Make savings a part of your lifestyle

THE volatility of the South African economy, coupled with the recent downgrades has put consumers under immense financial pressure, therefore a need exists for consumers to re-evaluate their lifestyles and to make savings part of their daily routines.

“Challenging consumers to spend less now and save for later has become an important objective under the ‘savings month’ theme. Saving should not only be seen as a once-off exercise but should rather become part of a lifestyle change. This simple principle should be ingrained in us from a very young age to ensure that we embrace a savings culture that can benefit us in the future,” said Ester Ochse, Product Specialist at FNB Financial Advisory.

Ochse advised that setting a small amount aside each month can help reduce stress and at the same time shape your long-term future or help you cover those unforeseen expenses that may crop up. Worrying about monthly expenses can lead to stress and a variety of other health problems like depression or anxiety. Finding simple, new and innovative ways to save money can also help you to live a longer and happier life

Here are some simple ways to eliminate unnecessary stress and help you to save more:

• Buy only what you need – Sometimes we become ‘impulsive buyers’ and tend to waste our money on unnecessary clothes, cosmetics, toiletries and so on. We often buy them just for the sake of buying or because it’s trendy.

• Home cooking – Cooking at home is not only healthier but also more cost effective than buying take-outs daily. You will be surprised at how much you can save by just cooking a healthy meal for your family. An added bonus is that you can take leftovers for lunch the next day.

• Save your spare change in a FNB Savings Account – Instead of putting your loose coins or notes under the bed or couch, open an FNB Savings account which will give you the options of transacting and traditional savings benefits that will help you achieve your savings goal.

• Have coffee at home or at the office – we all love going to coffee shops, but the cost adds up considerably over time. Rather have your ‘cuppa’ at home or the office. Not only does it save you time but also money.

• Become your own Do It Yourself (DIY) expert – Look at DIY blogs, apps or even Pinterest to find easy DIY solutions for yourself and your common household problems. If the problem is big, call in an expert.

• Pay off debt as soon as possible. – Debt can lead to high interest rates and, if poorly managed, can result in health problems over time. Money paid in interest is money given away, so be responsible and take out only ‘good debt’ and ensure that you pay it off as soon as possible.

• Become a minimalist – Create a clutter-free lifestyle, live simply and be content with what you have.

“Creating reasonable goals and setting milestones could help you achieve your savings goals faster. It requires time, effort, patience and dedication but at the end of the day it will be worth it,” concluded Ochse.

Courtesy: Lekha Gosai – FNB Communications Manager

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