While the past 18 months have been tough for many, it’s never too late to start saving money.
This is according to the African Bank’s product manager, Sarika Maharaj, during National savings month. She noted that with the return to Alert Level 4, there may be a bright light that the community can hang on to.
National Savings Month is an awareness campaign run by the South African Savings Institute in July of each year. It aims to promote debate on key aspects of saving, raise awareness of the benefits of short, medium and long term planning and build relationships with key partners to take advantage of future opportunities.
âCertainly we saw last year how working from home has saved fuel, staying home has avoided unnecessary trips to the mall and with restaurants and fast food outlets closing families have also saved on this type of expense, âsaid Maharaj.
She added that thanks to the foreclosure, the money was still in the bank or used for the most part and to pay off debt during this difficult time.
“If saving money during foreclosure has made you realize how much you spend on unnecessary things every day, month or year, then why not make saving a lifelong habit instead of seeing the inability to spend. money at your leisure, like a lockdown curse? “asked Maharaj.
She noted that many people may have started well at first but have lost track in the past two months, but the current two-week lockdown period could provide a perfect opportunity to get back on track.
African Bank shares the following 10 tips to help you make saving a way of life:
- Make a shopping list before you shop and stick to it.
- Make homemade meals the rule, not the exception. Just because restaurants only do take out doesn’t mean you should splurge on these.
- Shop online to bring the essentials into your home safely, not as a way to have pretty and expensive âmust-haveâ sales items delivered to your door.
- Pay off your debt, especially your credit card debt, and lock your credit card to avoid temptation.
- Keep tabs on your expenses and review them at the end of each week. You might not believe it now, but being frugal gets addicting.
- Get the whole family involved and talk about saving money. Point out to your kids how much you’ve saved by cooking at home instead of ordering take-out, for example.
- Set savings goals with the family. There is no greater motivation than a hanging carrot in the form of a family vacation or enough money to keep your kids in school.
- Compare your spending habits during the lockdown period and see if you’ve managed to keep saving.
- Write off credit you don’t really need and watch your bank charges.
- Open a high interest savings account and start reaping the rewards of your change in savings mindset.
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