To be WalletWise means being smarter with your money. And every little you save is a step closer to your Next. By saving, you’ll have funds available when you need them. Also, extra expenses can be taken care of without having to borrow money or getting into debt by taking out loans or using credit.
Tips to make saving money easier
- Save with a goal and an amount in mind.
- Make a monthly budget, and stick to it.
- Set part of your budget aside specifically for savings, and save before you start spending
- Keep your savings in a separate savings account, that way you won’t be tempted to spend it.
Some types of goals to save for:
- Rainy days (emergencies), e.g. car breakdown, doctor’s fees, funerals.
- Buying something you need, but can’t afford right now – for instance, appliances, a computer, etc. This keeps you from using credit to buy these things.
- A home improvement project.
- Education for you (it’s always a good idea to upskill yourself) or your children.
- A well-deserved holiday or visit to your family.
Which account is right for you?
There are various saving and investment accounts available, including:
- 32-day Notice Savings;
- Contract and Tax-free saving;
- Society schemes (stokvels).
Speak to your bank about the best account for your needs.
Remember: Once you make saving a habit, you create your own financial freedom.
To learn more about saving and using your money to work for you, visit WalletWise.
When saving money, make sure that you know the following:
- Where your money will be saved;
- What interest you will be earning;
- The conditions for making withdrawals;
- Whether you are using the right saving product.
This will not only ensure that your money is safe, but will also give you peace of mind.