Savings Month – How are your savings goal looking?
4 Jul 2018 FINANCE
By Zuko Komisa
So July is Savings Month, and we want you to save some money. However, the real question is how are you savings plans going? Have your plans been stalled by the VAT increase? Lets not even go there with the R16p/litre petrol hike. Do you have enough saved up for your December? Or are you waiting to blow that 13th cheque? Either way, you will need to put some of that money away for the future.
So the Saving Month initiative is happening throughout this year with the objectives of the campaign being about helping you have some extra rands in your pocket when you need it.
- They promote debate around key aspects of saving
- Raise awareness of the benefits of short, medium and long-term planning
- Build relationships with key partners to leverage future opportunities.
Here are a few more tip to get you safely back on the saving bandwagon:
Build an emergency fund. We can stress this enough, especially if you don’t have medical aid, insurance, and funeral policies. You need to have money put away somewhere as your emergency funds.
Budget, Budget, budget.
Nothing beats planning how you spend your money. Learn to accept that when money is gone, it’s gone. Don’t force overspending. it’s really unnecessary.
What are you saving for in the short-term and the future. It’s important to know this to make your life easier, avoid mixing up the two. Have a saving plan for your children’s university’s expenses, retirement, or vacations and give all of them all category.
Make a debit order that goes out instantly when you get paid, ignore it and have peace of mind.
Get your retirement goals sorted out.
Start saving for your retirement as early as possible. Very few people get rich through their salaries alone.
Don’t spend your bonuses and tax refunds.
When you receive a work bonus, inheritance, contest winnings, or tax refund, you need to settle your debts and save a big portion of it.