They say ‘every little bit helps’ and in this case they may be right. According to Sue Torr, a director at Crue Invest giving up just one thing could save you thousands of rands.
Ahead of Financial Planning Week Torr has conceptualized the #Just1thing campaign to show people how sacrificing something small, like a cup of coffee or manicure, can sharply affect your bank balance positively.
“When it comes to saving most people believe they do not earn enough to save, but the current water crisis has shown us that we can all use less,” said Torr.
Torr advised that if you don’t have extra cash in your monthly budget, think about giving up something and putting that money away. She outlined some ideas:
- Smoke less: Smoking one less box of cigarettes per week at R29 per box can save you R116 per month.
- Don’t buy takeaway coffees: Making your own take-away coffee instead of buying a take-away Cappuccino every work morning. At R28 per cup can save you R560 per month.
- Don’t take part in the Lottery: What are your chances of winning anyway? Saving your money instead of a buying a weekly Lottery ticket which costs at least R5 per ticket equals R20 per month.
- Eat less: Eating one less burger at lunch time per week at R43 per burger can save you R172 per month.
- Boiling and bottling your own drinking water: Don’t spend R10 per 750 ml of water where you can do it yourself. Doing this will save you R280 per month.
- Watch your data consumption: Reducing your data consumption by R35 per week (that’s 100 MB per week) can save you R140 per month.
- Packing your own work lunch: Don’t spend R25 on a pie and coke once a week can save you R100 a month.
- Drinking less: One less beer per week at R10 per bottle can save you R40 per month.
- Make your own baby food: Baby food is expensive but it’s possible to make your own. Not only is this more nutritious (provided you use the correct ingredients) it will save you a bundle too. Making your own baby purity at a cost of R17 for a 1 kg bag of apples versus R14 for a bottle of Purity can save you R10 a day or R300 per month.
- Don’t go for a manicure: Rather do your own and save. Buying your own nail polish at R40 per bottle versus paying for a monthly manicure @ R150 can save you R110 per month at least.
If your household implements all of the above, you could save R1 838 per month or a surprising R22 056 per year.
Torr has challenged wanna-be savers to try and give up #Just1thing, then tell her what you have given up and how much you saved. Use the #just1thing handle on social media.