You might have noticed that we talk about saving a lot around here at Franc. And when we talk about ‘saving’, we’re referring to the money you manage not to spend in the month – whether on needs or wants – that you can put away into an investment so that it can earn interest and grow.

But we know that many people struggle to pay their expenses, never mind saving extra. Seeing as it’s National Savings Month in South Africa in July, we agreed it was an important and useful topic to come back to – especially in times where everyone seems to be struggling to make ends meet.

That is why this blog post is focused on the small changes that can have a big impact when it comes to squeezing a little extra out of your wallet – with very little sacrifice (promise). That extra can be put into your Franc account where it can start growing!

1. Wait a week before you buy.

We’re all victims of impulse buying and instant gratification. Curb the call to buy by putting an item in your shopping cart (or asking the shop assistant to put it aside, promising to return back the next weekend) for a week. Once you’ve had time to think about it, you’ll be surprised how often you realise it’s actually not worth it.

2. Do a subscription audit.

Make a list of all the subscriptions you pay towards, from Netflix to the gym. Then go through this process:

-Make a note of all the subscriptions you’re not actively using: cancel immediately if you can, or work out whether paying a cancellation fee is cheaper than ongoing payments.

-For those you do use, relook the subscription plans. There might be a few new tiers that weren’t available when you signed up that would be good enough. Consider downgrading a tier.

-Could you save by sharing a subscription? Reach out to friends and family to see if they’re interested in a shared Netflix account or news channel subscription. You’ll have a few extra topics for conversation when you see them again too!

3. Delete shopping apps and unsubscribe from promotional emails.

This might sound counterintuitive to you (because buying a deal means you save, right?), but you’d be surprised how many purchases you made that you didn’t need, just because you felt like you were getting a deal. Shopping apps are also major culprits of FOMO push notifications, and make spending way too easy. Remove temptation and you’ll never know what you missed!

4. Start a fitness group.

If you love the vibe of your local yoga studio or spinning class, consider getting a group of friends together to recreate it. Whether you all call in via Zoom or Google Meet (which means you can work out from home – a win in winter!) or meet up at a park or at someone’s house, you’ll probably have way more fun.

5. Negotiate your insurance premium.

Insurance companies want you to stay with them, which puts you in a stronger position than you think. Get a competing quote from another insurance company, then bring it to yours and ask if they can offer you a discount to match it. It might be cheeky, but it’s worth a try! Other ways you can save on your premium:

-If your car is a few years old, get it revalued – it’s likely to have lost value since you first got it insured.

-Ask to have any add-ons removed that haven’t really come in handy, like tyre insurance or windscreen chips.

-If this applies to you, ask for discounts based on low mileage, healthy track records or new courses completed (like a defensive driving course or CPR).

6. Plan your meals and make a shopping list.

Delete your Uber Eats app, and start planning your week’s meals. You can get lots of inspiration from FoodTok, Instagram Reels, online recipe websites or that cookbook that’s been gathering dust in your kitchen. Then make a shopping list for what you need, go to the shops after you’ve just eaten (crucial!), and stick to the list. Here are other ways you can slim down your grocery bill:

-Find ways to use up all of an ingredient (like a whole bag of spinach) by finding two recipes that both use it to make in a week.

-Try and make as much from scratch as possible. You’d be surprised how easy it is to make kebabs, hummus or pesto!

-Opt for no-name brands over other labels.

-Go meat-free for at least one (and preferably more!) nights a week – lentils cost less than chicken! And you’d be surprised how delicious it is.

7. Save up for a big purchase instead of taking out credit.

If there’s something big you really want (read: need) in your life, but you can’t afford it on one month’s salary without going into debt, save for it instead. That way, you’ll save the interest you would otherwise spend on credit if you bought it instantly.

8. Put your savings in an interest-bearing fund.

Don’t stash your money in a savings account or in cash where it just sits. Let your savings work for you by putting it into a low-risk, easily accessible fund that pays interest. The money market fund on the Franc app was created for just this reason.

9. Pick up a new hobby.

Whether it’s doing your own nail art, learning how to make your favourite cocktail or growing vegetables in the garden, find a big item you regularly spend on, that you can save on by doing at home. You’ll get satisfaction from learning a new skill and saving money.

10. Start a side hustle.

There’s no better way to find more money every month than by making it. That new hobby you just picked up? Let it work for you by making it your side hustle. If you’re not sure where to start, we have 6 great side hustle ideas to spark your brainstorming and some great ideas to help fund initial side hustle costs.

11. Start a potluck.

If you enjoy meeting friends for drinks or dinner out, consider bringing it home. Pick a theme (like a country, movie, or even a song) and ask people to bring a dish that matches it. You’ll be surprised how much (more) fun everyone will have!