Feeling the pinch? Learn how to spend less money
The current price of petrol as of today is R26-74 for Petrol 95 ULP. That means a 50l tank will cost R1337 to fill up. An increase in petrol price is followed by an increase in the costs of goods and services. South Africans are surely going to feel the pinch in the coming months, so brace yourself.
Now is a good time to get your financial house in order and plan for the months ahead. One way to ensure you make ends meet is to curb your spending and look for ways to cut your expenses.
We share some tips on how to do this:
- Keep a money journal – this will help you to understand where your money is going. Once you have this data, you will be able to identify unnecessary expenses that can be eliminated or reduced.
- Take a closer look at your bank statements – review your bank charges and see if there are any options to reduce fees
- Analyse your credit card statements – look for charges going off your bank and credit card that you did not authorise or no longer need.
- Review insurance premiums – obtain 2 to 3 quotes, make sure your contents and cars are not overinsured
- Subscriptions – if you are paying for monthly subscriptions and no longer using them, cancel them.
- Eating out– eat out less or meal prep
- Cut your petrol bill – stay home more, work from home and consider online shopping
- Entertainment – have a budget or find creative ways to have fun without breaking the bank
These are just a few quick tips to help you reduce your spending. Once you have identified where your money is going, analyse your expenses and distinguish between which are needs and which are wants. Start with reducing those expenses identified as WANTS first. If you are still feeling the pinch, you may need to consider reducing expenses identified as NEEDS.
Subscribe to our MONEY MESSAGES program for more tools and resources to help you improve your financial wellness. For a mere investment of R99 per month, you and your family can shift how you think, feel and behave with money.