Another Recession looming.
You must have heard that the world is heading for another recession. If that happens South Africa will be hit hard seeing that we are struggling with many economic and social issues, and then we also have load-shedding that is slowly killing the economy.
So why an article about saving money you may ask?
No matter what the status of the economy or how bad your financial situation gets you have to make sure you have some kind of saving plan in place.
Top 10 money-saving tips
- Always keep track of your spending. Keep a notepad, or spreadsheet, or make use of your banking app to track your daily or weekly spending.
- Cut down on eating out and stop using food delivery services. Pure and simple stop eating out. But if have a craving stop by the shop yourself. Food delivery services add extra expense to your take-out meal.
- Check your need against your wants. Make a list of items that you really need and put the goods you want on hold.
- Try and Save. I know this is easier said than done. 1st make sure you have a savings policy for your retirement. Then have another saving account for things you want and for emergencies.
- Do not pay your bills with a credit card. Only pay your bills with cash. Making use of your credit card adds extra expenses to your budget.
- Stop unplanned spending sprees. Really make a point of curbing yourself from that spontaneous spending spree we all have so now and then.
- Review your insurance policies. Check that you are not over or under-insured. Contact your policyholder to discuss subscription discounts etc.
- Try to reduce your municipal accounts. Not easy to do but look and energy saving options and see where you can recycle water that you can use in your garden.
- Downgrade any other subscriptions that you might have (Home internet, Entertainment). Review services that you subscribe to and see where you can cut down by subscribing to a less expensive plan.
- Check with your bank. See what savings your bank can offer or what free services they have with the various accounts they have on offer. If your bank has an app get it. It will save you time and money.
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