Wonga explored practical alternatives to expensive brands and habits, allowing you to keep your quality of life intact while keeping your wallet happy.
The cost of living in South Africa continues to rise, making it increasingly challenging for some individuals to maintain their lifestyles. But what if there is a way to maintain your current lifestyle?
Wonga, an online lender that provides short-term and flexible loans, suggests there are several ways to cut costs without sacrificing the things you enjoy. It is all about making smart, budget-friendly swaps.
In one of their blogs, the lender explored practical alternatives to expensive brands and habits, allowing you to keep your quality of life intact while keeping your wallet happy.
Grocery tips to keep your lifestyle
“One of the most significant areas where you can save money is your grocery shopping. The allure of name-brand products is strong, but often, generic or store-brand alternatives offer the same quality at a fraction of the price.”
The lender added that when shopping, individuals must consider a generic brand of products, apart from their more expensive counterparts.
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The same applies to many household staples, including canned goods, cleaning supplies, and personal care products.
“Before automatically reaching for the familiar label, take a moment to compare ingredients and prices. You might be surprised to find that the generic option is just as good, if not better, for your needs.”
DIY as a lifestyle
Additionally, the lender advises individuals to consider DIY (Do-It-Yourself) options before purchasing expensive products. By making your own products, you can control the ingredients and significantly reduce your spending.
“For example, a simple mixture of vinegar and water makes an excellent all-purpose cleaner. Baking soda can be used for everything from scrubbing sinks to deodorising carpets.
“For beauty, coconut oil can serve as a moisturiser, hair conditioner, and even a makeup remover. There are countless online resources and tutorials that provide easy-to-follow recipes for homemade products. Experiment and find what works best for you.”
Hobbies and entertainment
Wonga added that, instead of expensive gym memberships, it is advisable to consider outdoor activities like running, hiking, or cycling.
“If you enjoy reading, explore your local library, which offers a vast selection of books, magazines, and even e-books for free.
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“For entertainment, instead of going to the cinema, host movie nights at home with friends. Streaming services offer a wealth of content for a fraction of the cost of cinema tickets.”
The lender added that when it comes to clothing, consider shopping at second-hand stores or online marketplaces.
“You can find high-quality, pre-loved items at significantly reduced prices. Host clothing swaps with friends to refresh your wardrobe without spending a cent. Additionally, learn basic sewing skills to repair and alter your clothing, extending its lifespan.”
Eating out can be a major expense. Wonga advises trying to cook at home more often, instead of frequenting restaurants.
“Meal planning can help you save money and reduce food waste. Pack your own lunch for work or school, and prepare meals in bulk to save time and money. If you do choose to eat out, look for restaurants that offer specials or discounts.”
Small changes can make a big difference
It is advisable to track your spending and identify areas where you can cut back. Set realistic financial goals and create a budget that suits your needs.
By making smart, budget-friendly swaps, you can maintain your lifestyle and enjoy the things you love without overspending. It is about being resourceful, creative, and mindful of your spending habits.
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