Investment Purchases That Could Save You Thousands

In the spirit of helping South Africans to save more money through simple lifestyle tweaks, 1Life provides a few “investment purchases” that may cost more initially, but will save you money in the long-term.

Thinkstock
Thinkstock

Home investments

  • A coffee machine: Consider the cost savings if you were to purchase a coffee machine over the long-term. Although initially a higher investment – depending on what features you’re looking for, if you buy a R17 cappuccino three times a week, you are spending R204 per month and R2 448 a year, without even buying coffee every day of the week!
  • Install a low flow shower head: This provides a double saving – by installing a low flow shower head, you save water and the environment, while reducing your monthly bill. Research has shown that a low flow shower head uses up to 50% less water than a regular free flow shower head, whilst providing the same force.
  • Install a solar geyser: A solar water heater uses the sun’s energy to heat water and provides for more efficient access to hot water for your home or business. For example, a house spending around R1 200 a month on electricity can save an estimated R5 760 over the year by installing a solar heater.*

Workplace investments

  • Reusable water bottles: Water bottles have undergone many fancy revamps, coming in a myriad of sizes, designs and often with built-in filters that will remove most tap water impurities. So instead of buying bottled water each day, use a water bottle or home-filtered water instead.
  • Retirement annuity: If you’re spending money on take-aways for lunch every day, you could be squandering away money that could be going towards your future. Rather make your lunch at home the night before and use that extra money to start a pension or retirement annuity. This is a great way to build up a bigger retirement fund for later in life as you add more contributions; you will have longer to grow your savings. Make the most of salary increases and bonuses to boost retirement savings.

Other investments to consider

  • Invest in your future: One of the best ways to save money in the long term is to compare your current insurance obligations such as your life, dread disease and disability cover to see if it is still providing the cover you need at the best possible price. You may have stopped smoking, or adopted other healthier lifestyle choices which could influence how much you are paying. Also, know which policies provide which benefits and try not to duplicate these. This could be achieved by possibly consolidating policies into one plan; some insurance companies even provide an investment opportunity as part of their package.