TIMES are tough and people need to save.
Ester Ochse, FNB wealth and investments product specialist, said saving and investing need to be prioritised if people want to lead a good life.
“Due to rising VAT, fuel and inflation, we need to save enough for the future.”
She gave saving suggestions to help people achieve financial security.
Savings Plan: Choose a goal to save for, be it a gift, a new pair of sunglasses or a long-term goal like education or retirement. Whatever it is, your savings plan will be your blueprint to starting your journey.
Budget: Make sure you have an up-to-date budget which details your daily and ongoing expenses clearly. This budget should be updated monthly.
Goals: Make sure your short and long-term goals are clearly defined. This helps you identify your priorities and distinguish between needs, wants and responsibilities.
Research and execution: When making your decision, look at the interest rate offered and partner with a trusted money manager to help you receive good returns.
Review: You must monitor your spending and make sure you stick to your savings goals.
“This is an important step as we often tend to forget our goals over time and spend more than we should.”
So start saving now!