5 South Africans Save a Combined R186 000 in Just a Year: A Look at Their Saving Tips

Most of us made "save money" a New Year's resolution for 2023. If the pandemic taught us one thing, having a rainy day fund is crucial - you never know when you might need those extra rands.

In 2022, five South Africans went viral after showing off how they saved money from January to December. We're not talking about a couple hundred bucks; they managed to get thousands together. These money-savvy South Africans saved a combined R186 000, at the least (the one guy just showed off his stash and didn't say how much he saved, so it's more than that amount.)

Briefly News decided to look at the money-saving tips they followed and how much they ended up banking by the end of the year.

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1. Find a lucrative side hustle

A side hustle is one of the best ways to grow your bank account. The possibilities are endless, from selling products online to baking cakes on the weekends. And who knows, your side hustle could develop into a profitable business.

Mfundo Mlambo, who goes by the TikTok handle @killershotphotography, showed off how much he made from hustling as a photographer. According to his bio, Mlambo is a civil engineer by trade. He didn't say if he was employed in the field currently, but in a viral video, Mlambo showed off stacks of cash he made from his photography side hustle.

Take a look at Mlambo showing off his savings in the video below:

2. The classic money jars, aka piggy banks

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Piggy banks have been around for centuries and are popular with children. They can be anything from porcelain containers to plastic money jars. These "jars" are meant to save the loose change or extra cash until the containers are full. Three South Africans decided to use 'piggy banks' last year to save money.

A lady, @dipuozoemashilane, filled an entire 5-litre plastic bottle with R10, R20, R50 and R100 notes. Although she didn't say how much she saved in the video, @dipuozoemashilane revealed in the comment section she ended up with nearly R60 000. Another woman, who goes by the TikTok username kgadiyaditlou09, added she saved a whopping R52 100 using the same method.

Another South African, Kwanele Chef Mbatha, used the piggy bank method to save some extra moola, and his container was hella cute! Mbatha took to social media to show off how much he saved in a Minion piggy bank throughout 2022. The young man saved a combination of banknotes and coins and ended up with a staggering R24 000.

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He wrote in a Facebook post:

"Last year I broke a curse by SAVING COINS which gave me -+R5000, for me it was veeeery big achievement because it was the first time I saved money in my entire life.

"I promised myself to challenge myself even better, I was scared, my girlfriend bought a small Piggy but in 2 months it was full. We then made a challenge even better, bought 3 more other containers and a BIG YELLOW MINION gas container, 3 months they were full giving me around R6K excluding R5 and Notes in a MINION.

"This yellow MINION gas container was full in 7 months given that R5 and notes from previous collections were passed on to it.

"I can assure you that +R24 000 came out in there, FNB gave me like 2 hours but it wasn’t enough, ended up finishing the job at AH Cash & Carry. With someone who believes in you, with a vision, commitment, and being true to your word, IT IS POSSIBLE. Next year I’m going bigger. MAKWANDE, KUKHANYE, KUVAME."

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3. Money-saving challenges

There are tons of money-saving challenges, but one took Mzansi by storm. TikTok user @nomazdiaries introduced South Africans to the 100 Envelope Challenge. The challenge shot to fame on social media, promising to save South Africans up to R50 000 and Americans $5 000.

@Nomazdiaries shared a video explaining to Mzansi how the challenge works. There are 100 different envelopes, ranging from R10 to R1 000. If you fill up all the envelopes, you will save R50 500.

She explains that she has different side hustles, including candle making, that go into the 100 Envelope Challenge. @Nomazdiaries also managed to turn the challenge into a side hustle. She created a diary with envelopes to help keep track of how much is being saved and sells them online.

Take a look at the video below:

@nomazdiaries also has a saving option for low-income families (let's be honest, those R1 000 envelopes are a bit steep for some of us). She designed envelopes with different banknote values, for example, the R10 stuffing envelopes.

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Each envelope can hold 20 R10 notes, and you keep track by colouring in lines on the front. When the envelope is full, you will have saved R200. @nomazdiaries explained in her video that it is an easier challenge for people who don't have a lot of extra money to put away every month.

Putting away money is not the only way to save

All five of the South Africans mentioned earlier have saved thousands by putting away money they earned through work or side hustles. But we don't all have profitable side hustles or jobs that pay enough to put money away. There are other ways to save money: cutting back on unnecessary expenses, carpooling to work or looking for specials/using coupons when shopping are all ways to stretch your money further.

Another great tip is to create a budget and stick to it. The extra cash left over after following these tips can be put away in an envelope, piggy bank or savings account.

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What is the average salary in South Africa in 2023?

Briefly News previously reported on the average salaries in South Africa in 2023, as reported by Statistics South Africa in its Quarterly Employment Survey.

MoneyToday reported an employed person in South Africa earns an average of R23 982 (approximately $1,480) per month, with salaries ranging between R7 880 and R139 000. However, the R7.8k set out in the MoneyToday article is less than many people earn working for minimum wage, which is only R23.19 for every standard hour worked.

Source: Briefly News