MyMoney Online, Personal Finance with Warren Ingram

8 tips and tricks to cut your cost of living

pixabay.com, 2019

The cost of living in South Africa keeps on rising.

The Money Show’s Bruce Whitfield interviewed Warren Ingram, a personal financial advisor at Galileo Capital.

Ingram discussed ways to reduce lifestyle costs:

  • Get a solar geyser.

  • Arrange your transport differently (e.g. carpooling, ridesharing, etc.).

  • Investigate network options within your medical aid.

  • Cancel the loyalty program on your medical aid.

  • Review your cellphone contract and stop changing your phone every 18 months.

  • Shop for groceries differently (e.g. greengrocers and small retailers instead of national chains).

  • Change the way you watch TV.

  • Buy children’s school clothes from a clothing bank.

Don’ts:

  • Cancel your short term insurance (but do shop around for the best deal).

  • Stop saving unless you’re retired.

Dos:

  • Increase the share allocation of your investments.

For more detail; listen to the interview in the audio below.

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