stop eating takeaways and start exercising.

Don’t buy things you don’t need

Many of us have a tendency of buying things we don’t need just because they are on sale, they look cool or are the in-thing. This could be costly in the end. Rather write a list of things you need, budget, and stick to your budget. All the extra money you have, save it.

Buy on special

You could save yourself so much money by buying things on special. Just take time to compare different stores and their prices before making a decision to buy.

Downgrade  

One of the hardest things to do is to downgrade, but the truth is you could save yourself loads of money by downgrading. If you have two cars and only need one, why not sell the second one and save the money? The same can be said for many things we have such as gadgets, shoes etc. You could end up saving thousands by just downgrading.

Prepare your own meals

Make your own lunchbox at home and carry it to work. If you have a family, make the a lunchbox for everyone in the house. This will avoid you having to spend money on buying groceries and then spending money buying lunch on top of that.

Cut down on entertainment

Although going out with friends is fun, it can sometimes be costly. Set aside a budget for entertainment and stick to it.

If you have run out of budget, you can still have fun with your friends without spending much. For example, instead of going out for dinner, you can cook dinner at home, and instead of going out to the movies, you can rent DVDs or stream content. 

READ: Stokvels or savings jars? What alternative methods of saving do you use?