We have found some unique money saving tips in South Africa for you that are easy to implement. We know you are all busy women who want to make the most of your hard-earned money, so here are ways you can make your South African salary work better for you.
Tip #1: Join a stokvel (This is one of the most unique and oldest of all the money saving tips in South Africa.)
If you don’t know what a stokvel is, it’s a group of people who pool their money together and take turns receiving payouts. It’s like a savings club with benefits. You can join a stokvel with your friends, family or colleagues and save for a common goal, such as buying a car, paying for education or going on holiday. Stokvels are great because they help you save regularly, earn interest and get access to lump sums when you need them. Plus, they are fun and social!
Tip #2: Use reward programmes
Many shops and services offer reward programmes that give you discounts, cashbacks or vouchers when you spend money with them. For example, Pick n Pay has Smart Shopper, Woolworths has WRewards and Clicks has ClubCard. You can also use apps like SnapnSave or Zapper that give you cashbacks when you scan your receipts or pay with your phone. These reward programmes can help you save money on groceries, petrol, entertainment and more.
Tip #3: Grow your own food or manage grocery spending
Food is one of the biggest expenses for most households, so finding ways to reduce it can make a big difference in your budget. One way is to grow your own food in your backyard or balcony. You can start with herbs, lettuce and tomatoes and work your way up to more crops. Growing your own food can save you money on fresh produce, reduce waste and improve your mental and physical health.
Another way is to manage your grocery spending by planning ahead, making lists and sticking to them. You can also shop around for specials, buy in bulk and cook from scratch instead of buying ready-made meals.
Tip #4: Use renewable energy or reduce spending on electricity
Electricity costs are rising every year in South Africa, so finding ways to use less of it or generate your own can save you money in the long run. One option is to install solar panels or solar geysers that use the sun’s energy to power your home or heat your water. This can reduce your electricity bill by up to 40% or more.
Another option is to switch off appliances that are not in use or use them during off-peak hours when electricity is cheaper. You can also replace old light bulbs with energy-saving ones, install geyser blankets and insulate your home.
Tip #5: Monitor data usage or phone costs
Data and phone costs can eat up a lot of your hard-earned cash if you are not careful. To avoid overspending on these services, you should monitor how much data you use and buy bundles that suit your needs.
You should also avoid streaming videos or music when not on Wi-Fi, use free apps like WhatsApp or Skype for calls and messages, and compare different network providers for the best deals.
Tip #6: Second-hand shopping
Buying new clothes, furniture, electronics or other items can be tempting, but it can also be very expensive. A smart way to save money is to buy second-hand items instead.
You can find quality goods at bargain prices at thrift stores, online platforms like Gumtree or Facebook Marketplace, or garage sales.
You can also sell some of your unwanted items on these platforms and make some money this way.
Tip #7: Saving challenge
Save every ZAR 50 that comes your way. This is a surprisingly easy and rewarding challenge. Whenever you receive ZAR 50 in cash, put them into a jar with a personalised goal and wait until the end of the year to count how much money you made. You will surprise yourself and perhaps can take yourself on a very nice vacation or buy some lovely Christmas presents.
Bonus tip: Unsubscribe from marketing emails and check subscriptions
One of the easiest ways to save money is to stop spending it on things you don’t really need or use. A good habit to develop is to unsubscribe from marketing emails that tempt you to buy things you don’t really need.
You should also check your bank statements for any subscriptions that might be draining your account every month, such as magazines, Netflix, Spotify or gym memberships. If you don’t use them regularly, cancel them and enjoy the extra cash!
We hope these tips help you save more money in 2023!
P.S. Make sure you don’t sabotage your savings by having limiting money beliefs. Check out our podcast on a saving money mindset.
