Publish Date: 07/03/2019
Saving is within everyone’s reach
People often wrestle with the concept of saving money, with many asking questions like: What is a savings account? How do I open a savings account?
We understand that tough economic conditions are forcing consumers to tighten their belts. You too may feel you are living hand-to-mouth with little room to manoeuvre financially, so where will you still find money to save?
Often, for people who do not know how to save money, it is simply a question of getting the right advice. Burying your head in the sand is not going to get you any closer to your goal. Knowledge is a powerful tool that will help you to start to saving money and then grow your savings.
Saving money to achieve your dreams or secure a good future is within everyone’s reach.
5 tips on how to save money in tough times:
It is advisable to think both short-term and long-term when you are putting money away.
The most important thing in your future is likely to be the day you retire from the working world. Retirement should be a time to relax, safe in the knowledge that you are financially prepared for this next phase of your life.
If you are not putting a portion of your income away at the moment, you are not alone. Sadly, this is the reality for many people.
As stated in an informative African Bank blog about how to save money monthly, only about 15% of working South Africans are saving money – that is only 3% of the entire population!
This interesting article also covers the benefits of a tax free savings account. With African Bank’s Tax-Free Savings account, you can deposit up to R33 000 per year and up to R500 000 over your lifetime – tax free! Your original interest rate never drops, but you will benefit if the interest rate increases.
Make the wise choice - start saving for a better future 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'.