During National Savings Month consumers were encouraged to pick up conversations around saving and investments; with the aim of saving more, spending less and creating awareness around effective money management strategies.
While this laid the foundations to help build a cohesive savings culture in South Africa, consumers are still encouraged to maintain this savings mindset. “A savings mindset is an ongoing process and if executed correctly will help you and your family in the future,” says Ilse Smuts, Head of Marketing, FNB Savings and Cash Investments.
She adds that, “The volatile economy has exhausted household expenditure and has forced consumers to re-evaluate their spending habits and look for simple saving methods.”
Emphasis needs to be placed on creating a saving strategy that is aligned to your life-goals, needs and wants. Some will save towards wedding related expenses, anniversaries, significant birthday’s, local or international holidays or home renovations, others will open a Savings Account in case of emergency, while others will save to be able to spoil themselves with, for example a branded leather handbag or designer shoes. “Whatever your savings goal is, ensure that you start saving sooner rather than later.” Smuts outlines 5 core saving principles which will help you in building your savings strategy:
Discipline and commitment is needed to ensure that you stick to your savings goals. “Whether big or small, your initial saving steps will make a difference and help in building a saving culture in South Africa,” concludes Smuts.
FNB offers a range of savings and cash investment accounts where you will not only benefit from attractive interest rates, but your capital and quoted returns are fully guaranteed, so you can trust that your hard-earned money is kept safe and growing.
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