How to save in the face of rising costs

On the back of South Africa’s new junk status, it seems likely that our daily costs (including food, petrol, and loan repayments) are likely to rise. This means that, even if you aren’t an investor, life on the whole is getting more and more expensive. And, when people are stretched financially, savings are one of the first things they give up. That’s a mistake. Saving is essential to a properly maintained and prosperous portfolio.

So, what to do? With the proper advice, there is much you can do to properly manage your portfolio in difficult financial times – speak to your financial adviser if you have any wealth management concerns. In terms of your day to day life, there are a number of daily habits you can use to help you save in the face of rising costs.

Here are five tips to help you save in your daily life

1. Take up the 30 day rule

We live in a world of instant gratification but avoiding this need to have everything you want immediately is one of the most important steps in correctly managing your finances. Wait for 30 days before choosing to purchase that impulse item and you might not buy it in the end, saving you a valuable amount.

2. Shop with a list

This might seem like a simple idea but a list can truly help you to curb unnecessary spending. Get what you need and save the rest of your disposable income. Write the list, stick to it, and you’ll prevent unnecessary waste and save money.

3. Have fun at home

Whether you’re entertaining friends, having a monthly date night, or giving the kids a treat, you don’t always have to go out and spend lots of money to have fun. Spending quality time with your family at home not only has major benefits for your relationships, it can also save you money.

4. Clean up and clean out

No need to wait for Spring to clean up things on the home front. Empty out your cupboards and get rid of the items you no longer need or use. This doesn’t mean you have to throw these items away – sell them and make some extra money. A regular spring clean can bring order into your home and a bit of money into your pocket. Another plus? Rediscovering old items might also mean you don’t have to purchase replacements, saving you money in the long run.

5. Streamline your portfolio

When was the last time you looked at your insurance policies or investments? Are you using them effectively? Do the products you’re paying for work for you now as well as they did when you purchased them? Speak to your adviser about how best to manage your portfolio so that you save more and grow your wealth.

Want to take your savings plan to the next level? Want to be sure your portfolio is properly balanced and managed? Talk to us – as independent financial advisers, we understand that every individual has different financial demands and dreams. At TRG, we are able to offer you experienced advice and reputable products, based on your unique needs.

Speak to a professional financial adviser about your wealth plan and save.