Do you make an effort to save?
Cut down on unnecessary luxuries and start saving now.
July was declared National Savings Month by the South African Savings Institute (SASI) and serves as a reminder to everyone that it is important to review our spending habits and try to stash some cash away for that unexpected expenses.
Saving money is a mindset and you need to consider cutting somewhere to save.
SASI encourages five types of saving.
This includes saving for unforeseen emergencies, saving for your retirement, to save for your children’s education or further your own, invest your money or save for a specific goal.
An easy way to start saving is by setting goals.
By setting a goal you choose what you want to achieve and then commit to a course of action.
Short term goals can include paying off your credit card or putting money away for that dream holiday.
Long term goals can include saving for a house or for a comfortable retirement.
Circumstances change, so be flexible and review your goals.
The one we all know about, but only few apply, is keeping a budget.
A budget shows you exactly where you are spending unnecessary money and will give you a clear idea of what you need to change to start saving.
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