If you have always struggled to put money aside to the point where you almost gave up on money saving matter well I have good news don’t give up just yet there are plenty of ways to save money and it’s never too late to start.
Here is a list of money saving tactics, to help you hold on to more of your cash.
A. Pay Yourself First
To make any progress in saving money, you need to make saving a priority. Most people pay their bills and use the excess money for savings. Instead, consider savings like another bill. Pay yourself before you pay others, even if it’s only R10 a paycheck.
B. Transfer you saving money automatically every month end.
It’s easier to save if you don’t even see the money before it goes into savings account. Set up an automatic transfer with your bank straight to your savings account. By automating your savings, you are certain that money is headed into your savings account every month. No more forgetting. No more telling yourself you can’t afford it. Your money will grow, and you don’t even have to put any effort into it!
C. Add your change it a change jar
In order to boost your cash, make an obligation not to spend change. When you’re at a supermarket, always be on the lookout for those special deals or promotions.
When buying an item in the store and your total come to R19.95; give the cashier a R20 bill. Take the 5 cents in change home and add it to your change jar. Once in a while bring your change to the bank. You’ll be amazed at how fast your savings grows!
D. Round Up
The down side of not spending change is to round up every time you enter a check in your checkbook. If you write a check for R19.50, enter it in your checkbook as R20. Your checkbook balance will reflect a lower amount than what you actually have in the bank. At the end of the month when you settle your checking account, add up all the €excess€ money and transfer it to your savings account.
E. Give up a Small Luxury
Are you addicted to the good life, booking yourself to a spar every now and then? Going out to the cinema or renting out movies every Friday night or you just like dinning out every weekend? Make a commitment to give up one small luxury every week and pay your savings account as a substitute. You will come to realize that you can actually live without them and in the end your saving account will grow.