MOST of us are finding it incredibly difficult to save money.
Clive Mphambela
We have somehow resigned ourselves to the belief that somehow, for one to save money, you must have a lot of income or spare cash.
While it is generally true that one’s propensity to save increases with disposable income, it is also true that we can save money by changing a few of our hardwired bad habits.
No matter how little you earn, it is good discipline and a good habit to save some of your income. Saving requires discipline, commitment and patience. While these seem like difficult attributes to have for most people, here are a few tips on how you can start on a journey to save a little bit of money on many everyday things that sometimes we take for granted.
Buy groceries in bulk Groceries constitute a big chunk of our monthly expenditures. If you have regular income, try and buy groceries in bulk to enjoy bulk discounts. If you have friends and relatives, form up a buying club where you can make a single shopping trip to a cash-and-carry shop once a month. It pays to have a shopping list in advance.
Provided there is regular electricity supply in your area, buy meat in large quantities and split up large packs of chicken, minced beef, or pork for several meals. You will discover that it really doesn’t take that much meat for a family meal.
Eliminate soft drinks Convenience stores generally charge just upwards of a dollar for a soft drink and buying large quantities of soft drinks is no better deal. For the home, buy cordials and syrups which can be diluted with chilled water or drink plain water instead. It’s a healthier cheaper choice.
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This can save you a lot of money at home.
Save electricity Turning off the lights in rooms that no one is in saves energy and ultimately money. This can save several dollars on your electricity bill. Turn off computers, televisions and anything else that uses electricity, when not in use. When cooking things like sugar beans and offals that require long hours of boiling on the gas or electric stove, cook them in larger quantities. You can then store them in the freezer for subsequent meals.
Re-use what is in the freezer Many people pile food leftovers in the freezer, yet they never get to use it. Sometimes it eventually spoils in the fridge or freezer and is thrown away. Re-use leftovers while they are still fresh. Get your vegetables from the garden and try and use something from the freezer in every meal.
Also innovate around leftover food. When you cook a large meal, make sure you use the leftovers. You can save money at home by taking last night’s supper to work or to school the following day.
Cook rice or noodles often Rice or noodles can go with a lot of meals. Most of these meals will require little or no meat. They also store longer in the freezer and make versatile ingredients for leftover-based meals. Try noodles and vegetable soups, sugar beans and rice, macaroni and cheese dishes and spaghetti sauce to go with rice or a meal of spaghetti and mince.
Enjoy meat and vegetable stir-fries, stews in your home rather than have whole meat roasts. Vegetables are cheaper and generally healthier and will bulk up a meal with protein, vitamins and minerals and dietary fiber, which is not found in meat.
Cut your laundry expenses Wash full loads of clothes as opposed to small washes every day. This is an effective way to improve on use of water, laundry soap and fabric fresheners. If you are using a washing machine, wash one large load, instead of two small loads. This saves on water.
Step off the gas pedal If you drive a car to and from work, avoid congested routes. Take the quickest routes that save you fuel. Do not drive at high speed only to break to slow speeds after a few seconds rather pick a steady safe speed for your route that optimises fuel use. Also, it pays if you want to go to the nearby shops during the weekend, just to buy one or two items, to take a healthy leisurely walk instead of using your car. Occasionally take a kombi.
Pay your bills on time This is a great way to save money, even if it’s only a couple of dollars every month.
Most people have not noticed that utility service providers for electricity, water, and telephones offer you a last payment date on the amount owed before a certain date after which they charge a late payment fee or interest. Clothing retail shops also apply interest on the outstanding balances on accounts if instalments have not been received by due date.
Stay at home If you are not going anywhere, you’re not spending. Enjoy the television with your spouse or partner or play with the kids. It’s a great investment in the family and it helps save you some money.
Keep your savings in the bank Last, but not least, when you have started to save money, keep the savings in the bank in a savings account which is not easily accessible. Keep your savings account separately from your transactional or salary account.
Most, if not all banks in Zimbabwe offer savings accounts which pay credit interest on savings balances and do not attract monthly service charges. Keeping your savings in your wallet or under the pillow will result in you finding something else to buy with the money.
Clive Mphambela is a banker and financial advisor, he writes in his capacity as advocacy officer for the Bankers’ Association of Zimbabwe. He can be reached on 04-774686, 0772 206 913 or [email protected]
