You don’t have to earn big to start saving. Be #WalletWise and work out your savings plan, goals and budget.
Whether you are saving for something big or small, being disciplined is the best way to reach your goals. But, how do you start saving? We give you two incredible and helpful #WalletWise options to help you reach your next savings goal:
1. Save on your own
Before you start your savings journey, research by visiting your bank’s website or speaking to your bank about the best savings product for you and your goals. There are many savings accounts to match your plan including tax-free, 32-day notice and group savings. So, be #WalletWise and make sure you know:
- Where your money is going to be invested.
- What the interest earned is.
- What the conditions of withdrawing the funds are.
Once you have reached your savings goal, you can use the money the way you planned or reinvest it into other savings accounts.
2. Save in a group
Saving as part of a group can also help you to achieve your goals. So, join or start a stokvel, burial society or savings club. This has many #WalletWise benefits, which include:
- Accountability – you are more likely to save if other people are relying on your contribution each month.
- Higher interest rates – a group savings account earns more interest.
- You can withdraw and deposit funds whenever you want.
Using a stokvel as a saving mechanism is great because members earn a higher interest than they would with individual savings accounts. This accelerates your savings journey.
HAVE YOU STARTED YOUR SAVINGS JOURNEY?
Put your #WalletWise knowledge to the test and stand a chance to win a R500 money transfer to boost your savings or one of ten 12-month subscriptions to BONA magazine! Simply dial *120*778887#. Calls are charged at 20c per 20 seconds.
For more #WalletWise tips, listen to Iketsetse Zenzele on popular radio stations or listen to the episodes here.