Make the most of saving from the comfort of your own home

National Savings Month in July is a good time to look at what you can do at home to stretch your savings or put a little extra back in your pocket. “There are various ways you can save money over both the short- and long-term,” says Francois Venter, Director of Jawitz Properties.

The simplest way to save money in the long run is to pay off your bond as quickly as you can. “Make a commitment today to put away at least an extra 10% over and above your minimum bond repayment,” Venter says. “Every little bit of extra money goes a long way to reducing the interest you will pay as well as the remaining bond term.”

Multiply to divide and conquer

Making more than one payment a month also helps reduce your bond as interest is calculated daily. “If you can pay a certain portion at the beginning of the month and another mid-month, you will see a great reduction in payments over time. Try one of the many bond calculators available online to see just how much you can save.”

If you can afford to, have your salary paid into your bond. “Taking a frugal approach to how you use that income thereafter is important as well as when it is put in to reduce your bond costs.”

Warm the cockles of your piggy bank’s heart

The winter months are the easiest time to incur extra household costs. “We end up using more electricity than we do in summer with heaters coming on and having longer hot showers or baths, working our geysers harder, and putting the kettle on more frequently for warm drinks,” Venter says. 

“Now is a good time to invest in that gas heater, gas stove or a solar geyser. While these may be pricey upfront, over the long-term they will certainly save you a lot of money.” You can also consider switching to prepaid electricity to monitor your expenditure, or install a fireplace, or even make the most of your indoor braai.

Saving for a rainy day

Consider being pocket-friendly in your garden as well by remembering to switch off your irrigation system when it’s raining, or if rain is predicted. “You can even just reduce the frequency at which it comes on to save on your water bill,” he adds. “If you can add a borehole, the initial expense will pay off.” Another option is to make the most of the rainy months and capture rainwater that can be re-used as grey water to water your garden in the summer months, or to be used in your sewer system. “Take a long-term mindset today to save as much as you can in the future.”

Administration to innovation

A final saving tip can be to review your admin, such as your household insurance policies. “Check you are not overpaying or underpaying for your needs. Being adequately insured means if you ever need to claim you won’t battle to do so. Look at your home insurance, bond insurance and contents insurance,” Venter adds. “Also assess your landline and internet costs; have you got the best deals?”

Keep in mind that every four years property valuations are changed based on averages in your area which affect the rates you pay. “The next review will be in 2016, but remember you can have an independent valuation done to make sure you don’t end up paying more than you have to,” Venter concludes.

  Comment on this Article

  Please login to post comments

Post to my facebook wall
Characters remaining

    Latest Property News
    • 17 Nov 2017
      FWJK has announced the launch of its latest residential brand, the Lil’ Apple, which will be launched simultaneously in two developments in Cape Town and Umhlanga totaling 600 apartments. The Lil’ Apple is set to be a brand of FWJK’s New York style apartments which will be rolled out nationally.
    • 17 Nov 2017
      It’s been a tumultuous year on many fronts, with socio-political uncertainty setting the tone for much of South Africa’s economic activity yet despite this and seemingly counter-intuitively, the residential property market has held up well.
    • 17 Nov 2017
      The EAAB (the Estate Agency Affairs Board) recently claimed that around 50,000 illegal estate agents could currently be operating illegally.
    • 16 Nov 2017
      Penthouses are synonymous with New York – characterised by high-rise living that is decidedly luxurious and spacious. While exclusivity comes at a price, you can still create a “penthouse” look and feel in your existing apartment or even the upstairs bedroom of a double storey house with some clever design changes and styling touches.
    • 16 Nov 2017
      The area has long been popular with kite surfers and, with escalating property prices in Cape Town itself, is increasingly in demand with home owners who work in town, but are looking to invest in more affordable properties.
    • 16 Nov 2017
      Cape Town’s popularity as a world-class tourist destination has resulted in a spike in the number of homes available for holiday lets and fuelled investor demand for sectional title units with short term rental potential.
    • 15 Nov 2017
      Sappi, one of South Africa’s oldest global companies and a leading global supplier of sustainable woodfibre products, has moved its global and regional headquarters to a new site on the corner of Oxford and 14th Avenue in Rosebank.
    • 15 Nov 2017
      There’s an old saying in real estate that you should seek to make a profit when you buy, not only when you sell – and a large part of succeeding at that endeavour is buying a home in an area with desirable features that will enhance the resale value of your property.
    Subscribe to the MyProperty Newsletter

    Last Name  
    Email Address  
    Email Frequency
    Share this Page

    For Sale Property
    Rental Property
    More Options
    Connect with us