Johannesburg - As Savings Month draws to a close, experts say it is time to reflect on the financial progress made and steps taken towards spending wisely. They say that saving money doesn’t mean sacrificing happiness and fulfilment. Rather, it is about being savvy and making the most of our resources.
Experts provide tips on how to spend on simple pleasures without breaking the bank
1. Plan some downtime
Financial experts say that part of the heritage that many enjoy is gathering with loved ones for a weekly meal. Those looking to save money should look out for specials. This includes the Seven Colours Sunday lunch at the Radisson RED Rosebank for R220 a person.
2. Spend smartly without compromising on quality
A third of the South African population uses a smartphone to communicate, learn, shop and even work.
Smartphones could leave consumers spending up to R43 999. Consumers buckling down and spending less on a quality and effective smartphone is one way to get the most bang for their bucks.
3. Invest in your health without racking up expenses
Health supplements are seen as an easy option for boosting our immunity and supporting our body with vital vitamins and minerals. But experts say that they can rack up costs. They suggest micro greens as an easy and cost-effective way to supercharge your well-being all year.
“These tiny forms of young edible greens contain up to a whopping 40 times more nutrients than mature vegetables,” Rick Hein, the managing director of MicroThumbs, suppliers of micro greens to retailers countrywide, says.
“So many of us lead busy and active lifestyles, so it’s incredible that you can get far more nutrients than the average vegetable just by consuming a small amount of microgreens.”
4. Minimum spend with maximum output
For less than the price of a cup of coffee, you can buy jewellery that looks good and helps you support sustainable practices.
Brand consultant at Relate Bracelets, Dalit Shekel, says that making an ethical fashion purchase is a way of looking and feeling good about your buy.
“Our bracelets are made by seniors in townships, providing them with a sustainable income and a sense of purpose,” she says.
“With each purchase, you are not only getting a beautifully crafted piece of jewellery, but also contributing to causes such as wildlife conservation, quality education, health care, and clean water initiatives.”
5. The not-so-fun-but-essential spend
Car insurance is almost always a grudge purchase but experts say it is important to be sufficiently covered in case something happens.
There are also digitally based car insurance products, such as that offered by MiWay Blink, which uses smart telematics to connect you, your car and the insurer. The enhanced customer experience works by connecting a GPS device, SIM card, motion sensors and analytics software to your car and phone, which allows MiWay Blink to track driving data and adjust premiums accordingly.
“If an insured customer drives less than 2 500km a month, we give them a cash back refund on the premium they paid that month,” the head of MiWay Blink, Keletso Mpisane, says.
“The refund increases with the less you drive, so, for example, if a customer doesn’t drive at all in a month, a refund of up to 50% of that month’s premium is paid back to them.”