Tobie van Zyl, CEO of online personal financial management platform moneysmart.co.za, advises on how to keep tabs on all your spending and how to start banking some coin.

Put your bank statements into perspective

Before you think that your bank balance is a target to spend money, try setting up a budget that gives you a forecast on what you aim to spend. They key is to leave room for 10% of your bank balance, and have that put towards savings or a goal. Measure your spending against your budget regularly to stay within that its parameters.

Review your value versus charges

We all have a problem accessing our bankers, insurance brokers, medical aid providers and other lifestyle services providers when it comes to reducing our own costs, we make time the excuse. But time is money, and the longer it takes to take action the more it will eventually cost you down the line.

Shop around

Make an appointment with an independent accredited financial advisor to determine if you are over or under insured. Get three quotes to compare the value versus the premium. Also ask which insurance is tax deductible so you can reduce your premiums, remain fully covered and receive a handsome tax rebate for insuring your income.

Bring your premiums down

Our cars depreciate every year, but so does the short-term insurance premium on your car? With new websites like book-value.co.za or zoopa.co.za you can calculate the current value of your car versus the purchase price and contact your insurance company to reduce your cover, which should reduce your premium.

Cut insurance out

Have you ever screened your creditor accounts statements, like store cards and personal loans, and found that you are being charged between R50 to R80 per month for the insurance on the credit issued to you. In most cases this is not mandatory – if you provide your credit provider with proof that you have sufficient cover, you can cancel those credit insurance policies.