Most South Africans are struggling to make ends meet as a result of the country\u2019s rising cost of living. Most of its citizens have had a challenging year owing to a cascade of negative events such as rising fuel prices and interest rate hikes. <\/p>\n\n\n\n
Inflation necessitates that South Africans reduce costs wherever possible. Here we ask business leaders from a variety of industries for advice on how consumers can save money. <\/p>\n\n\n\n
\n 1. <\/b>
\n Extra payments \u2013 where you can <\/b>\n<\/p>\n\n\n\n
If you have a few rands to spare for saving each month consider making an extra payment on your bond, advises Carl Coetzee, CEO of BetterBond. \u201cMaking extra bond payments could mean massive reductions in interest on your home loan. And by paying more than the required monthly instalments, you could also shave years off your repayment period.\u201d <\/p>\n\n\n\n
Remember, it does not have to be a large amount. As little as R200 extra each month (the cost of a takeaway meal) on a R2 million bond at the current prime rate of 11,75% will trim two months off the term of your home loan and save you R136,432 in interest over a 20-year loan period. \u201cIt is not about putting all your savings into your bond, but rather about being disciplined and putting whatever extra you have into your bond regularly,\u201d says Coetzee. \u201cThis little bit extra will help reduce the balance, which in turn reduces the interest the bank will charge.<\/p>\n\n\n\n
\n 2. Adjust your excess<\/b>\n<\/p>\n\n\n\n
Insurance, says Mishaya Chettiar, Executive Head at Everything.Insure, is one of the first places people look for ways to save money. Although cheaper is not always better when it comes to insurance, using your excess to reduce your cost is one of the tips if you are looking to reduce the premium price.<\/p>\n\n\n\n
The higher the excess the lower the premium, which is the amount of money you are willing to spend before the insurance company pays its portion of a claim. \u201cBe sure to select an excess that you can actually afford to pay in the event of a claim,\u201d Chettiar advises. \u201cAnother piece of advice is to get multiple quotes to find the best product at the best price for you,\u201d Chettiar suggests.<\/p>\n\n\n\n
\n 3. Upcycle food <\/b>\n<\/p>\n\n\n\n
As the cost of living rises some of the changes we\u2019ll make in our kitchens will arise out of necessity too. As it turns out, opting to upcycle food \u2013 using the same ingredients for multiple meals or growing home garden plants out of used veggies \u2013 is a means to make eating more affordable and sustainable at the same time. <\/p>\n\n\n\n
\u201cThe idea of using one ingredient over several days has been around for decades. Today, this is known as food upcycling,\u201d says Norman Heath, Executive Chef at Radisson Blu Hotel Waterfront. \u201cSunday roast chicken leftovers become Monday\u2019s chicken mayo sandwiches, and the bones and leftover chicken then become Wednesday\u2019s broth. This could turn into frozen chicken stock to be used for future soups, stews, pie fillings and more.<\/p>\n\n\n\n
Upcycling food saves you money because it reduces food waste and gives your food a longer life cycle. There are so many things that can be done with foods that one wouldn\u2019t ordinarily think to use. <\/p>\n\n\n\n
\u201cVegetables such as celery, radishes, green onions, lettuce and sprouts can all be grown on a kitchen windowsill,\u201d he explains. \u201cInstead of discarding their roots after using them, immerse the bottom of the vegetable in a glass with a little water in it and place it in partial to full sun. Watch the vegetables grow and use them as desired.\u201d<\/p>\n\n\n\n
\n 4. Spend less on non-negotiable items<\/b>\n<\/p>\n\n\n\n
Smartphones have become essential devices for most people. However, as things have become so expensive lately, we\u2019re all looking to save where we can. One way is by spending less on our non-negotiable devices, such as smartphones. Before your next upgrade, consider this, could you buy a good quality, good looking and efficient phone with your current monthly payment?<\/p>\n\n\n\n
When shopping for a smartphone, a great value for money option is the new Nokia 02-4G which costs as little as R1 299. This phone is built to take on life\u2019s little knocks. Plus, all day battery life will keep you powered and connected for longer. <\/p>\n\n\n\n
* Michelle Wynne, Head of Marketing, SSA.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":" Most South Africans are struggling to make ends meet as a result of the country\u2019s rising cost of living. 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