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How and when to start saving money ?


Saving involves saving money for a specific period, with a goal in mind. We all understand that sacrifices need to be made, and that you need to start saving from an early age. But what exactly does it entail? It is imperative to realise that saving does not just involve getting discounts, but it also means saving your money on a regular basis. Here are a few tips on how to save:


As overwhelming as the concept may seem, budgeting your monthly expenses is the first and foremost step towards saving. By creating a budget you ensure that your money is being used the way you want it too. You can also plan better and save up for your bigger purchases. And creating a budget is easy:

  • Collect all your financial statements, which include bills
  • Record all your sources of income
  • Make a list of all your expenses
  • Total the monthly income and the total expenses
  • Review your budget – if your expenses are higher than your income, you need to evaluate your budget and decide the area in which you will reduce your expenses
  • Incorporate a saving section into your budget

A budget allows you to keep track of all your expenses, but it is also essential to stick to it, to make progress and reach your saving goals.


Saving is not easy, and a great way to start is to track your spending habits.

  • Never purchase any items on impulse, think carefully about each purchase
  • Keep track of what you spend and keep all receipts
  • Take advantage of discounts, specials and sales. But only purchase what you need


Setting up a savings goal is important as it helps you monitor your expenses and avoid any unexpected expenses. It also helps you reach a specific financial target. Here is a simple way to set up a savings goal:

  • Determine you goal, what you are saving for, and have a clear understanding of your goal
  • Decide on the amount and the time frame
  • Review your budget and make the necessary provisions
  • Choose the correct savings account according to your goal and the time frame

Banks offer various savings accounts therefore it is imperative to decide on the correct account according to your savings goal. There are accounts for short, medium and long term savings, so you need to decide on the one that best suits your needs. You also need to be disciplined.


It’s never too late to start saving, all you have to do is make a few small change

  1. Pay your bills on time to avoid penalty charges
  2. Be frugal with your appliances; turn off all unnecessary appliances and lights
  3. Plan your meals ahead of time as well as your grocery shopping
  4. Cancel any subscriptions you don’t need
  5. Price check all your purchased items
  6. Save on petrol costs and car pool where possible
  7. Cut back on social and entertainment costs

Implement the above mentioned tips and stay on track and keep your goal in mind all the time. You can also visit your financial institution for more advice and tips on how to save.

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