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Feel Good: 5 tips to rebuild your emergency savings

By: Natasha Archary

 

The COVID-19 pandemic brought many life lessons to the forefront, including the importance of health, life insurance, medical aid, and a safety net of emergency savings.

Many South Africans were forced to tap into their savings over the past two years, with many companies reducing their staff contingent and some cutting employees’ salaries to try and stay afloat.

Savings that for some took years to build were depleted and many people are now trying to rebuild their finances for that rainy day. 

On Feel Good with Andy Maqondwana, listeners shared some of the things they were saving up for. 

 

5 tips to rebuild your emergency savings

Cut down at least 1 major monthly expense

Look at your monthly expenses and see what you can cut. Determine if there’s something you can live without while you re-establish your emergency savings.

Rework your budget

Go through your budget with a fine-toothed comb to assess where you can cut costs and spend more responsibly.

Tighten up on how much you spend on utilities

The two biggest household expenses are groceries and utilities. Look at your electricity and water expenses for the past three months and see where you can cut down so you’re literally not pouring your money down the drain.

Find a side hustle

Everyone is feeling the current economic pinch, and for this reason, we are all looking for extra money on the side to cushion ourselves from the rising costs of living.

1. Offer an errand service in your community 
2. Offer remote video workouts. If you are into fitness, then put together online workouts that people can join and you charge a fee for.
3. Flip items for profit. Help people sell their old goods and make yourself a little extra cash on the side.
4. Start a kids transport business.
5. Bake or cook and market on your community groups, weekend markets, or by letting your friends and neighbours know. 
6. Rent out a spare room on Airbnb. If you have space, don’t let it go to waste

Scale back on your lifestyle

If you are trying to rebuild your savings you have to be frugal with your lifestyle choices. Say no to drinks with friends and limit your spending budget.

Remember your emergency savings should be able to cover your expenses for at least 6 months and should be a separate savings resource from your other savings and funds.

Also read: Expert advice on how to take control of your finances

 

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