Stockpiling can be good for you if it's done right

Spending unnecessarily will only land you in debt

Sibongile Mashaba Deputy News Editor
Buying in bulk and when things are on promotion can save you lots of money.
Buying in bulk and when things are on promotion can save you lots of money.
Image: Supplied

The concept of stockpiling was first introduced to me about a decade ago. But because my dear friend was doing it wrong, it never really occurred to me to try it.

Fast forward to 2019, and it became a thing. I'd buy stuff in bulk and keep it at a friend's house and whenever we ran out of something at home, I'd go get it at friend's house. It saved me a lot of money and stress about having to find rands to buy more stuff that we had run out of.

But I stopped buying in bulk for no reason. Now, I'm back at it and because I’m more enlightened about it and am doing it right, there’s no falling off the wagon – ever again.

One of the most important things about stockpiling is that it saves you a lot of money, but only if you do it right. Some people, like the friend who introduced it to me, do it wrong and therefore do not reap the benefits. Walk with me and let’s try to save some rands together.

A few weeks ago, some supermarkets advertised a lot of promotions. There were good bargains.

For example, a 750ml dishwashing liquid that usually goes for just more than R40 was almost half the price. If you know just how much dishwashing liquid you use in your home, and say for instance, one bottle lasts for a month-and-a-half, it would mean you’d just need four bottles to last you until the end of December.

If you bought eight bottles, it would mean there wouldn’t be a need for you to buy any for the next year. Well, unless the price gets slashed by almost half again over the next few months.

Another example is the retailer that had a three-for-two promotion on body wash that had a price cut already.

Ayanda Ndimande - sanlam
Ayanda Ndimande - sanlam
Image: SUPPLIED

If you stockpiled, you’d be sorted for the rest of the year and only buy when there’s a similar promotion or one that’s better. Now, you can calculate how much you would have saved and how long you’d go without needing to buy any of the items I’ve mentioned. It's a lot of money, isn’t it?

I also stockpile food items and therefore don’t buy groceries every month (if you do this, always check the label for best before and expiry dates). This leaves me with even more cash to first save and spoil myself. I put the extra cash in my savings account – no matter how little. Every cent counts.

In this digital age, most of us are always on social media. Various groups share promotions throughout the day and if you lack discipline, you will find yourself running to every store and end up spending unnecessarily – and at times, buying on credit when you don’t even need that stuff. And how often do we compare ourselves to other people and want what they have when we know we can’t afford it?

Ayanda Ndimande, strategic business development for retail credit at Sanlam, says beyond family influence, as people grow older, their relationships and social circles also shape their financial behaviours.

“Most people don’t realise how relationships we have with a best friend or a romantic relationship influence our financial management. This desire to maintain a specific lifestyle can lead to overspending and reliance on debt, potentially negatively affecting an individual’s credit score if not managed responsibly.”

Be smart, know your pockets and don’t fall for what goes on in your social circles. Spending unnecessarily will only land you in debt. Know the difference between wants and needs.

For me, sneakers are a want, not a need. The same goes for wine glasses and socks. I get a pair of sneakers or new glasses just to spoil myself but I always put my savings first and so should you.

If you stockpile, you'll have to constantly check if you have stuff or not, otherwise you'll wake up one day and learn that you have no roll-on.

Happy Savings Month!

mashabas@sowetan.co.za


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