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Everybody deserves to spoil themselves every now and then, otherwise life would become very dull and boring, says Yanga Nozibele, investment associate at Cannon Asset Managers.
That said, she feels there is no time like the present to take a hard look at your budget and re-evaluate where you may be overspending.
"With the power of time and compounding, the earlier you can cut back on spending and start saving and investing instead, the better for you and your wealth," says Nozibele.
She offers three simple tips for those looking to cut back on their living expenses and turn spending into saving.
1. Saving starts at home
If your rent is high, consider moving to a smaller home or a more affordable neighbourhood, or even simply settling for a home with less upmarket furnishings.
You could also sub-let a room or rent your spare room out on Airbnb for some extra income.
Weigh your options carefully before buying – it may be more cost-effective to rent for a while longer and save towards a larger deposit in order to reduce the size of your mortgage.
If you've decided to buy a property, shop around between different providers for a good interest rate on your mortgage.
2. Cut your transport costs
Depending on where you live, you could consider cycling to work. This will not only reduce your travel expenses, but potentially has some great health benefits.
If you're not keen on cycling, or this is not an option for you, you could explore carpooling with colleagues or friends who live and work in the same areas as you. Alternatively, consider public transport, if it is available.
If your car is a fuel-guzzler, weigh the costs of switching to a more fuel-efficient vehicle.
You will also be able to save money by keeping your current vehicle even after you've paid it off, and by revisiting and comparing premiums on your car insurance every year.
3. Become a budget gourmet
Shop around between stores to compare food prices, and consider buying house brands rather than upmarket or "brand-name" labels.
Where possible, buy non-perishable goods in bulk – this may offer a hefty discount to buying single items.
Make cooking a regular habit, as eating out at restaurants and ordering take-aways quickly adds up.
