MONEY
COSMOPOLITAN.CO.ZAPHOTOGRAPHY
NICOLAS ORTEGA,
ISTOCKPHOTO.COM
ADDITIONAL TEXT
BIANCA MENDEZ
JANUARY 2018 | COSMOPOLITAN 109
(see ‘The Best Workout Apps
for Your Wallet’) or by hand,
if you’re feeling old-school.
Ignore non-negotiables
such as rent, utilities and
insurance, and concentrate
on discretionary spending.
Give columns names such
as ‘dining out’, ‘clothing’,
‘entertainment’, ‘self-care’,
‘splurge’ and ‘unexpected’.DAY 3
Trim the fat
You may be spending
money without realising
it. Compare your bank’s
fees and potentially dump
it for a cheaper one. Find
all unused subscriptions
that auto-charge, and
axe those suckers. Then
research other key service
suppliers, like your cellphone
provider, for cheaper quotes.If you fi nd lower rates
than what you have, call
your current provider and
say, ‘I got this offer from
[X competitor]. Can you
match it?’DAY 4
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Cast a sharp eye over
your other discretionary
spending. ‘Everyone has
an inkling, like, “I know
I spend too much money
on food” – but nobody
knows how much that
is,’ says Capalad. Come
up with monthly goals
to cut in specifi c areas,
and create solutions that
won’t make you have FOMO.
If you want to scale back
on restaurant spending but
still want BFF time, make
a point of fi nding specials- or hit up a place for drinks
after grabbing a bite at home
to cut costs.
DAY 5
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Saving is a marathon,
and the fi nish line can
feel far away, making it
tempting to give up. To
keep yourself on course,
create a separate savings
account, with a balance
you can’t see when you log
on to check your everyday
account. Set up an auto-
transfer to move funds from
your cheque account to that
long-term savings one every
month. A Money Market
fund you can access within
30 days is ideal for this kind
of thing.DAY 6
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As with any new fi tness
plan, you won’t see results
immediately. ‘Sometimes,
you can put a lot of effort
into cutting back on your
expenses and still fi nd you
don’t have enough money,’
says Capalad. Fight feelings
of defeat by looking for ways
to make a few hundred rand
extra a month. Perhaps ask
your boss for a meeting to
discuss a raise. If that’s out
of the question, think about
realistic side hustles to rake
in more moolah.DAY 7
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You will still be able to
treat yourself to purchases
you love, such as concert
tickets or new shoes, at
least once in a while –
so don’t beat yourself up
if you buy something on
your splurge list. ‘It’s not
realistic to go cold turkey,’
says Capalad. ‘You need to
give yourself the occasional
reward – so let yourself
indulge now and then.’ ■The Best
Workout
Apps for
Your Wallet22Seven
This app by Old
Mutual allows you
to sync your accounts
to the software so
you track income
versus expe nses.
The ‘spendometer’
helps you track your
average spending
habits to see what
you’ve spent so far,
what you budgeted
to spend and what
you’re projected
to spend. Free on
Android and iOSMoney++
Track your expenses
against your income,
then pull useful stats
of your saving and
spending habits
month on month.
Expenses can be
tracked by category,
so you get an overview
of what you’re spending
on, say, groceries or
eating out. Free on
Android and iOSYou Need
A Budget
Build personalised
expense categories on
the app’s spreadsheets,
then assign each
an amount you feel
comfortable spending
(for example, R200 on
bar tabs per month).
If you go under the
limits you set, the
app will automatically
save the leftovers.
Free 34-day trial, then
about R700 per year
on Android and iOS