By: Natasha Archary
We’re two months into 2024 and after surviving “Janu-worry”, the real question is how are your savings plans going?
The more important question is, do you have enough saved up for December 2024, or are you banking on receiving a bonus at the end of the year?
If there’s one thing Thomas and Skhumba have learnt over the years, it’s to always be prepared for that rainy day…today.
This is why they wanted to know if listeners were confident they would reach their savings goals this year.
Listen to the conversation on Kaya Drive:
Here are a few tips to guide you to reach your savings goals:
Build an emergency fund – This cannot be stressed enough, especially if you don’t have medical aid, insurance, and funeral policies. You need to have money put away somewhere as your emergency funds.
Budget, Budget, budget – Nothing beats planning how you spend your money. Learn to accept that when money is gone, it’s gone. Don’t force overspending. it’s really unnecessary.
Have saving goals – What are you saving for in the short-term and the future? It’s important to know this to make your life easier, avoid mixing up the two. Have a saving plan for your children’s university’s expenses, retirement, or vacations and give all of them all category.
Force yourself to save – Make a debit order that goes out instantly into a savings account when you get paid, ignore it and have peace of mind.
Get your retirement goals sorted out – Start saving for your retirement as early as possible. Very few people get rich through their salaries alone.
Don’t spend your bonuses and tax refunds – When you receive a work bonus, inheritance, contest winnings, or tax refund, you need to settle your debts and save a big portion of it.
Also read: How much are South Africans paying for streaming services?
