Preshalen Kistnasami 

1.Consider the total number.

Costs are often broken down by retailers into more digestible terms — cell phone contracts, for instance. You may be paying R500-00 a month for your cell phone contract, but instead of thinking of it in increments of R500-00, consider the total amount you are paying, which is R12,000-00 for a two-year contract. By thinking long-term, you can visualize how much you’re really paying, for services like these.

South Africans spend on average close to R6000-00 a year on wireless services. Imagine how much you could save in the long-run if you switched to a cheaper carrier or plan. A cheaper plan will cost you R150-00 per month, that would add up to an overall savings of R4200-00.

2.Let go of extended warranties.

There are a few costs that can easily be let go of, right away. For instance, extended warranties bring in a significant amount of profit for many manufacturers, but your credit card offers extended warranties on nearly every purchase you make, usually doubling the original manufacture warranty up to a period of three years. It can be helpful to reconsider the insurance you’re currently paying for and figuring out what might be costing you more money than is necessary.

3. Avoid being cash poor.

Avoid wiping all of your credit card balances each month in order to ensure you aren’t “cash poor,” which means you won’t have any cash on hand in the case of an emergency. If you can’t stand having a credit card balance, try paying down 50% instead, so you can reserve some of your cash.

4. Appeal to your group-saving mentality.

There are a variety of arrangements you can create with your friends or neighbors that can help you make ends meet. For instance, big warehouse stores like Makro & Game sell almost everything in bulk. By purchasing everyday necessities with friends, you can all split the cost of the groceries and end up paying less than you would have if you went to the supermarket on your own. Also, it may not feel glamorous, but living with a roommate is a great way to save on rent. If you’re friendly with your neighbor, it can help you save costs if you agree to split cost 50/50.

5. Reuse recipes you love.

If you’re like most people, you gravitate towards the foods you enjoy the most from month to month, especially on nights when you’re tired or don’t have much time to prepare a complicated meal. While many would like to imagine themselves making a delicious meal that they’ve never cooked before, chances are, they’ll most likely stick to recipes they are familiar with. Stock your kitchen with the foods you love to cook and keep a file of recipes on hand that are easy to prepare. This way, you don’t overbuy, avoid wasting food, and can reserve dabbling in new meals for your nights out or weekends in.

1. Start feeling good about money.

If you have a "money shame," or something that embarrasses you or makes you feel badly about how you've handled money in the past, then make this the year to move on. Financial therapist Tessler Linde says many people have trouble thriving in their current financial lives because they're still dwelling on past mistakes. "Most people need to understand their money story first," she says, which includes assessing strengths along with relationships to spending, earning and giving.

2. Create your own money roadmap.

Simply asking yourself what your goals are can help set you on the path to achieving them, says Bart Astor, He recommends thinking big and pursuing your biggest dreams, even ones that seem overly ambitious. To help increase the chances of success, he also suggests sitting down with a spreadsheet to crunch some numbers and make sure you have money saved to fund your adventures.

3. Recover from financial pitfalls.

Climbing back from bankruptcy or paying off huge amounts of credit card debt are no small feats, and if you're in the midst of that kind of transition, you could probably use some support. Find friends who will help you stay on track with affordable activities and by serving as sounding boards. Keep your big goals at the top of your mind by posting them prominently in a place you look every day (like your desk).

4. Cut your spending in a big way.

When I cut my spending by R5,000 a month, I did it by focusing on recurring expenses. Starting with cellphone, dstv and Internet expenses and continuing down to groceries, Car installments, insurance & bond repayments,  i managed to squeeze out continuing savings.

5. Bump up your savings rate.

Automatic savings are often the easiest way to put money aside without too much effort; diverting money into pre-tax retirement accounts directly from your salary or setting up an after-tax savings account are two popular options. I feel that saving at least 15 percent of your income will keep you on track with adequate retirement savings.

6. Resolve to earn more.

Under earning is a major problem for many South Africans, but it is possible to overcome. Personal finance author Barbara Stanny, who overcame underearning and also wrote a book on the topic, says the first step is to commit to earning more and to say "yes" to opportunities that allow you to do so.

7. Fall in love with money.

According to Kate Northrup, author of "Money: A Love Story," you have to fall in love with your money before you can start managing it well. That's why she encourages people, especially women, to explore their feelings toward finances and where they might be struggling. "The way we interact with something, the energy we have or emotion we have, will determine the results we get. Most people deal with money from a place of fear, anxiety or debt, and that doesn't work as well as dealing with it from a place of love," she says.

8. Keep your financial life off Facebook.

It might be tempting to brag to your friends about your new credit card, but it's actually better to keep that information to yourself. That's because Facebook and other forms of social media are public places where fraudsters are also lurking and looking for personal information they can use against you. In general, when it comes to money, the less you share, the better.

9. Review your insurance policies.

Car insurance policies vary by deductible amount, rental coverage and other key measures, and drivers are often surprised by those details after an accident when they need to rely on the coverage. Make sure you're familiar with your policy; state buyers guides can also help walk you through the various options. Many people are underinsured when it comes to life and disability insurance; check up on the coverage offered through your work and consider supplementing it.

10. Pay less in taxes.

Karl Frank, author of "Go Tax Free" and a certified financial planner, says almost everyone can reduce their tax bill. "Most people pay more than we have to, and that's a shame," he says. Putting more money into pre-tax retirement accounts, investing in municipal bonds and starting your own business are a few of the ways to get started.

11. Protect yourself from credit card fraud.

Credit card companies are increasingly using powerful data collection and analysis techniques to spot fraud, but the first line of defense still involves customers themselves. Unexpected charges on your credit card statement or unfamiliar information on a credit report are among the first warning signs that fraud or identity theft has taken place. That's why you should always look over your monthly statements and get your free credit report every year online.

12. Get the most out of your savings account.

Most South Africans don't have an adequate emergency savings fund, but part of the problem seems to be that banking policies don't make it especially easy to promote savings. A study found that many banking customers face hidden fees, restrictions on dormant accounts and very low interest rates. Fortunately, consumers have many options when it comes to bank accounts, and it can pay off to compare different accounts before choosing the one for your money.

13. Give more gift cards.

Gift cards might sound a tad impersonal, but they actually make the ideal gift in many ways. Most people say they like receiving gift cards, and retail-specific cards generally come without fees and penalties for delayed use. Just watch out for the general-purpose cards from credit card companies, which usually come with purchase fees ranging from R25 to R99..

14. Avoid online ticket scammers.

Websites like gumtree, Junkmail, OLX & bid or buy offer an easy way to buy and sell items, but you want to make sure to avoid the fraudsters that also lurk on the sites. To stay safe, always meet in person to exchange goods for cash — never wire money in advance, which is how much of the fraud takes place. And of course, meet in a public place and bring a friend along for added protection.

15. Stop worrying so much about money.

Worrying about money can eat up a lot of time. One survey of more than 1,000 people by the McGraw-Hill Federal Credit Union found that 36 percent of respondents said they spend at least two hours a day either worrying about their finances or handling them. Companies might want to take note, and consider offering employees free resources to help alleviate some of that strain — and help get people back to work.

16. Talk money with your honey.

Finances can cause huge rifts in romantic relationships, but they don't have to, especially if the couple commits to addressing tension as soon it comes up. Financial experts recommend always being honest with the other person, making money dates to review finances and talk through big decisions and reflect on how each person's upbringing affects their financial mindset. Then, you can work together on setting, and reaching, big money goals — from buying a home to traveling.