Here are seven steps that will help you save without a sweat, these steps are publish by Liberty Life.
1.Check your bank fees
A common oversight by many young people is not to change their savings account into a transactional account when they start work.
Banks estimate that you save around R80 a month by moving onto the correct package. That is a R960 a year saving! If you added the saving each month to your long-term investment plan you would boost it by R6000 within five years.
Also reduce day-to-day banking costs by only ever drawing cash from your own bank’s ATM, and if there isn’t one nearby you can use your debit card to draw cash at your local Checkers, Spar or Pick n Pay for less than the cost of an ATM withdrawal.
Also set up a debit order to pay your credit card instalment so that you never have any penalty fees or interest — it will also boost your credit score.
2. Watch the small day-to-day stuff
Do you know that if you buy one cappuccino a day you will spend R6500 a year?
This is not to say that you should stop having the occasional coffee, but if you cut back to three coffees a week you will save R3700 a year or R300 a month. Invest that monthly amount for five years and you have a tidy nest egg of R23 000. The same applies to packing lunch for work rather than buying a meal every day — here the savings could be even greater. Continue reading