Saving a bit more...

[Nokkie]

Next up: How to grow your financial empire

 

[backstreetboy]

This is South Africa.

So what? Do you go for a walk with all your money and rings on you?

 

[mintydroid]

So what? Do you go for a walk with all your money and rings on you?

And what if I do?

 

[Chevron]

Before every purchase, ask yourself "Is this stupid ****?". It actually works - so much money goes to reflexive spending, and impulse buying, just forcing yourself to think every time you take out your wallet or put something in your trolley can work wonders.

I also second the comments on the Jones's and buying things for appearances - it's so much better to actually be wealthy than it is to pretend to be so. True wealth isn't about driving a flashy car, it's about not having to worry if you're out of a job for a few years (or ideally forever).

This. When I bring lunch from home I spend way less than if I have buy lunch. Because obviously when you are at the shop you see other things that you "need".

 

[Mike Hoxbig]

You have cheap alternatives to hookers?

 

[srothman]

I LOL'ed

 

[akescpt]

Lol. Excellent Mike...

 

[Mystic Twilight]

So what? Do you go for a walk with all your money and rings on you?

The criminals wouldn't know until they tried to rob you.

 

[backstreetboy]

The criminals wouldn't know until they tried to rob you.

Yeah

 

[Dolby]

Small things I'm going to do :

I love having the latest phones and tablets, but this year I've cancelled my tablet (last payment Jan 2016) because it's actually good enough - that's R360.00pm. My phone is only late 2016, but I'm going to withhold on an upgrade and use my current.

Then adjust your insurance in January - can probably save another few hundred with that. Cars and electronics (if specified) can be reduced.

Make full use of ebucks

 

[TheMightyQuin]

Before gym I used to walk in the park. All it cost was the fuel to get there. Also buy dumbbells from any sports store. Add a couple sit ups and you'll start seeing a difference.

Why not walk from your house rather

This is South Africa.

So what? Do you go for a walk with all your money and rings on you?

The criminals wouldn't know until they tried to rob you.

Running away from robbers is also good exercise. Win win..........

 

[TofuMofu]

Running away from robbers is also good exercise. Win win..........

As a mugging victim, I can assure you running isn't an option when you have a gun pointed at your face.

 

[TofuMofu]

This is what I've done in the last 3 months to save:

Started a liftclub to work vs using the Gautrain. Monthly travel expense went from R4500pm to R900pm. Using my car only once a week in the month. It's a bit of compromise when you are done early but have to wait for the rest of the guys. But hey, well worth the extra R3600pm.
Total saving pa: R43 200

Second:Was a vitality member and had the credit card as well. Total monthly cost R199+R42.50. (Feb 16, discovery card will be R50).
In the past year, I saved R331. So found it pointless to spend R2988 for the year to get back around 11%. Cancelled both membership and card.(However if you a frequent cinema viewer + gym, it will be worth your while).
Total Saving PA: R2600

Third: Got a Virgin Credit Card with no monthly fee's.

Fourth: Contacted my broker to renegotiate my car insurance premium. Saved extra R50pm (Not great but hey, still R600pa).
Total Saving PA: R600

Fifth: Stopped buying tea from the coffee shop at work.Roughly R260pm
Total Annual SavingA R3120
(Having water instead haha)

Pending 2016:

Cancelling both VC contracts for the wife and I and moving to prepaid. Will no longer be hunting for premium Android phones , P8 Light for R2k purchased via a forum/carb/gumtree will more than suffice. Currently paying R510 + R528 pm (R12 456 pa). With the change to Prepaid, expected monthly expense for the two of us will be R600.
Total saving PA:R5 256

Changing my bank from Standard to Capitec: Currently pay R95pm for Standard Bank. Capitec charges will be close to R40. That's another R660 per annum.

Thats it for now, will post again once I reduce any more monthly expenses.

Finally, changing my mindset from worrying about keeping up/showing off has made the biggest difference. Not bothered about fancy clothing/gadgets. MRPrice will more than suffice.

Awesome tips here, dude!

Thanks!

 

[RVQ]

1. Sold everything I didn't need and was collecting dust including furniture, hardware, appliances...
2. Rented out the 3 bedroom place for an amount that covered the bond, rates and levies
3. Moved into a smaller cheaper 1 bedroom 10min from work
4. Cancelled all contracts, subscriptions, policies... and moved to gold banking
5. Used extra cash to completely wipe out all the debt
6. Now only buy good quality stuff that I absolutely need

in short became a minimilist

 

[Garson007]

Draw money at the beginning of the week, and use that instead of swiping your card.
You'll soon see how much you actually spend, and handing over you hard-earned cash stings a little more than just swiping all over the place.

Negative. I find that if I draw money I spend it, as I fear I'd lose it otherwise.

3.) Cook your own food.

Cooking your own food as a bachelor is rarely cheaper than alternatives.

Before every purchase, ask yourself "Is this stupid ****?". It actually works - so much money goes to reflexive spending, and impulse buying, just forcing yourself to think every time you take out your wallet or put something in your trolley can work wonders.

Fear is the mind-killer.

 

[Mystic Twilight]

...

4. ... and moved to gold banking
...

in short became a minimilist

No , you should downgrade further to those entry level accounts the unwashed masses use

 

[znh]

1. Biggest Savings I have ever achieved:
Work out what is the biggest Tax benefit on your pay-scale. Invest that amount into a RA. Get the Tax portion refunded from the taxman. Rinse repeat every year. Not only are you saving but you are getting money which would have gone to the taxman back into your pocket. The saving you are making will be growing every year compounded.

2. Invest monthly, spread the risk

Small Savings:

3. Cancel DSTV. Get Netflix
4. Consolidate all your insurance onto the same, including your house insurance (normally at the bank and their fees are ridiculous)
5. Buy phone cash, go prepaid.
6. Buy assets with Debt if you have no other choice, buy expenses with Cash. IE. Buy you house/rental property with debt (things that increase in value). Buy your car with cash. Buy your phone cash. Buy your appliances cash.
7. Cashflow is king, always have spare funds for emergencies so you do not need to make debt. Budget

 

[Sly21C]

Separate your needs from your wants.

Do you need a car? Probably yes, do you need a car with electric windows and cruise control? Definitely not.

Do you need a smartphone? Yes. Does it have to be a R13k iPhone? Definitely not. I'm currently using a R1k phone and it works.

Often times we emulate the Joneses, not realizing that they're also broke.

 

[TofuMofu]

Separate your needs from your wants.

Do you need a car? Probably yes, do you need a car with electric windows and cruise control? Definitely not.

Do you need a smartphone? Yes. Does it have to be a R13k iPhone? Definitely not. I'm currently using a R1k phone and it works.

Often times we emulate the Joneses, not realizing that they're also broke.

Everyone keep on mentioning the Joneses...who the feck are they?

Buying a car cash is a bit of an issue for most

My car is fully paid by April 2016 which means I'll have R4k extra per month. I don't see the need to buy a new car. And yes...I have electric windows and cruise control

 

[zizo911]

Everyone keep on mentioning the Joneses...who the feck are they?

Buying a car cash is a bit of an issue for most

My car is fully paid by April 2016 which means I'll have R4k extra per month. I don't see the need to buy a new car. And yes...I have electric windows and cruise control

Whixh car?