The unexpected places where you can save

Supplied by Coronation.
Supplied by Coronation.
Supplied

You’re about to go to bed as a notification flashes on your mobile screen. You see it’s a clearance sale, valid only until midnight. It occurs to you that it is probably the 10th invitation to spend to reach you today.

You resist the temptation to buy anything and you wonder if you are perhaps spending money without even realising it. So you open your banking app and look through your monthly debit orders. Within the first three line-items, you identify at least one subscription that you can’t even remember signing up for. You also seem to have been doing a lot of app purchases. You had no idea your money was going towards so many unnecessary expenses. So you decide to take action.

Facing up to your spending habits  

Resisting the onslaught of seductive advertising messages that tempt you into spending (overspending) isn’t enough. You need to dig a little deeper into your finances, almost like auditing yourself to see the unseen places your money is going.

July is National Savings Month and Coronation is encouraging South Africans to think about how they are spending their money, possibly on things that they really don’t need or without even realising they are doing it.

Head of Coronation Personal Investments Pieter Koekemoer says, “There are many hidden ways in which we spend our money unnecessarily.” He highlights memberships, subscriptions, free trials that automatically convert into billings after the first month, convenience shopping because your credit card details are saved online, or upgrading to newer models when you don’t really need to.

“While it may take some effort to identify and close the tap on some of these running expenses, just take a moment to consider what you could do with that cash if you were to invest it. Allowing it to grow until such time that you can comfortably afford something that you really need. That is the real meaning of saving.”

To uncover saving in the true sense, visit www.coronation.com to see the bigger picture.

Coronation is an authorised financial services provider. Trust is Earned.

This post is sponsored, written and provided by Coronation for Fin24.

ZAR/USD
16.76
(-0.09)
ZAR/GBP
21.15
(-0.12)
ZAR/EUR
18.93
(-0.12)
ZAR/AUD
11.64
(-0.14)
ZAR/JPY
0.16
(+0.01)
Gold
1798.22
(+0.06)
Silver
18.69
(+0.13)
Platinum
824.50
(+0.30)
Brent Crude
43.14
(+2.10)
Palladium
1961.36
(+0.61)
All Share
55417.89
(-0.66)
Top 40
51154.08
(-0.74)
Financial 15
10472.31
(+1.28)
Industrial 25
76134.69
(-1.67)
Resource 10
52483.78
(-0.20)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Please select an option Oops! Something went wrong, please try again later.
Results
I'm not really directly affected
18% - 1929 votes
I am taking a hit, but should be able to recover in the next year
23% - 2531 votes
My finances have been devastated
34% - 3770 votes
It's still too early to know what the full effect will be
25% - 2705 votes
Vote