Saving is Key

Money saving continues to be important, especially in South Africa’s current economic climate. Do
you remember when you were a child, saving your 1 and 2 cent pieces in a piggy bank? As an adult,
this may seem a little bit silly. However, saving is even more important once you begin earning your
own income and dealing with your own expenses. While our lives and budgets may have outgrown a
little piggy bank, savings, insurance and investments should still be top of your financial priorities.

Financial awareness remains important

It is likely that your parents and teachers taught you about saving when you were young. However,
learning to save on a bigger scale is learnt from experience once reaching adulthood. A large
number of people take financial management courses or use the services of accountants to handle
their affairs for them, both work-related and personal. Hence, education and financial awareness
remain essential to the successful adult, regardless of the type of business you have or expenses you
accrue.

Spend your money wisely

Using the cash back reward systems at the different supermarkets may be a habit for you, but are
you aware of other situations where you might be overspending? Be aware of lay-byes and monthly
installment payment options; you might believe that you’re saving by paying a small installment
every month, but the interest that is accumulated over the months may be quite a lot more than you
thought. Many people are tempted by flashy sale signs and discount prices, but think about whether
you would want the item if it wasn’t half-price. Don’t fall into to the marketing trap of stores that
aim to turn a profit from your unawareness – plan your spending wisely.

Another way in which to save money is on the practical side – be careful of money eating electrical
appliances. As far as possible, use low energy bulbs for lights in your home, and switch off appliances
at the main plug when they are not in use. The best time to use sales and discount prices is when
you can buy the particular item in bulk at the lower price.

Saving remains important, and planning your spending wisely remains key.
One debt is available to assist if you find yourself caught in a debt trap. Speak to a consultant for
advice.