South Africans often lament their apparent inability to save. But where there’s a will there’s a way. Photo: Pixabay
South Africans often lament their apparent inability to save, by citing affordability as the prime reason that there is nothing left over at the end of each month to squirrel away for a rainy day. But where there’s a will there’s a way.

“Either you’ll find an excuse or you’ll find a way,” says Errol Meyer, legal specialist, advisory Services at Standard Bank Financial Consultancy. “For the majority of people there is almost always a way to save something, even if you’re battling to make ends meet.” Examining your spending habits and cutting out unnecessary expenditure on superfluous items or products is already a way to save.

Taking advantage of discounts on essential items or reducing expenditure on luxuries is yet another way to save.

Meyer says saving does not necessarily have to mean investing in formalised financial products. If you find you don’t have enough money each month to meet the minimum requirement for a monthly contribution to a unit trust fund, then try to focus on cutting out needless expenditure as a way of building up a lump sum which you can invest at a later date. Here are his pointers for doing so:

Take advantage of sales and discounts: don’t buy something just because it’s on sale, but if it’s a product that you regularly use or can’t really do without then look out for sales and make sure you buy as much as you can afford at that time.

Buy in bulk: buying items like toothpaste or toilet paper in bulk is almost always cheaper than buying these items individually. Seek out bulk discounts and try to buy items before retailers institute their annual price increases.

Standard Bank Financial Consultancy