Small changes you can make in the New Year to free up some cash - Five tips for saving money

The festive season is over, and we all know that January feels like the longest month of 2023. Here are five tips to be more money smart and save during Januworry and the whole year through.

1. Automate your monthly savings

Automate your savings by setting up a monthly debt order or an automatic monthly transfer into your savings account. Some months you may forget, and some months you may save less than you are supposed to for any specific reason. To prevent this, you could automate your monthly savings. When automating your savings, they will be automatically transferred into your savings account on a select date through your bank. This way, you won’t have to remember to save, and you will likely not feel the burden of having less money at the beginning of the month.

2. Bring home more DOUGH.

Everyone would love an additional income. Starting a side hustle to supplement your 9 – 5 may just be your answer not only for extra cash but also allow you to save more. A side hustle can come in many different forms and can be skill dependant but often it is just pure determination. Some great opportunities to consider could be baking, photography and selling images on stock sites, pet walking, house sitting, or if art is your thing consider selling your master pieces online.

3. Review irrelevant subscriptions you aren’t using:

Most of us enjoy relaxing after a long day of work. This often includes catching up on series or playing online games to switch off but considering our SA load shedding schedules and amount of screen time we are exposed to, are you really getting the most out of your online subscription? Consider cancelling subscriptions you no longer use or scale back to the basic package to save you money. This may not seem like a big saving as subscription platforms are often not too expensive, but a little goes a long way over time.

4. Shop around for your best deal

You may prefer shopping at a specific store or online platform for your groceries, clothing, and other items. But looking around for shopping deals, you may find that other stores and online platforms offer better prices. This may take time, but finding the best prices for the things you want and need will help you save money. Keep yourself in the loop and also sign up  to select stores for newsletters so that the specials and deals are emailed directly to you.

5. Out with the old and in with the money

There is no better time than January to clean out and start the new year with less clutter. Consider the items you don’t use around your house anymore and sell them online. Many people prefer buying second-hand goods in good condition over buying new things for a higher price. There are many online platforms where people are able to buy and sell items such as Gumtree, Facebook Market Place, Yaya (Clothing), have a look at what items you can sell to get more dough into your savings account.

In Conclusion

Saving money may seem like a difficult task, or sometimes even impossible, but even the smallest amount does make a difference over a long period of time so give these five tips a try and stay determined and disciplined to gain your financial freedom.

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