The myth of the “perfect time” to save

Many people believe they can only start saving once they earn more, once the children are grown, or once life feels more stable. The reality is that waiting for the “perfect time”often means never starting at all. Life will always bring responsibilities and unexpected expenses,and if you delay saving until circumstances are ideal, that moment may neverarrive.To illustrate, postponing a modest N$50 monthly contribution for just five years could reduce your retirement fund by more than N$20,000. Over 30 years, with compoundinterest at an average rate of seven per cent per year, saving N$50 a month could grow to around N$61,000. If you delay for five years and save for only 25 years, the totaldrops to about N$40,500. That five-year delay effectively costs you over N$20,000 in potential growth. This example highlights the importance of starting to save now ratherthan later.Start small, build momentumFinancial security does not come from sudden windfalls. It is built on small, consistent actions. Even a modest amount saved each week can make a difference. Over time,contributions grow through the power of compound interest. Time is one of your greatest assets, and the earlier you use it, the stronger your financial foundation becomes.The message is simple: starting small is always better than not starting at all.Define your “why” One of the main reasons people struggle to save is that they lack a clear goal. Saving without purpose feels like a chore. When savings are tied to something meaningful,such as a family holiday, your child’s education, or retirement, discipline becomes easier.Short-term goals, such as covering school expenses, may require a simple savings account, while long-term goals, like retirement, may necessitate investment productswith higher growth potential. Clarity of purpose not only helps you stay committed but also guides you in choosing the right tools.Plugging the leaksEveryday spending habits can quietly erode your financial potential. Daily takeaways, unused subscriptions, or impulse purchases may seem insignificant individually, buttogether they create considerable “budget leakage”. The solution is to treat savings as a fixed monthly expense, just as you would rent or electricity. Consider setting up an automatic transfer to a savings account on payday. This reduces reliance on willpower and ensures saving becomes an effortless part of your financial routine.Shift your mindsetSaving is not only about money but also about mindset. Telling yourself that saving is impossible on your salary, or that you are not good with money, can quickly becomeself-fulfilling. By reframing your self-talk with an “if–then” statement, you can replace these limiting beliefs with empowering ones. For example: “If I get paid, then I save fiveper cent.” This simple behavioural shift helps build a new identity that sees money as a tool to create stability, protect loved ones, and achieve aspirations. When saving becomes ahabit rather than a burden, your financial potential becomes limitless.The value of guidanceFinancial transformation rarely happens alone. A financial adviser can provide clarity, structure, and accountability. By looking at your income, expenses, and lifestyle in aholistic way, advisers help you develop a plan that is realistic and aligned with your goals. The right advice removes uncertainty and provides a roadmap, allowing you to makeconsistent progress towards long-term stability and growth. A turning pointThe truth is simple: there may never be a perfect moment to start saving. The best time to begin is always today.Commit to:? Starting small, because even a little adds up. Begin with one per cent of your income and build from there.? Setting a clear goal, as your “why”, will keep you motivated.? Shifting your mindset, by believing saving is possible.? Seeking guidance, because expert support makes the journey easier.Your financial future depends on the choices you make today. Do not wait for tomorrow. Start now and let time work for you.

The myth of the “perfect time” to save

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Republikein 2025-10-09

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The myth of the “perfect time” to save

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Republikein 2025-10-09

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