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Money Habits
Johannesburg

6 Ways To Make Savings Part of Your Lifestyle

Posted In: Money Talk

The instability of the South African economy, coupled with the recent downgrades has put consumers under immense financial pressure. A need exists for consumers to re-evaluate their lifestyles and make savings part of their daily routine.

Challenging consumers to now spend and save for later has become an important objective for the savings month theme. Saving should not only be seen as a once off exercise but rather become part of a lifestyle change. This simple principle should be ingrained in us from a very young age to ensure that we embrace a savings culture that can benefit us in the future. Setting a small amount aside each month can help you reduce stress and at the same time shape your long-term future or help you cover those unforeseen expenses that may crop up.

Here are simple ways to eliminate unnecessary stress and help you save more:

 Buy what you need – Determine what you need and what you don’t need. Sometimes we become ‘impulsive buyers’ and tend to waste our money on unnecessary clothes, cosmetics or toiletries. Before purchasing an item ask yourself if you really need it and if you will use it.

 Home cooking – Cooking at home is not only healthier but also more cost effective, than buying take-aways daily. You will be surprised with how much you can save by just cooking a healthy meal for your family. Plus an added bonus is that you can take it for lunch the next day.

Have coffee at home or at the office – we all love going to coffee shops, but the cost adds up considerably over time. Rather have your cup at home or at the office. Not only does it save you time but also money.

Become your own Do It Yourself (DIY) expert – Look at DIY blogs, apps or even Pinterest to find easy DIY solutions for yourself and your common household problems. If the problem is big, call in an expert if not then just DIY.

Pay off debt ASAP – Debt can lead to high interest rates and if poorly managed, it can result in health problems over time. Money used in interest is money given away, so be responsible and take out only ‘good debt’ and ensure that you pay it off as soon as possible.

Become a minimalist – Create a clutter-free lifestyle, live simply and be content with what you have.

Creating reasonable goals and setting milestones can help you achieve your savings goals faster. It requires time, effort, patience and dedication but at the end of the day it will be a habit that is worthwhile.

Have you made savings a part of your lifestyle? Share with us how so

Words: Ester Ochse, Product Specialist at FNB Financial Advisory. Source: FNB

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