5 Money saving tips for when you pay

Spend your money on items you really need and want, and not on charges or interest. Here’s 5 money saving tips to help you.

There’s an old cliché that says: “It takes money to make money.” But, if you’re not careful, it could take money to spend money too! That’s because certain payment options carry charges that will eat away at your bank balance.

Choosing how and when to make payments or transfer money makes a difference. Here are guidelines and insights on how payments are processed to help you make good choices and get you another step closer to financial freedom. 

Money saving tip #1: Send money for free

Need to get money to friends, family or someone who sold you an item? There’s the old-fashioned way of doing it: Withdrawing the cash (which is FREE for GoTyme Bank customers at Pick n Pay and Boxer till points) and meeting face-to-face to hand it over – but really who has time for that? And carrying large sums of money is never a good idea. Neither is meeting, in person, with people you don’t know unless you really have to.

There are easier – better – ways, especially if you and the person you’re sending money to bank with GoTyme Bank. Electronic funds transfers (EFTs) from a GoTyme Bank account to another GoTyme Bank account are mahala – and you can do these via the app or internet banking (so you don’t even have to leave the house!). 

Keep in mind that when you transfer money outside banking hours or over weekends, the money won’t be available instantly. Even though a lot of bank processes are automated (meaning they’re handled by computers) there is still some reliance on human beings. Over weekends, for example, a payment might only reflect in the person’s account on Monday morning.

Another quick and convenient option is GoTyme Bank’s SendMoney feature. You can send up to R5,000 to any Mzansi cellphone number and the person can collect the money at any Pick n Pay or Boxer till point. If the receiver is a GoTyme Bank customer it’s totally FREE, and if they’re not there’s a small fee of R6, which you can add to the amount you’re sending or it will be deducted from the amount they receive when they collect the money.

Money saving tip #2: Grow your money from day one

GoTyme Bank offers the best interest rates on funds that are available immediately and rewards customers who save for a longer period. Letting your money grow through interest is one of the easiest ways to make money while you sleep.

Don’t make rash decisions or withdraw money if you don’t need to. If you are willing to wait at least 10 days before accessing the money in your GoTyme Bank Current Account you can get even more interest. And, remember, if you switch your regular income to GoTyme Bank, you receive an extra 1% interest. Now, that’s a cleva way to save!

Money saving tip #3: Payment without charges

You want to save money in every way possible, so when you are shopping for the items and services you need, choose a payment method that won’t cost you anything. There’s no monthly charge to have a GoTyme Bank Current account, and you only pay low fees for the services you use. But many of the transactions you make are free, including debit card purchases. You also earn Smart Shopper points when you swipe, which you can use on your next grocery shop at Pick n Pay, online purchases from local websites and debit orders.

You also save money by paying bills, buying prepaid electricity, airtime, data and SMS bundles through the GoTyme Bank banking app, because the service is free.

Money saving tip #4: Plan ahead

If you know that your money needs to reach someone by a certain day, don’t leave it until the last minute. If you and the person you’re paying are with the same bank, you can get away with it (most of the time at least – see point below) but, as you might have already noticed, money transferred between different banks takes longer to clear. 

BankServ processes local interbank transfers, which can take a few days. International transfers, which are usually handled by Swift, take even longer because there are more entities involved in the process.

For those who can’t wait, there is an instant payment option, but it’ll cost you. Why are you charged for instant payments? That’s because instant payments are processed through a different payment clearing house and involve more risk (if your banking details got into the wrong hands, your money could disappear very quickly).

Money saving tip #5: Pay it off interest-free

If you need to make a bigger, slightly more expensive purchase, but you’re worried that it’ll empty your bank account, leaving you short and unable to cover all your monthly expenses, MoreTyme could prove to be the budgeting tool you need. 

With MoreTyme you can pay only 50% of that item immediately and then pay off the remaining amount over the next two months, interest-free. That reduces the dent in your budget and lets you take your purchase home, immediately. It’s basically a lay-by without the wait! MoreTyme is currently available in the cellular section at Pick n Pay Hypers and selected NWJ and Supaquick stores. To find out more about MoreTyme, check out the details here.