Publish Date: 20/08/2018
Too much month at the end of your money? If you barely have enough cash to make it through the month, it might seem laughable to think you can actually save some money. The truth is, everyone has to start somewhere and saving even a small amount will help. If anything, it will help create good habits that just might lead you to financial freedom.
We invite you to step into 2018 with a mindset change. Below are our top five tips for saving towards your future:
1. Understand what you’re working with
Ask yourself a few important questions: Is your household a one-salary home? What are your monthly responsibilities?
2. Live like you’re earning less
Whatever amount you decide to save – say for example you decide to save 10% of your salary, you need to start living like you’re earnling 10% less. Choose which luxuries you’re willing to sacrifice for a more sound financial future. It’s time to start practicing the art of saying ‘no’ to frivolous purchases.
3. Look for a savings or investment product that will help your money grow
Shop around for a savings or investment product that will help your money grow. The interest you can earn depends on the type of product, the amount you save and the term of your investment. Use our handy online calculator (link to: https://www.africanbank.co.za/en/home/products/investments/fixed-deposits/) to work out how much interest you could earn.
4. Stick to your goals
Figure out what your financial goals are – this will give you the motivation to save your pennies. Greater motivations means you just might reach those goals sooner than you expect!
If you’re looking for more savings advice or would like to speak to a consultant about saving money, be sure to contact us (link to: https://www.africanbank.co.za/en/home/talk-to-us/) today.
About African Bank
Our mission is to be a successful Retail Bank offering a wide range of products and services to the consumers of South Africa. The people who work for African Bank represent the diverse population of South Africa; therefore we are a reflection of you, of all South Africans. We seek to provide value - more than our consumers expect of us. We promise to live our purpose 'humanity through banking' in all that we do and we are confident that we can, because 'We are You'.