By Jonathan Spencer
South Africans’ salaries aren’t stretching as far as they used to, with inflation pushing up the cost of essentials like food, transport, and utilities. This means every rand buys less than it used to, leaving over half of consumers worried about making ends meet. The pressure is on, forcing many to tighten their belts and seek ways to save, but sticking with these can be difficult, calling for more unconventional solutions.
Financially strained South Africans are probably familiar with traditional saving methods like budgeting and cutting down on takeaways. But we get bored and want to treat ourselves – ‘YOLO’ (You Only Live Once) is a favourite justification of mine. However, if we want to stretch our hard-earned money further and achieve goals like travelling or buying a new car, while still enjoying occasional indulgences, we need to get creative.
With July being synonymous with Savings Month, here are 10 tips to make being frugal more fun:
Save with a shisa nyama: With potato, cooking oil, samp, and chicken prices dropping, there’s no better time to fire up the braai. Not cooking on the stove saves on electricity costs, and those leftovers mean another tasty meal without breaking the bank.
Hack your shopping habits: Take a cue from your fellow South Africans. NIQ’s Consumer Outlook 2024 reveals that 31% shop online to get better deals and save on transport money, while 39% save by buying whatever brand is on promotion. To stretch their savings and get the most out of the discount, some customers buy in bulk. Make sure to sign up for newsletters and alerts so you are notified about upcoming deals.
Your money, your way: Saving needn’t suck the joy from your life. Prioritise your spending on what truly matters to you. Crave that daily latte from your favourite coffee shop? Treat yourself! But for everyday items like roller towels, consider a budget-friendly generic brand. This way, you can still enjoy life’s little pleasures while keeping your savings goals on track.
Stake energy vampires: Did you know electronics like TVs, computers, and game consoles can guzzle more power when idle than when actively used? Since they’re on for short bursts, standby mode keeps them siphoning electricity (and costing you money). Fight back by unplugging these culprits when you’re done with them.
Teach yourself: Stop paying other people for services you can learn to do yourself. YouTube is a treasure trove of tutorials, from toaster repair and DIY lash extensions to basic car maintenance.
Have fun for free: From exploring Jozi’s Maboneng Precinct to scaling Cape Town’s Signal Hill and picnicking in the Durban Botanic Gardens, there are plenty of free attractions to enjoy without spending a cent. Bonus tip: if it’s your birthday, places like the Gold Reef City Theme Park, Two Oceans Aquarium, and Bothongo Rhino and Lion Nature Reserve offer free entry.
Plug into financial podcasts: While listening to a financial podcast won’t save you money immediately, what you’ll learn can help you make better financial decisions over time. Tune in to your favourite streaming platform and discover shows that teach you how to save, invest, and crush your financial goals. From budgeting basics to savvy investing strategies, there’s a podcast out there to empower you on your financial journey.
Eye on the prize: One way to stay focused on saving is by keeping a picture of what you’re saving for (such as that dream holiday away or your own home) in your wallet or somewhere else that’s visible to you. This will serve as a reminder when you’re tempted to splurge unnecessarily.
Get your game on: Gamifying your finances can help to incentivise healthy financial behaviours. Nowadays there are several apps that can make money-managing far more enjoyable. Whether you compete against yourself in money-saving challenges or others, gamification can be a game-changer.
Phone a friend: Just like a personal trainer boosts gym attendance, having a savings buddy increases your chances of success. This person can keep you accountable or check in on your progress.
Adding a dash of creativity to cost-saving efforts can pay off in the long run and without having to sacrifice that avocado toast treat.
* Spencer is the Brand & Campaign manager at OneDayOnly.co.za.
PERSONAL FINANCE