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6 saving solutions to live by

Friday, January 17, 2014

Any good money expert will tell you that saving is one of the keys to financial success. That includes Gregg Sneddon, a financial coach who has plenty of ways to help you save and grow your money. Here are his top 6 tips…

1. Be card smart
Cash is no longer king. We’re using cards more and more because they’re convenient, and because we’re buying more stuff online. But use your cards wisely, advises Gregg. Use your debit card and stay away from credit cards.

2. Make saving a habit
A household budget is the smartest way to run your home without running out of cash. You have to stick to it, though, by looking at your salary at the end of every month and deciding where it’s needed most. Sure, it sounds like work, but it gets easier with practice.

3. Know that it’s not about the money
If you have nothing left at month-end, the problem is not the money. It’s one of 3 things, says Gregg:

You haven’t planned, so you don’t know where your money’s going.
You don’t have the right information, so you’ve bought something on credit – say a car or fridge – without understanding the payment plan.
You like to indulge because you don’t know the difference between your needs and your wants.

Which one are you?

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4. Get real
“One of the biggest blocks to money freedom is denial,” says Gregg. People don’t want to admit that they have a problem, even as they run out of savings and live from salary to salary. Get real. You can’t fix it if you don’t admit to it.

5. Ask questions
The law is meant to make banking and buying easy, but companies find ways to hide high charges. Don’t be afraid to ask questions – this is your hard-earned cash. And if you aren’t happy with the answers, switch to a bank or company that’s going to save you money.

6. Watch those bank fees
If you’re paying more than R90 to R100 a month, then you’re paying too much, says Gregg. That money could go into a savings account, so why waste it on unnecessary bank fees ? “I don’t pay more than R80 a month and have not for 5 years,” says Gregg. And neither should you. Use this tool to work out your bank costs.

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