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Top savings tips from the 10X Tribe

In theory, saving money is easy: simply spend less than you earn. But it’s also something that needs to be worked at. Sometimes it takes a process of trial and error to figure out what works best for you.

We asked our clients what their favourite savings tips were and were quite inspired by what they had to say.

Avoid lifestyle creep

"When I get a raise at work, I increase my savings debit orders and try to keep my spending about the same. This means I save more and don't let my lifestyle creep."   –  Anonymous 

Do you really need that?

“No store cards, stop buying unnecessary stuff.” – Hiren
“Take cash to the shops, leave your card at home”  –  Anonymous
“Never ever spend money that you don’t have. No credit!”  –  Anonymous 

Know your numbers

“Always think of expenditure annually. 1 cup of coffee a week and a small tip = 30 bucks a week. That's nothing, right? No, it's 52 x R30 = R1,560 per annum. Have three cups a week and all of a sudden you are spending R4,680!”  –  Anonymous

“Activating the notification SMS on my bank account brought complete awareness to me regarding the transactions on my account. This led to me creating a budget, which now is the backbone of my monthly savings plan. I know exactly what comes in and what goes out, what is for saving and what is for investing. Getting the basics right makes everything else easy.” – Anonymous

“Give yourself a monthly allowance for ‘wants’ and stick to it.”  – Rinette Theron

Procrastination can cost you!

“Make sure you maximize your tax benefits and file your tax return early. If SARS owes you money, then it should be sitting in your bank earning interest - not theirs!

When you do get your return, treat it like its not your money (don't blow it on clothes, etc.). The best thing to do is put it into your RA so that next year you get even more tax back. Since I bought my house I put my returns directly into my bond which effectively saves me hundreds of thousands in saved interest.” – Brad Seaton-Smith

Debit orders and goals are your best friends

"Always pay yourself first by having a scheduled payment that goes into your savings account the day after your salary comes in." – Tseko

“Save first, then spend. It helps to have a specific savings goal in mind” – Marianne Lancefield

“Create debit orders for savings and time them to be debited on the same day you get paid (before you get a chance to spend all your money!).” – Nozipho

“Planned debit order - and Nedbank Stash app” – Zuanne-Marie

And, finally, a masterclass in a message

“Half of my income is saved each month. Remove all unnecessary debt by getting a reliable second-hand car and check your variable expenses, such as your cell phone data bill, gym membership and bank charges.

Before you spend anything from your paycheque put money into your RA, emergency fund and tax-free savings.

Educate yourself on investing like listening to the 'Just One Lap' podcast, reading Moneyweb. Make sure you have a budget and know where you're putting your money. "  –  Anonymous

Which tip will you be taking for a test drive?

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