Your ultimate savings guide: 12 tips from South Africa’s top banks

GETTING into a savings habit isn’t easy, but it is necessary.

It does not matter how much you earn, you can even start with saving as little as R1 a day… you just have to start.

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To get you saving like a pro, we’ve taken tips from South Africa’s major banks and financial institutions, and compiled this easy-to-follow savings guide.

1. Set clear savings goals
Decide why you’re saving. It could be a short-term goal like a wedding or holiday, or a long-term goal like retirement or your child’s education. Having a clear purpose helps you stay disciplined. Have a picture in your mind or even printed on your fridge of what you’re working towards to keep you motivated.

2. Make savings a weekly habit
Just like exercise, saving works best when it’s consistent. Schedule a ‘financial self-care Saturday’ (or whichever day works best for you) and spend a few minutes reviewing your spending. Ask yourself: Did I buy things I didn’t need? Could I have made better financial decisions this week? The more you understand your spending habits, the easier it becomes to adjust them.

3. Know what you’re spending on
Your bank statement holds the key! Go through it line by line each month (or during your weekly self-care session). You’ll quickly spot forgotten subscriptions, duplicate charges, or unnecessary fees. Cancelling unused memberships or streaming services can free up funds for your savings.

4. Budget like a pro
Yes, budgeting can feel tedious but it’s the only way to keep spending in line. A well-structured budget helps you plan and ultimately grow your money. Apps such as Nedbank Money, banking apps, or Vault22 help you budget by tracking your spending in real-time – plus, they’re safe.

5. Pay your future self first
Before paying bills or shopping, transfer money into your savings account. Automating this process (such as setting up a debit order the day after payday) ensures you save consistently. Treat your savings as a non-negotiable monthly expense.

6. Shop with a plan
Impulse buying is the enemy of saving. Always go to the shop with a list and stick to it. Shopping smart by avoiding unnecessary ‘specials’ can save hundreds of rands each month.

7. Reduce your debt strategically
If you have debt, focus on paying off high-interest accounts first, such as credit cards, store accounts or a car. This reduces the total amount of interest you’ll pay and frees up more money to save.

8. Don’t skip on insurance
It’s tempting to cut costs by cancelling your insurance, but this can backfire. Insurance provides financial security when life takes unexpected turns, whether it’s car repairs, medical bills or loss of income.

9. Cut daily costs
Saving money is really about smarter choices. Here are a few easy wins to start cutting costs now:
· Save water and electricity: Shorter showers, switching off unused lights, and using geyser timers can reduce your monthly bills
· Plan your meals: Cooking at home and prepping ahead helps avoid food waste and expensive takeaways
· Cancel unused subscriptions: Gym memberships, streaming platforms or apps you barely or no longer use can quietly drain your budget
· Have no-spend weekends: Challenge yourself to skip luxuries like takeout or entertainment once a month. You’ll be surprised how much you save

10. Start where you can
You don’t need a lump sum to start saving. Most banks have savings pockets that generate a monthly interest no matter the amount deposited – and this amount can be topped up as regularly as you are able to. You can create multiple pockets for different goals like emergencies, travel, or side hustles. If you have more to invest, a tax-free savings account (starting from R500) is a great way to grow your money faster, since your earnings are not taxed.

11. Use available technology
Mobile banking and financial savings apps have made saving easier than ever. You can use these to:
· Set automated transfers to your savings accounts
· Monitor your spending categories
· Create savings goals and track progress
· Earn rewards through loyalty programmes

12. Review and save more
At the end of each month, review your budget. If you have extra funds left over, resist the urge to splurge, rather add it to your savings. Watching your balance grow is incredibly motivating and helps you stay consistent.

The bottom line? Start now. Even if it’s just R1 or switching off that bathroom light, the easiest way to get into a good savings habit is just by starting.

SOURCES: www.absa.co.za | www.standardbank.co.za | www.nedbank.co.za | www.oldmutual.co.za

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