In just over 12 weeks we’ll be in the middle of December and busy with end of year celebrations. We know how December can drain your finances and leave you in debt. Take our December 10 Week Savings Challenge and save R1 500 to use for those end of year expenses.
We’ve split the challenge into a few easy steps for you to follow over the next 10 weeks, starting Monday 30 September.
1. Decide what you will spend your R1 500 onThis will be your reason for saving R1 500. Do you want it for a special meal, gifts, a family outing, or to pay for a January expense you know is waiting for you? Saving money can become a habit, so if you want to save more throughout the year use this challenge to kick-start a 2020 savings habit!
2. Set a daily or weekly savings goalR1 500 in 10 weeks means you need to save approximately
* R150 a week, or
* R22 each day
If you don’t usually buy things every day, a weekly goal is better. If you do buy something every day, a daily goal could put some extra cash in your wallet.
3. Check your progressDraw up a calendar to keep track of what you’ve saved and mark off your progress so that you know where you are.
4. Find ways to saveLook at what you spend your money on and find a few expenses you can reduce either daily, weekly or monthly. Go through your bank statement and check your slips and payments to help you. Then, see where you can save. Look for as many ideas as possible.
Slash your grocery, pharmacy bill and data bill
- No treats! Cut the cold drinks (R20 per 2 litre) and takeaway coffees. Take a packed lunch to work.
- Make more meals meat-free or bulk up meat dishes by adding lentils or beans.
- Cut out or reduce supplements and vitamins unless they’re prescribed by your doctor and eat more fruit and veggies.
- Save on data and airtime. Download Moya to chat and catch up on news #datafree
Don’t spend on entertainment
- Downgrade your satellite TV package, for example, Compact Plus to Compact will save you R120 per month.
- Swap a movie for fun fitness workouts
- Take turns with friends and family to entertain at home.
Save on transport
- Carpool one day of the week, or more.
Save on utilities
- Turn the thermostat on your geyser down or turn it off when you are out.
- Get a geyser blanket, starting at R150, which could save up to 30% of the electricity costs of your geyser.
Find and use discounts and rewards
- Use reward programmes such as Smart Shopper, Clicks and Dischem cards, Checkers app, Spar rewards, Multiply and Vitality.
- Look for discounts and specials in local newspaper inserts and online. Some sites to find discounts on include wuhu, dealzone, hyperli, snapnsave.
5. Have some contingency plansIf you don’t manage to save one week, you can still get back on track. An example would be saving an extra R50 for two weeks if you only save R50 in one week. If you’re really off track, consider lowering the goal rather than giving up.
6. Share your tips and your savings successesIf you’ve got a good idea, share it – chances are someone you share it with will have a good tip for you!
When you’ve made a saving, put that amount in a dedicated envelope or wallet - that way you won’t touch it! Or make sure what you save stays in the bank and isn’t withdrawn or used.
Have funWhether you are saving for a once-off goal or using this to kick-start a savings habit, enjoy it! Set the family a goal of finding a money saving tip every week. Find a new (free!) activity to enjoy together and be proud of your savings successes.