March/April 2020

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14 Margie Whitten margie@moneylife.co.za When someone mentions saving, the first thought that comes to my mind is saving money in a savings account. There is no doubt that the importance of saving money can help you become financially secure. Building this good habit as a teen or young adult highlights the importance of creating a secure future. One of the elements of saving money is CUTTING BACK ON YOUR EXPENSES. Work together as a family to make this fun, and you can measure what you are able to save. The starting point is to set a goal of what you are going to do with the money that you save. The goal is essential, as this will help you channel your energy and mind-set into one of saving. Some trimming back ideas can be to: reduce your power and water bills, reduce your telephone and data costs, reduce food expenses by planning meals and making sure that you stick to your shopping list so that you don’t buy on impulse. You can cancel your satellite subscription, substitute eating out with picnics in the park or the beach and take a packed lunch to school, varsity or work. Some of these ideas are not necessarily costs that you pay for yourself. It is important to be aware of these costs and how you can work together as a family to reduce them. Develop good saving habits and these will help you now especially if you are having to make your income stretch as far as possible. Make this fun and don't forget the goal you have set and why you are doing this! Having a picnic with friends is a really awesome way to have fun without breaking the bank. Everyone can contribute to the picnic and other than packing the picnic bag or basket there is no tidying up. PLANT A VEGGIE GARDEN Vegetable gardening is a splendid hobby that can often turn a profit should you have a good harvest. Focus on vegetables that are easy to grow. Your parents will be blown away when you "bring home the veggies". Before you launch into gardening do your homework and plan your garden. Don’t be too ambitious by starting off big and getting overwhelmed. PACK YOUR OWN LUNCH Cutting down or eliminating eating out in restaurants, buying take-aways and buying lunch from the canteen will add up to a huge monthly saving. Eliminating standing in a queue during breaks will also give you more time to catch up with friends. Pack your lunch the night before to save time in the morning. REDUCE YOUR DATA COSTS Reduce your data costs by setting data alerts and limits on your mobile device. You can do this using the Data Usage setting on your device or download a third party app. Use Wi-Fi wherever possible and get into the habit of turning your data off on your phone when connected to Wi-Fi. Limit background data as this can be a huge drain on your data without even realising that it is happening. Review what is using your cellular data and change unnecessary apps to only sync or update when you are connected to Wi-Fi. You will also find that this saves your battery life.
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March/April 2020

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