JULY is National Savings Month, with the theme this year of “Employer Assisted Savings”. In light of this, the SA Savings Institute has issued an appeal to all South Africans to make saving a habit.
The country has a very low saving rate, and with expenses on the rise on so many fronts consumers are going to find it more difficult to stretch their monthly disposable income to save.
• Resist SALE, think SAVE! Clearly distinguish between needs and wants.
• Have a clear budget for your requirements every month. Create a budget using the SASI budget tool or phone apps, available at NO COST.
• Use free online tools to track your spending and debt and know where every cent of your income goes.
• Pay cash for all purposes and don't be trapped by easy credit — in fact, cut up those store credit cards!
• Visualise what you want to save for and start saving more.
• Service your debt and stick to the payment terms. If you cannot service your monthly debts, discuss your situation with your credit providers before it is too late. Consumers can seek assistance from a registered debt counsellor by contacting the NCR on 0860 627 627.