How to save in 2023!
Your biggest life decisions and money decisions are all tied together. Making sure that your career, personal finances and lifestyle decisions WHERE YOU WANT THEM TO BE is key to living the life YOU WANT. Just imagine being happy with your career, personal finances and lifestyle that’s the ultimate GOAL, you don’t have to be a billionare or millionare, just being able to enjoy the fruits of life, isn’t that something we all aim to archive.
With everything going on in our economy we know it’s very difficult to save money since we know we literally spend 70% of our salary in debts and 30% on ourselves. Since the 26th of May 2023 our Repo Rate went up from 3.75% to 8.75% meaning it went up by 25 points, that is the highest the Repo Rates increased since 2009. With the Repo Rate increasing that means prices have increased , say you were paying African Bank R620 installment each and every month for your credit card that amount will increase to R710, that increase will of course set you back in terms of your monthly budget. At the end of the day you will feel like you are doomed right? You will be feeling like you can’t do anything you can’t even go to that vacation you have been wanting to take, because there is just not enough money for you, the one that goes to work everyday to ensure you take care of your loved ones and your debts. WHAT ABOUT YOU! WHEN WILL YOU GET TO ENJOY YOUR MONEY?
If you are someone that is over indebted the best thing you can do for yourself is to place yourself under debt mediation to lower your monthly installments, knowing then that each and every month you are saving 60% more from what you were originally paying for your installments. You being able to save that 60% will even allow you to open a retirement plan account, knowing that when you retire you will have a lumpsum paid to you, giving you the freedom to enjoy your retirement if you are one that’s thinking in terms of your retirement. That 60% you are saving you could be able to open that kitchen or clothing business you have dreamt of opening , meaning you will be having 2 incomes with those two incomes you are able to take that vacation you have been dreaming about.
Its so easy for anyone to say to you have a piggy bank at home put all your coins in there, but somehow you always have to make use of the coins you are trying to save. It is not easy! But honestly it works try doing the following steps in terms of saving:
Create a budget
Make detailed budgeting plans ( eg, R500 extra school books, R1000 new bedding items ect)
Try envelope budgeting
use a budgeting app
Audit your supscription
Create a retirement plan or savings account
Use the 30 day rule
Take advantage of seasonal sales
Plan your groceries
Designate no spending days
Build an emergency fund
Use a high yield savings account
Automate saving transfers
Consider investment accounts
Refinance your mortgages.
The moment you start one of these to start saving money each and every month you will go from one to following each and every step that’s in here all 15 steps.
There are many ways we can save money we just need to learn self control and knowing what are our real NEEDS AND WANTS. Also if you were able to watch all these videos of saving money money your life will take a better turn. Start by reducing your debts and mananging your debts from there onwards your financial life will go the path you want too.