Guiding consumers since 2009

Creating a savings culture

By Staff Writer

There have been some scary statistics released recently on people getting into debt trouble. Here in South Africa for the last eight years we have been in a boom time and many people have enjoyed the fruits of this boom, but the boom is now over and people still have to pay their debts. When times are good lifestyle debt is not such a problem but now it is and people do not have the savings set aside to support themselves through the tough times. So what can you do to start saving?

 

 

It may seem simple, and it is, but people are not saving enough. Savings should not be seen merely as the interest you get on your savings account but as a way for you to protect yourself against the future. Money saved is money that is not spent, when you spend the money it is gone, when you save it can tide you over for a rainy day. Given the current global economic situation it is pouring rain right now.

First thing is to plan a budget then you will know exactly what you need to pay every month and what you have left over. As a rule of thumb you should have at least three months of expenses set aside and saved. Instead of taking what is left of your income and spending it, save it. Put more money in your budget into paying off your debts, the quicker you pay them the less you pay. It may not be much fun now, but when the market turns again you will be in a position to really get on with enjoying your lifestyle.

Recent Articles

Featured Calculate your vehicle finance instalments

You’ve dreamed of a set of wheels since you can remember, and now that you’re a responsible adult with a steady income, you’re ready to take on funding to make this dream a reality. But what kind of vehicle finance options are available to you? Justmoney gives you the rundown.

Check the interest before you take a loan

Justmoney takes a look at what influences the interest rate on a personal loan, the difference between secured and unsecured loans, and its impact on the interest rate.

One retirement, so many funds – pick the right one

Saving for retirement should be one of your priorities. However, it can be confusing to choose between a pension fund, provident fund, preservation fund, or a retirement annuity if you’re not familiar with them.

Which funeral cover lays your worries to rest?

A funeral can be as expensive as R50,000, depending on the type of funeral you want. That is why purchasing funeral cover is important. However, you don’t have to accept every offer that is put on the table. Shopping around can save you a large amount of money.

Deals

Wimpy Cheese Griller Brekkie Special

Price: R49.90
When: Until 9 September
Where: Nationwide

Mowana Spa Me Time Indulge Special

Price: R899
When: Until 31 August
Where: Fourways

Premier Hotels Weekend Getaway Special

Price: From R540
When: From 1 September
Where: Nationwide