Peter Tshiguvho, CEO of Metropolitan Retail, says: “If you aren’t earning much, the idea of saving money might seem impossible, but even putting aside as little as R5 a week can make a difference in the long run. Saving is easier than you think. With a simple shift in habits, you can have peace of mind knowing that you can afford necessities and have funds available in case of emergency.”
He shares some tips for becoming saving savvy:
1. Set goals. If you’re wondering how much you should save, start by setting some short, medium and long-term goals, with realistic time lines to achieve them by. Next, work out how much you would need to save each month for them to materialise within that particular time frame.
2. Budget. Look at old bank statements to see where you are spending your money and which non-essential expenses, like entertainment, you can cut back on. Earmark that money for achieving the above-mentioned goals and formulate a budget for your expenses.