Top 12 South African Tips For Saving Money In 2023
The year 2023 enters the final stretch, but there is still time to save and have extra income to be used at the end of the year or even in 2024.
If you are looking for ways to save money, in this article we will present 12 South African Tips For Saving Money In 2023. Stick around and watch your money pay off!
Unfortunately, the South African currency underwent significant devaluations this year, against the dollar and the euro.
Still, it is possible to save money in 2023, even near the end of the year. Check out the Top 12 South African Tips For Saving Money In 2023!
South African Tips For Saving Money In 2023
1. Open a savings account
Here’s an important tip to save money in 2023! Also, one of the first “secrets” to this.
Even if you already have a savings account, think about opening a special one. In this special savings account you can deposit what you spend each week, month or even day.
Thus, by the end of 2023 you will have extra money, in addition to your main savings and end-of-year bonuses.
2. Create weekly budgets with goals to save money in 2023
One of the easiest and most straightforward ways to save money is to budget with a monthly or weekly savings goal (but since it’s practically the end of 2023, a weekly budget is ideal).
To do this, you can, for example, set a savings goal and set aside a certain amount of money every week to be able to reach that goal.
This tip will certainly help you know how much you spend and thus have more balance.
Furthermore, you are aware of which weeks you can spend a little more and which weeks you should spend less to have a margin of money to save.
3. Take advantage of offers and compare prices
Taking advantage of promotions can help you save a significant amount of money at the end of the month; This is because I significantly reduced purchasing costs.
To do this, also try to compare prices before buying, as it is very likely that the same product will be much cheaper in one store or another.
One of the easiest ways to compare prices is to shop online, which will allow you to quickly compare without leaving, taking time away from your daily life.
→ SEE ALSO: What is Financial Planning and How to Do It?
4. Beware of promotions
It may seem like a contradictory tip to the previous one, but it is not.
Offers and promotions are great ways to save money, but only if they are to buy items that we really need.
For example, avoid buying superfluous things just because they are on sale or on offer.
5. Use South Africa’s public transport system
The price of gasoline has risen and continues to rise all over the world, including South Africa. And this can greatly affect your budget.
If you use your car daily, swap it for public transport – this will allow you to make significant savings and also contribute directly to the environment.
And if that option isn’t possible, think about sharing the car with one or more co-workers, for example. This way, you save a lot on fuel, in addition to preserving your car.
6. Plan your meals weekly to save money
Planning your meals such as lunch and dinner for the whole week helps you save money.
And this is not about eating poorly, on the contrary, you still have a better quality diet with this plan.
For example, you can set a large weekly amount to spend on food for the week. So, create a menu that includes all meals.
This prevents you from having to resort to expensive last-minute food.
7. Consider canceling subscriptions you don’t use
Do you have a lot of monthly subscriptions? To save money in 2023, you need to review whether you really use all of these services.
After making this assessment, start reducing your subscriptions – which represents significant savings at the end of the month.
When possible, you might even consider returning with some signatures.
Attention, even if a subscription service is cheap, if you don’t use it often, think about canceling it. Little by little we save, right?
These are some of the most effective methods to save money!
→ SEE ALSO: Basic Budgeting Tips Everyone Should Know
8. Shop at markets and thrift stores to save money
Food and other items are sold for cheaper prices in popular grocery stores.
For example, in Johannesburg we have Pick n Pay Supermarket and Rosebank Sunday Market.
In Cape Town, the famous Old Biscuit Mill. Plus, the famous Essenwood Market in Durban, with open-air markets and shops.
9. Get rid of what you no longer use
Another option is to get rid of things that are no longer useful to you, trying to earn extra income. For example: clothes, accessories, electronics.
Today there are social media groups for exchanging and selling used items.
In addition to getting rid of what no longer serves you, you can earn extra income by saving elsewhere, that is, reallocating resources (which represents savings).
10. Use technology to save money
Currently, there is no shortage of free apps and other tools to help with financial tasks.
This really is a great option for controlling expenses and you can even customize how much you can spend and how much you need to save.
Use technology to your advantage and as an ally in your financial life!
11. Negotiate or renegotiate debts
If you have debts that are taking a lot of money from your income, the best thing to do is negotiate or renegotiate.
This way, you can get smaller installments, saving money while keeping your financial commitments up to date.
12. Set a spending limit on your credit card
A very important point for South Africans to save money in 2023 is the use of credit cards (which it would be ideal not to use).
When you pay for something with a credit card, for example, it becomes much more difficult to control how you spend the money, right?
Therefore, one of the most effective ways to save money is to set spending limits on your card.
As a consequence, you avoid spending more than necessary and this will help you better control your daily expenses.
With the 12 best South African money saving tips, you will not only live better in 2023, but prepare yourself for the years to come!
→ SEE ALSO: How to Save Money to Travel
