10 Ways to Reduce your monthly expenses during the Covid-19 pandemic
 

10 Ways to Reduce your monthly expenses during the Covid-19 pandemic

The Covid-19 pandemic has left many South Africans with high levels of household debt facing uncertain futures forcing them to re-look at their finances, reduce their monthly obligations and save more money.

In order to help you save the most money in every way possible, Likemoney combines years of experience to bring you some of our favourite money-saving tips Some of these suggestions take just a few minutes, while others require a bit of regular effort. Still, they’re all incredibly simple – anyone can do them.

 

1. Downgrade your Satellite TV subscription or use free and paid Tv streaming services such as Netflix & Kodi.

A DSTV subscription will cost you anywhere between R29 per month for 37 channels and R819 per month for 152 channels versus a Netflix subscription which will cost you around R100 per month, but of course, you would need a fast Fibre internet line installed. Kodi is a great video streaming app that is free and could be a replacement for your high fees satellite tv subscription

 

2. Save money on your car & home insurance policies.

You can save up to 30% off your car and household insurance by comparing quotes online. If you aren’t sure where to start, King Price Insurance, One of SA’s leading short term insurance in South Africa offers cheap car insurance premiums that decrease monthly to correspond with the depreciating value of your car. Your car’s value is worth less every month, and therefore your premiums should drop too. With King Price, your premium decreases automatically every month.

 

3. Sell unused goods.

Do you cringe at the sight of all the items in your spare bedroom that you don’t use anymore? From an old iPhone and tablets to that camera you just had to have, you’re now using your extra bedroom as a storage container.

You can quickly sell your unwanted goods and other goods online or use a pawn shop to sell or pawn it. You can even pawn your car If you pawn an item, you are borrowing money from the pawnshop and using your item as collateral. Once you pay back the loan, you are entitled to receive your item back.

 

4. Switch your bank account to a bank that offers cheaper banking fees.

Lots of people migrate their bank account to new-age digital banking such as Discovery bank or a traditional bank such as Capitec bank which offer the lowest banking fees amongst the big four banks in South Africa.

 

5. Review Your Cell Phone contract

You could be overpaying for your mobile & data services. One way to cut costs is by changing your mobile & data package to a top-up package where you are not automatically overcharged for data & calls, and when your data or airtime is finished, you recharge when you choose to.

6. Upgrade your internet to a super-fast Fibre Internet Line

With the adaption of Fibre infrastructure in South Africa, Many Internet service providers offer great deals on unlimited data fibre internet packages.

Find out which internet providers are available in your area and call competitors to see if you can get a better price. Another option is to call your current internet provider and ask them about lowering your monthly instalment. You may be able to switch plans or cut out additional fees.

 

7. Write a list before you go shopping – and stick to it.

One of the easiest ways to save money is to only shop when you have a list. Because when you’re without one, you typically end up making impulse buys and unplanned purchases – all things that cost money.

 

8. Brew your coffee at home

If you’re a regular coffee drinker, you might be surprised to know how much you’re spending. By buying a coffee every morning before work, you’re missing a huge opportunity to save. Assuming you have a five-day workweek and buy one coffee every morning at R35, you’re spending R700 each month.

 

9. Work out from home or outdoors

Instead of paying for a monthly gym membership, consider working out at home using your phone apps or browse through thousands of YouTube videos to work out at home or adopt an outdoor activity such as jogging or cycling and keep the Gym membership fees in your pocket.

 

10. Use Your Credit Card Wisely

Credit cards can be a great financial tool if used responsibly. The best credit cards offer cashback on specific categories, including dining, travel, petrol and more.

No matter how great a credit card’s cashback system is, be careful not to overspend. Interest fees accumulate quickly, so be sure to pay off your credit card in full as soon as possible.

 

Trying a few of these strategies could lead to huge savings down the road. Instead of trying to tackle all of these tips at once start with 3 tips and make sure you have a solid foundation that will transform your financial future – one Rand at a time.

 

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