It All Ads Up – Wasting Money
Wasting money is something most of us are guilty off including me. Every day I monitor my spending and making sure I do not waste money on items I do not need or cannot afford.
I do feel the thing we mostly waste money on is food. I and my ex-wife use to waste a lot of money on food.
I use to empty the fridge at the end of the month and I use to throughout up to R100 to R200 of food that has gone moldy or past the expiry date.
Try to avoid this and break this habit and make sure you only spend money on items that you will use and add value to your life.
Things We All Tend To Waste Money On
Buying the most expensive item in the store might not be the best option when you can get something much cheaper that will do the same function or for the same purpose.
This can be in the form of food items, appliances, makeup, shoes, clothing etc the list goes on. Buying the expensive brand is not always the way to go. You can save half of that money and put it in a saving or pension fund account.
Buying something second hand might also be the way to go instead of buying it brand new.
The worst mistake we all make is to go shopping when we hungry. When you in the store and you are hungry you tend to buy items you just do not need or will not even eat when you get home.
Stopping at the petrol station to buy snacks. We all know that petrol stations charge an arm and a leg for items that we can pay half for at the grocery store.
Making more than one trip to the grocery store per week. Try and get most of your items at the end of the month when the store has a sale and if you do forget something get it on your next trip.
Again buying brand names for clothing is a waste. Most of the clothing products are made in the far east and the companies that charge you exorbitant prices for their products do not even pay a half of what they charge to have the products made.
Shoes, I know lots of people have an obsession with shoes but do you really need over 100 pairs for shoes?
Buying clothing at cost price. I know there is sometimes an item you must have in your wardrobe and then it does not matter what the price is but if you can wait till the store have a clothing sale.
Having a cellphone contract for a phone is okay, but buying extra data or extra airtime each month to top up is a waste of money. If you know you going to need more data or airtime then opt for the business or a package that will cater to your needs. Providers charge much more when you buy data or airtime our of your plan.
Resources Water And Electricity
By now the whole of South Africa should be aware we as a country need to start and save our resources. With the drought, Cape Town experienced for the past two to three years and Johannesburg about three ago we must save what we have.
We do not know the future and cannot say that we will get rain or not next year or the year after. So save where you can and do not take it for granted.
The same goes for electricity. Each year the cost to produce electricity goes up. South Africa has also experienced electricity cuts due to outdated equipment and infrastructure. The South African economy lost millions in revenue and jobs due to the electricity cuts.
Subscriptions, Contracts, And Insurance
Make sure you make use of what you subscribe to and any contracts you may be signed up to. Double check your insurance make sure you are not insured for the same item twice. (I made that mistake once.)
Banks charge when you when you use the branch, drawl money at an ATM, make payments etc. You only need one bank account to manage your money make sure you get one that comes with benefits like low bank fees or some free banking transactions.
Look at doing online banking or using a banking app. Read more about the benefits of the standard bank banking app.
Late Payments on Accounts
Pay your accounts on time. Late payers are charged interest and that is wasting money.
Driving To Fast
Rushing to get somewhere wastes a lot of money. Not only do you waste petrol but you also increase the wear and tear on your cars breaks and tires. Instead of rushing try to leave ahead of time then you do not need to rush.
Speeding fines and being a risk on the road also leads to unnecessary expenses.
Generic medication is just as good as the brand or original medication. Generic medication cost three times less than branded medication.
You know it is cheaper to cook food at home than to take your family out for a meal. Home cooked food is cheaper and families sometimes have left overs for the next evening. Eating out is more expensive and all the food are eaten the same night.
Start saving money with a Standard Bank Saving or Investments accounts