5 Tips on How to Save Money FastApril 27, 2019
In 2017, South African households only saved an average of 0.2% of their total income.
Saving 10% or more of your monthly income will help you have a more comfortable retirement and can keep you out of debt.
To help you on your journey to save money, we’ve gathered a list of ways to show you how to save money fast. Keep reading to learn more.
1. Cancel Unused Subscription
One of the fastest ways to start saving money is to look at things you’re paying for every month that you don’t use often. Then, cancel them.
If you don’t feel like letting go of a subscription, try to share the cost among friends. For example, Netflix allows up to four users per account so you can split the bill.
2. Eat In
It’s easy to spend a lot of money going out to eat without realizing how often you do it. This is particularly true in South Africa where the average person spends more on eating out than they do on education.
This is why cooking meals at home and taking them to work can help you save money fast. You can also save a ton of money by making coffee before you leave for work rather than stopping at your local shop on the way.
3. Make a Budget
One of the reasons so many people spend more on going out and subscriptions than they should is that they don’t have a budget.
Start by prioritizing your finances and cutting out unnecessary expenses. You’ll also need to have a positive mindset if this is your first time budgeting.
In the beginning, you may find it difficult to stick to your budget. Remember it’s for your own good and you’ll have an easier time with it. You can also go back and make changes if necessary.
4. Buy in Bulk
This may be the easiest way to start saving money. When you find items on sale that you use often, buy as many as you can. This works especially well for non-perishable items but can work for food as well.
If you have a large fridge or freezer then it’s time to start using it. Buying food in bulk can also save you money on gas when you don’t have to make extra trips to the grocery store.
5. Follow the 30-Day Rule
Another thing that prevents people from being able to save money are impulsive buys. You see a nice pair of shoes that you want and you buy them just because you have money in your account.
However, if you want to start building a better financial future, you have to avoid these unnecessary expenses.
One way to do this is to implement a 30-day rule. When you see something you want, write it down. Then, commit to waiting for 30 days before you buy it. Often you’ll find your excitement has faded after that time and you can live without it.
Want More Info on How to Save Money Fast?
Now you have five tips on how to save money fast. As you can see, it’s as simple as budgeting and cutting back on extra expenses.
If you want to learn more about other ways you may be wasting money, check out our blog. Our post on common ways to waste money will help you see more ways where you can cut back to save more.