Times are hard, money is expensive and it’s okay to be a bit frugal at a time like this!
Consumers normally splurge on Valentine’s Day in an effort to show their affection to their romantic interests and partners. But for a change, it’s okay to hold back on spending unnecessarily and penny pitch this Valentine’s Day. Every cent counts in this economy! Rather save as much as possible while also taking advantage of cash backs and rewards systems available to you, and show love to your pockets in the process.
Here are some ways to show your pockets some love this Valentine’s Day:
Let how you drive save you money
Spread the love – to yourself and your pocket – this Valentine’s Day by assessing your expenses to see where you can save. Car insurance, for example, is almost always a grudge purchase – we all know how important it is to be sufficiently covered in case something happens, all while hoping nothing ever happens. But view it differently this year and consider the financial protection it offers, while ensuring you’re getting the best deal possible.
Enter digitally-based car insurance products such as that offered by MiWay Blink that uses smart telematics to connect you, your car and the insurer. The result? An enhanced customer experience and an insurance product tailored to the needs of the individual, particularly their pockets. It works by connecting a GPS device, SIM card, motion sensors and analytics software to your car and phone, which allows MiWay Blink to track actual driving data and adjust premiums accordingly.
Head of MiWay Blink, Keletso Mpisane, on what this smart technology allows for, “If an insured customer drives less than 2 500 km a month, we give them a cash back refund on the premium they paid that month. The refund increases with the less you drive, so, for example, if a customer doesn’t drive at all in a month, a refund of up to 50% of that month’s premium is paid back to them.”
It’s okay to be a little frugal this Valentine’s Day
Many of us love to splash out on Valentine’s Day to show how much we care about the people who matter to us. This year, however, it might be worth thinking twice about splurging and rather showing your pocket some love. If you do want to buy something for someone special, try to make the most of cashbacks or rewards that may be due to you, making your money go further and gifts a lot more affordable. Instead of eating out and spending big on a gift and an expensive dinner, you could cook something special at home and rather put the extra cash into your home loan with an eye to your long-term future together.
Bradd Bendall, Interim CEO of BetterBond, adds, “Another way of making a firm commitment to a partner is to decide on jointly buying a home. Cement your decision by getting pre-approved for a home loan so that you know what you would be able to spend on a place where you can build a future together. Home loan pre-approval is a good starting point on your joint home buying journey. It could also speed up your bond application and increase your chances of getting a home loan once you find a place you love, so it’s well worth doing. Homeownership is a way of securing a financial future for yourself and your loved ones and leaving a legacy one day.”
Even if you’re not ready to buy right now, maintaining a good credit score is part of preparing to be a homeowner one day. “That’s another reason to reconsider those impulse buys this Valentine’s Day! Rather regin in your spending and make sure you don’t max out your credit so that you can build a good credit history and ultimately be in a stronger position to be approved for a home loan, thanks to a healthy credit score,” advises Bendall. Many reasons, therefore, to show your budget some love this Valentine’s Day, along with the people you care about!
Just like in romance, it pays to focus on the small details
“What a lot of people don’t realise is the impact that seemingly small decisions can have on their finances,” says Harry Scherzer, CEO of Future Forex. “Using the wrong international money transfer provider when investing offshore or moving money overseas, for example, could dramatically impact how much you come out on the other side with. That’s because banks don’t just treat their currency exchange customers poorly, but they are typically untransparent in the fees that they charge.
Not only that, but you could also be given the runaround in terms of approvals required and source of funds requirements which could cost time and money to solve if using a bank directly, who are typically as useful as a chocolate teapot when it comes to assisting in overcoming issues when things don’t run smoothly. So, as with a romantic relationship, it pays to focus on the small details when it comes to loving yourself financially.”