Living frugally may seem like giving up all the things you love. This isn’t necessarily the case. Living frugally and being intentional with what you spend your money on unlocks more money for the things that matter most. Being mindful of what you spend your money on can help you achieve both your short- and long-term goals.
Where do you start?
The best starting point when it comes to your money is always planning. When you have a plan in place, you’ll have an idea of what you need to do to get where you want to be.
Set up a budget and take stock of what you spend your money on. Even small purchases add up in the long run. Try to identify things that you can realistically live without. Setting aside money for your short- and long-term goals will require a measure of sacrifice. Just remember that everybody’s journey and priorities are different. You have to find the path that works for you.
Whether it is for your next big holiday or some extra cash in your emergency fund, use your Multiply Money to kickstart your savings. Deposit money directly into your Multiply Money payment wallet and transfer it to your savings wallet to earn interest. Save the cashbacks you earn when shopping at cashback partners and the Multiply online shop by keeping it in your savings wallet.
Practical tips to help you live more frugally
- We often look for instant gratification, but next time think twice before you buy something. Shop around, look for better deals and use your Multiply discounts to save.
- We’re currently spending a lot of our time at home. Having fun at home is a lot cheaper (and safer) than going out and you can spend some quality time with your loved ones.
- Save on groceries. You’ll score up to 12% in cashbacks when you buy your groceries at Pick n Pay or Woolworths.
- Plan your meals. This includes meal prep. Planning ahead of time helps you to make better food choices – not only for your wallet but also for your health.
- Cancel the subscriptions you don’t use.
- Do a critical audit of your closet and decide if you need another pair of shoes.
- Use electricity sparingly and for those who are working from home, remember to only use what you need when you need it. For example, fill a flask with hot water instead of boiling the kettle every time you want a cup of coffee.
It is these small efforts that will go a long way towards achieving your goals.