Creative ways to save money
Consumers need to adapt a culture of saving and responsible spending. Financial literacy should thus become normality and emphasis should be placed on what drives people to save money for future use.
The South African Savings Institute (SASI), with support from Absa and the IDC, have launched National Savings Month 2019 for the month of July, with the theme “Crazy Ways to Save” sparking national debate on creative ways to save money.
SASI Chairperson Prem Govendor says “cultivating a culture of saving remains our key focus together with our dedicated partners. We believe South Africans can save and we need to show people how to save money and spend less, and encourage better financial decisions on our youth.”
Thami Cele, Head of Saving and Investments for Everyday Banking at ABSA Retail and Business Banking expressed his happiness in collaborating with SASI and said: “financial management and saving requires time in assessing your finances and seeing what you spend your money on. He thus encourages people – moreso the youth “to set aside at least one hour every single day to look at your financial accounts and bank statements; affording you the capability to provide for your family and your own necessities.”
Award winning personal finance coach Mapalo Makhu shared her #crazy ways to save money. “The first thing to do is to turn off all the lights. Switch off all the devices that are not in use. This will definitely save you money. In a country without water, the second thing to do is to save water by turning off taps when you not using them and the geyser. As much as most of us enjoy eating out, the third way to save is to bring your own lunch to work or school. The R60 spent on take-away meals daily can be put into a tax free savings account,” Makhu said.
Makhu added that one should never go grocery shopping on an empty stomach because this makes you buy what looks good, rather than what is necessary. “Stay away from expensive brands. Dressing well does not have to cost a lot of money. Good style and clothes are about taste not money. Purchase clothes on sale. This saves you 50% of the original price. Invest in a 2litre bottle and throw in left over change. This will work in your favour during the December holidays when you suddenly don’t have money to buy bread. Cancel that gym membership that you barely use, and learn to say NO. Truth is, you don’t always have to go out for lunch, buy gifts, and give your parents money after black tax.”
Private banker, turned wealth coach at TNC Wealth Partners Samke Mhlongo recognised the plight of employees not earning their worth. She cited how people used their skills and expertise that they applied in the workplace to start their own businesses. “A crazy way to save is to invest in you,” Mhlongo said. “Increase your income streams and use your expertise across the continent. Foster entrepreneurship and create your own employment.”
“Do what works for you. Whatever happens, do something and start somewhere. Saving is possible,” concluded financial journalist Arabile Gumede.
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