DebtSafe's practical saving tips

PRETORIA, South Africa - May 3, 2016 - PRLog -- Consumers are facing yet another increase in fuel this week. The increase isn't much, and was announced last month just before the South African Reserve Bank stated that a slowdown in inflation during March should pause its hiking cycle, which is good news to everyone's budgets…

According to a survey done by DebtSafe last year, almost half of the participants indicated that they don't have money left after their essential payments have been made. "This is a huge concern because it shows how vulnerable South African consumers are to any expense hikes," says Wikus Olivier, Debt Management Expert at DebtSafe.

"The situation in many households is that you can't necessarily increase your income but you can find clever ways to reduce your current expenses without it having a major impact on your life," Olivier continues.

"Because it is our mission to help people get out of debt, we have a few tips which might come in handy if you want to have money left at the end of the month," he adds.

Here are 10 helpful hints to stretch your budget:

·       Switch off your geyser when you are not at home. A geyser uses 3 kilowatts per hour, and if you leave it on for 24 hours a day, it costs R28,80. If you switch it on for one hour every day, it only costs R1,20 (per day). *At the end of the month, you can save up to R720.

·       Avoid eating fast food. Make simple and healthy meals. For example; if you are a family of four, and you buy pizzas once a week, it costs R320. A home cooked meal costs R55,00 per person and totals R220. You could save R100 per week!

·       "Shop" around for bank accounts that offer perks, loyalty programmes as well as more interest on your savings so that you get something back for every Rand you spend.

·       Sign up for free customer rewards programmes at retail outlets to earn cash-back rewards. After a few months you may even have enough points to pay for that unaccounted-for expense.

·       Re-evaluate your insurance policy. You might realise that you are paying insurance for items that are not part of your household anymore; or that you are paying far too much. One of our staff members did just that, and now pays R720 per month less for her short term insurance.

·       Register with www.groupon.co.za to get vouchers for discounts of up to 70% from hundreds of well-known retail stores.

·       Don't spend too much money on entertaining your children. Play ball in the backyard or go for walks with them in your neighbourhood. If a movie is a must, consider joining certain loyalty programmes that offer kids a free movie ticket during the day.

·       Compare prices - almost all the popular retail shops have free apps to download so that you can check in-store prices and get rewarded for the difference. For example, www.pricecheck.co.za compare prices of products in different outlets so that you get the best deal.

·       Another great way to save is to get coupons. They are available on almost all of the most popular retail shops' websites.  Just register online to receive valuable specials and discounts. (www.checkers.co.za / www.pricecheck.co.za / http://couponsa.co.za / https://www.vouchercloud.co.za)

·       Is your subscription to DStv worth the time that you and your family really watch television? If not, cancel it.

*Amounts and numbers might change according to the area you live in