Small savings can go a long way

Sponsored content

30 October 2020 | Bankwese
You don’t have to put away thousands to see the benefit of savings.

In fact, starting small will not only give you the confidence that saving is possible, but will also help with your finances in the long run.

“Starting a new savings habit will probably be the best financial decision you can make,” says Elzita Beukes, communications manager of FNB Namibia.

Here are a few tips to get started:

FIND A SUITABLE ACCOUNT

Now that you have decided to save, you need an account that is best suited to your new savings habit. This needs to be separate to your bank account so that you aren’t tempted to spend your savings.

“The trick is to make the bit of money you are saving work the hardest for you,” says Beukes. “This means it must be easy to manage and earn interest on any amount that you put away.”

For example, FNB’s Savings Pocket is automatically linked to your FNB account. Transfers into and out of the Savings Pocket is free and the account offers an attractive interest rate. There is no notice period to access the funds and also no monthly fee charged.

“Have a look at what your bank has to offer,” says Beukes. “Now you don’t have the excuse that you ‘don’t have anywhere to put your money’.”

CREATE A GOAL

Now that you have an account that will work for you, you need to choose a savings goal.

“If you are a student, starting out in the job market, or have just never put any money away, choose an amount that is manageable,” says Beukes. “This can be N$50 a month to a couple of hundred, the important factor is to pick an amount and stick to it.”

Setting up a monthly scheduled transfer into this account is a great way to make sure that you “pay yourself first” and ensure that you are sticking to your committed monthly savings amount.

FIND WAYS TO SAVE

What is great about saving small is that you don’t have to commit to unreasonable lifestyle changes, such as never going out again.

“By choosing to stay in once or twice in the month could save you over N$100, and right now may be the safest thing to do. This means you can still have fun while staying committed to saving.”

There are plenty of other ways to save, such as catching a lift a few times a month with a friend or car-pool to save on petrol or travel costs, or compare brands of items you use regularly and choose a cheaper one.

FNB offers an innovative way to help customers save through ‘Bank Your Change’, which once activated, automatically rounds up small amounts each time a customer swipes his or her card. The change is then transferred and stored in the linked Savings Pocket.

CREATE MONEY FOR SAVING

“Don’t assume that you have to give up something in order to save,” says Beukes. “You can also make additional cash to save, such as going through your old stuff and selling anything you don’t need, taking on an odd job a couple times in the month, or even small money makers such as baking goods and selling them at work.”

Understanding how small savings benefit you in the long term, will keep you motivated.

“Saving small is a great way to create good financial habits and see real benefits,” concludes Beukes.

Soortgelyk

 

Gesondheidswerkers, leerlinge en onderwysers deel van 343 nuwe gevalle

5 ure gelede | Gesondheid

Sewe Covid-19-verwante sterftes is vandag aangekondig en wel vier in Windhoek, twee in Swakopmund en een in Grootfontein. Die sterftes in Windhoek sluit 'n 63-jarige...

Moller, Hatuikulipi se belange onder vergrootglas

20 ure gelede | Misdaad

Hoofredaksie – Een van die transaksies wat deur die Teenkorrupsie-kommissie (ACC) as deel van die Fishrot-ondersoek gefynkam word, is 'n bedrag van N$8 miljoen wat...

Rekening van N$151 000 bly toe 'jakkals' gly

20 ure gelede | Misdaad

Francoise Steynberg – 'n Vermeende glyjakkals wat vir 'n maand saam met sy gesin in 'n gastehuis op Swakopmund gebly en glo nie betaal het...

Mans vas oor vervalsing van Covid-19-toetsuitslae

20 ure gelede | Misdaad

Kristien KrugerTwee Zimbabwiese mans is Saterdag omstreeks 12:00 op Katima Mulilo in hegtenis geneem vir die besit was vervalste Covid-19 laboratoriumtoetsverslae van PathCare Namibië.Die mans...

Reënweer bring groot skade

20 ure gelede | Weer

Kristien Kruger – Terwyl Namibië die derde week van swaar neerslae binnegaan, is groot skade reeds aan paaie, landerye en ander infrastruktuur aangerig. Windhoekers is...

Weer vir 11 Januarie 2021

20 ure gelede | Weer

BINNELAND: Gedeeltelik bewolk en baie warm in die Noordweste, verre Weste en dele van die //Kharasstreek. Elders sal dit bewolk en warm tot baie...

Regering slaan toe op klaringsagente

20 ure gelede | Regering

Phillepus Uusiku – Die regering is in die finale fase van die instelling van strenger maatreëls vir die lisensiëring van klaringsagente.Die instellings beoog om die...

Nafau wen in hof teen Shoprite

20 ure gelede | Arbeid

Kristien Kruger en Adolf Kaure – Stakende Shoprite-werknemers was Vrydagmiddag verjuig toe die hoërhof in Windhoek beslis het dat ’n interdik teen die Shoprite-winkelgroep uitgereik...

Op die spoor van Hardapdam se opvangsgebiede

20 ure gelede | Infrastruktuur

Kallie Pauw (gasskrywer)Die onlangse wonderlike reën in groot dele van Namibië en verslae daaroor en foto's van vol riviere en dansende boere het mense (soos...