CreditGenie

Call 021 835 3030   Member Login   Apply Now

CreditGenie Community

5 Easy Ways to Save Money Today

Saving Money • by Paul de Beyer • 05 September 2019
The truth is, very few of us like being told what to do with our money. However, all of us would rather have more money each month than less. Luckily, there are a few really easy things you can do to ensure that you’re making the most of your paycheque. And the best part is that some of these you only have to do once!

1 Snap your slips

Let’s try to get the most frequent ones out of the way first. Heading to the shops and buying monthly or weekly groceries is a chore we all have to do. Most of us probably do a little deal hunting while we’re in the shops, saving a few bucks here and there. Now you can take that saving a step further.

Signing up for apps like SnapnSave, a South African coupon application, is totally free and lets you check your shopping list against a multitude of really great specials. Simply select the ones you’ve got on your list – and maybe a few you hadn’t thought of – and then head over to the shops as usual.

After you’re done with your shopping, upload an image of your till slip and wait. After your slip has been verified, you get the savings from your coupons deposited into your SnapnSave wallet, free to be spent whenever you want. Check the app out for participating supermarkets near you.

2 Keep an eye on your accounts

There are few things that are inevitable – death, taxes, and debit orders. Without fail, those payments go off our accounts without us so much as lifting a finger. Super convenient, right?

When it comes to your regular debit orders – DSTV, Netflix, gym membership or a mobile phone contract – you should take time once a month to double-check what exactly came off your account.

Sometimes a cancelled subscription or debit order can still be charged months after they should have stopped. This could be an oversight by the company billing you or they might not have received the correct paperwork for a cancellation.

A little harder to spot than a funny debit order is your airtime disappearing. Many of us have those moments when we suddenly, and inexplicably, have no airtime left. You could accidentally be signed up to a service that charges you monthly, weekly, or even daily, for content you simply don’t realise you’re getting.

To check your number, head over to the WASPA website and follow their instructions.

3 Bank smart!

One of the easiest ways to save money each month is to simply bank smart. Make sure you only withdraw money from ATMs or till points that are supported by your bank. A withdrawal from a different bank’s ATM can cost you upwards of R50 a pop.

If you’re happy with your bank, ensure that you’re making the most of it! If they offer certain reward or loyalty programmes, be sure to take advantage of it. This could even mean downgrading your account to do so.

Some loyalty programmes like eBucks, UCount and Greenbacks can really add up to significant savings. However, those savings can be eroded if your fees are too high. Check what account you’re on and if you’re getting the most out of it. A simple downgrade could save you hundreds of rands per month, and the only “downside” is a different colour card!

4 Spend like a boss

It might sound odd but spending money can actually save you a lot more than you think. While one should never spend extravagantly, or on things we cannot afford, some spending in certain areas can actually save, or even earn you more money in the future.

If you’re a homeowner, doing regular maintenance on your home will not only save you from a nasty financial surprise when something goes wrong, but it could also lower the daily running costs of your home. Fixing a leaky roof or drafty window can save you on electricity or gas heating bills. Doing a bathroom or kitchen renovation might seem like a large expense, but could earn you thousands more when it comes to selling your home.

One you might not have thought of is opening a tax-free savings account. Paying timeous amounts into one every month will not only grow that pot of money, but all interest growth on the funds will be tax free when you choose to withdraw them. Spending a little now can pay you a lot more than you might think.

5 Be credit savvy

Credit cards are a lifesaver sometimes, but they can quickly get out of hand. Knowing your bank fees is one thing, but knowing the interest rate repayments on your credit card or a store card could be even more important.

Not all credit cards are equal, with some charging higher monthly interest repayments than others. Check your cards and make sure you use the one with the lowest interest rate. If you are already paying back more than one card at the moment, pay back the one with the highest interest rate first.

Your other option is to pay off your credit card debt entirely with a personal loan. Personal loans generally have much lower interest rate repayments, especially since they are structured over a longer period of time.

However, there are no rules to say that you cannot pay off your personal loan faster. With the money saved from the much higher credit card interest repayments, you can find a safe middle ground that not only costs you less each month in payments but pays off your personal loan well before the full term, saving you even more money in the long run!

Need information about a personal loan? Contact Creditgenie’s expert team today.