Between the petrol, food and interest rate hikes our budgets are getting squeezed tighter and tighter. As you don’t want to lose your home or the money you have already spent towards your home loan we have put together 5 tips on where you can save around the house.
1) Manage and monitor your household budget
Creating a monthly, quarterly and yearly budget, as well as monitoring to see what you spent at the end of the month, will give you a good indication of where your money is going. It will also allow you to determine what things you can cut back on and what additional expenses you need to save for.
2) Shopping
Organise your grocery cupboard so that you don’t let food go past its expiry date, and if you know what you have, then there is less chance that you will buy items that you don’t need.
Create your shopping list before you get to the store and always stick to it as it is very easy to blow your whole budget on luxury items you don’t need.
Keep an eye on your supermarket’s weekly specials, and shop around online for promo codes, free shipping and special deals. Always buy in bulk when they have a good deal especially when they have a buy one get one free promotion.
Credit card companies are extremely competitive, so always use a credit card that gives you cash back or rewards.
Many store brands or generic products are manufactured by the same company as the private label brand names, so you are getting the same product without paying for the additional branding.
3) Use electricity sparingly
Use energy-efficient light bulbs, and remember to switch out the lights when you leave a room. Unplug all appliances that you are not currently using and use timers for your geyser and pool pumps. Using rechargeable batteries is better for the environment and your pocket.
A full freezer runs more efficiently and takes less energy to keep things frozen. You can also place water bottles or plastic bags full of water in empty spots to get the same effect as well as keep things cold during loadsheeding.
4) Entertainment and food
It is cheaper to cook and entertain at home than ordering a takeaway or going to a restaurant but if you must, remember that brunches are cheaper than dinners – as less alcohol is consumed and croissants are always cheaper than steaks.
5) Cell phones and membership subscriptions
Monitor your cell phone and data usage and ensure that you are on the best plan for your current needs. A gym membership or subscription that you never use is a waste of money.
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