Almost 25 percent of us take financial advice from friends or family, according to a recent survey. But how clued up are the four penny-pinching players in your life?
THE DEBT-PHOBIC DAD
"Debt was a dirty word in our fathers' day," says independent financial adviser Caroline Anstee.
"Instead of maxing out credit cards they learned how to become super-savers. My father used to live by the 150 percent rule - he'd only buy something if he had enough to cover 100 percent of the price plus half the money again (the extra 50 percent) in case of hidden costs."
So, never buy anything unless you have all the money and some extra as a safety net. And only put a purchase on a credit card if you can pay it off within three months.
THE CASH-COMMITTED BOYFRIEND
The survey revealed that 70 percent of men adopt the "hunter" approach when they shop, spending hours making sure that they have the best deal before they commit to buying.
"Many men are happy to buy from foreign websites," says Caroline. "And when you consider this can get you almost 50 percent off contact lenses or cameras, it's a sensible way to shop."
THE BARGAIN-HUNTING BEST FRIEND
"It's time to start thinking like your friend who always manages to look amazing but shops on a shoestring budget," says financial adviser Sascha Hutchinson.
The Internet is great for budget shopping. Try the handy site, www.cherrypicka.com, which offers discounts on hand-picked products, from music to fashion. Or, go to www.pricecheck.co.za to make sure that you're not being ripped off.
For fashion bargains, misspell the designer's name when searching on shopping sites like eBay - for example, type Mui Mui, not Miu Miu. If a seller has misspelled their keyword, you'll find items that no one else has!
THE SALARY-STRETCHING COUPLE
The couples who get the best deals are the ones who ask for them. When you're applying for a service, call the company and ask for a better deal; whether it's a better cellphone contract or renewing car insurance.
Most companies discount products if they risk losing a customer - even more so if they risk losing two. So make the most of your strength in numbers!
"We all have friends who enjoy a great lifestyle with holidays and restaurant meals, yet earn as much as we do," says Sascha. "The trick? Spare money goes into savings."
THE GLAMOUR INCENTIVISER
Give up one habit a month and you can afford to buy that luxury item. This month: do your own dye job. One visit to the salon at R700 x 12 months
= R8 400