Get 15% to 30% More From Your Money

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I am often asked why I bother with a few pounds, dollars or rands here and there.

Firstly, living a small mean life isn’t abundant and isn’t a wealthy life. So it’s not about being penny pinching.  I bother to record and acknowledge small amounts because of the combined principles of awareness and compounding.

Awareness is about control and choice.

It’s about acknowledging I am responsible for every outcome in my life and I have a choice to do whatever I want with my money. Knowing that some choices will create my freedom feast and some will destroy it. Either way it’s my choice.

Compounding is about acknowledging that every cent is a seed, every pence is a golden egg and has value and every dollar has unlimited potential which I can release or destroy.

So yes, I do bother with small amounts. I am also sometimes asked why I don’t necessarily stay in the most expensive hotels and so forth. Again, it’s about a balance of choice, value and abundance.

I love nice things and experiences, and I don’t deprive myself, but I don’t need them in my life to feel wealthy.

Feeling wealthy comes from inside of me, it comes from knowing that I value the money in my life. I feel wealthy knowing I now live life on my terms, I get to do the work I love in a way that fills me. I am immensely grateful for all I have in my life and so I look after it and grow it. But mostly, I manage my money because I have a huge WHY. My life’s vision is huge, the legacy I want to leave, the people I want to help and the difference I want to make in this world needs me to be great with my money, and so I am.

Your vision needs you to be great with money too, and needs you to ensure you get the most out of it.

Here are some money squeezing ways for you to apply in your life to get 15% and 30% more value from your money without reducing your standard of living.

  • Look at your Bank fee’s – change to a low cost bank account
  • Interest payments – destroy your debt
  • Know what insurances you really do and don’t need and how much you need. This is a huge area of money leakage for lots, and lots of people. One Gourmet Wealth Chef client saved herself $2000 just in this area alone.
  • Magazines – get annual subscriptions for the magazines you really read and get value from and never buy them from the corner shop again. Subscriptions will save you up to 70% of the cover costs. Better yet, agree with your family to give magazine subscriptions to each other as gifts.
  • Culinary comfort – Stop buying prepackaged, readymade and take-away meals. Not only are they full of preservatives and other bad things, this convenience costs you over 120% more than the base ingredients. When you cook, double the quantity & freeze the extra amount, ensuring you already have your own pre-prepared meals available for when you don’t have time or don’t feel like cooking.
  • Gym memberships – if you use it fantastic – in reality fewer than 87% of people regularly use their gym. Cancel the membership and rather go exercise in your local park.
  • Other memberships, subscription programmes – look through your direct debits and question whether you use them all.
  • Buy a filter for your tap water instead of drinking bottled water
  • Challenge the Grande double shot skinny no foam latte culture. How much are you spending on concepts that barely existed 15 years ago? Do you really need that cappuccino every day?
  • Take your own lunch to work – this alone could free up the money you need to put into your financial freedom pot.
  • Make your hair coloring last two weeks longer than you normally would. Instead of getting it done 8 times a year, have it done 5 times. Wow, you’ve just found your Debt Destruction Fuel.
  • Know the different times when your landline and mobile phone rates are cheaper and use skype instead.
  • Turn off appliances and use low energy bulbs to reduce your electricity bill
  • Install solar heating in your house
  • Maintain and service your car regularly
  • Turn down the temperature on your water geyser
  • Go to movies on discount days
  • Get books from your library
  • Start a book club
  • Eat fruit and vegetables that are in season
  • Make your own cleaning products that are cheaper and better for you and the environment. – I’m going to send you a great list of these.
  • Go to restaurants that let you bring your own wine
  • Do your monthly grocery shopping online with prepared lists
  • Plan your weekly meals ahead and only buy what you need for them.
  • Buy generic products
  • Ride to work. Buy a low cost scooter or better yet a bicycle to get to work
  • Set your pool filter to run during off peak electricity times
  • Base your weeks menu on sales items
  • Buy your household items on sale and from bulk wholesalers
  • Buy nearly new from the classified, bid or buy, junk mail etc.
  • Use the internet to know your prices and values before you buy
  • Get at least three quotes for all services, insurances, and major purchases
  • Never buy a new car. It loses up to 20% of its value as soon as you drive it off the show room floor.
  • Check out charity shops, second hand merchants and garage sales
  • Consider giving up some of your vices. Smoking, alcohol, gambling, sweets and chocolate
  • Christmas, Eid, Diwali are not emergencies. Spend half as much as usual on these holidays. Talk openly with your family and friends and share with them your vision for financial freedom.
  • Use you ATM card a planned number of times in the month to withdraw the cash you need
  • Once a month have a no money Sunday. This is a fun day where each person must come up with an idea of having a fab day without spending anything. Make and fly a kite, have a picnic, watch airplanes, walk in a forest.

Make your own list of cost saving ideas. Get the whole family involved. Once you start you will be amazed at how much extra money you can find without reducing your standard of living.

Please share your ideas in the comments below so we can all get more out of our money.

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14 Comments

  • Marie-Anne Duarte says:

    Thank you Ann. I am also looking forward to the cleaning recipes. I have recently sold my rental house and paid off my debts. It feels great not to have anymore interest thieves! However, it is confusing about how to invest. I took out the SATRIX top 40 but our South African rand is quite dismal at the moment. So I put money into a 7day notice account which gives 6.5% interest. Not sure if this is the way to go, but at least its starting to compound. 🙂 I’d be grateful for any advice or tips from you.

  • Sithembile Zondo says:

    I am looking forward to applying all these tips to my own life, I can’t wait to get started

  • BEULA ROSIN says:

    I do like these ideas. do already have some in practice but did not realize they were wealth saving ways. what I would like to know though is how you take those saved pennies and put them into the bank into a savings account to let them grow?It had crossed my mind about re evaluating insurance policies but making decisions about which are essential and which not is not that easy. we DO NOT have asset insurance as premium out of our scope; but I recently decided to take out a car repair one as am not able to maintain the car with my earnings in large sums, the car repair and maintenance policy of R130 per month seems reasonable to me and will help with things like engine repairs and service as well as tire replacement, instead of stressing where will I find 2 or three thou in a lump sum to fork out for an emergency repair. I know asset insurance is very important but had to tip the scale to the benefit which fitted the lower premium although it does not feel comfortable. I found this a very hard decision for me to make.

  • Nicola Humber says:

    SUCH a useful article Ann! I love the idea of being more mindful of money and how we choose to spend it. I’ve allocated one day per week to make spending decisions. So rather than hitting the ‘buy now’ button or mindlessly heading to the cash register as soon as I see something I THINK I want, I delay the decision until my designated day. Often I can’t even remember the things I thought I desperately wanted earlier in the week!

  • Ginny Neary says:

    I already do these things but I still struggle. I don’t have or do some of the things on the list eg: don’t have a car, don’t smoke, drink, gamble or eat sweets/chocolate. Due to ill health i’m currently on ESA in the support group. I have to really work hard keeping things in balance as I only have £500 every month coming in. It would be wonderful not to have to worry about paying bills and having enough money to have a treat every now and then.

  • Nicky says:

    Excellent advice and ideas thanks Ann. Lots I can do here. Look forward to the cleaning product recipes!

  • Rachel Sutton says:

    Another tip cut down on your DSTV package

    • Ann says:

      Yes – and when data connectivity improves in South Africa – get yourself a VPN and subscribe to netflix – a massive saving.

  • Mfreke says:

    To be wealthy is all in the mind and not necessarily flaunting what you have. Most very wealthy people are very modest in living.

    • Ann says:

      Absolutely, and when we get really clear on what is truly wealthy for us – that is when magic begins. There is also absolutely nothing wrong with loving beautiful things, having luxuries in our lives and treating ourselves and those we love – when it comes from a real desire within ourselves and not from what the media and society deems we should have and do to be deemed successful.

  • Debbie says:

    Having read your book Ann, I have been ‘attacking’ many of the items on this list. I recently reduced all my household and car insurances by R300 per month and changed my banking option from a Premier service which I never used to a lower one. Both processes are a real hassle to do but worth it at the end.
    Also reduced the DSTV subscription to a cheaper option – there are still things to watch!
    In the last few months I since I have worked on the Wealth Chef ideas, I have also reduced the usage of my overdraft down to 60%, hoping to get that completely down in the next 6 months.
    Essentially, what you have me doing now is thinking deeply about everything I spend and where I can make savings so more goes into my Asset drawer.

    • Ann says:

      Rock on Debbie – that is massive progress and just that R300 alone is a seed to go into your Index tracker which can now work for you. Huge congrats too on your overdraft destruction :). Here’s to celebrating when it’s a thing of the past. Keep going – it really does get easier.

  • Tracy Morin says:

    I love the no money Sunday idea, thank you!

    • Ann says:

      They are such fun Tracy and you’ll find yourselves getting more and more creative and really enjoying spending nothing 🙂

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