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Here are a few tips on how to save, once you have made the decision.
Whilst this might be an obvious statement, many people really don't know what they want to save. A good start to this would be to work out a monthly expense budget, see what funds are available once all these costs are accounted for and then decide on a monthly savings amount to be added as a budgeted expense.
In this way, it becomes a compulsory "Cost" and is much easier to manage.
We all waste money in one way or another, whether it is through careless spending on things we don't need or through inefficient and expensive financial commitments. Here are some examples that you could examine and maybe reduce:
Short term savings are the sort of savings you will need to accumulate in order to pay for unexpected expenses such as car and appliance repairs or even appointments with a medical professional.
Medium term savings include saving for house and vehicle deposits. Ideally, you should aim at an accumulated savings amount that equals three month's salary.
Long term savings will look at the accumulation of capital for the inevitability of retirement in however many years you have left to work.
Saving money should be something we do on a continuous basis, but there may be a need to select a savings term for a specific goal, such as a deposit on a house. This will require saving for a longer period of time than saving for something like a lounge suite. The great advantage with this sort of savings goal is that it has a specific outcome and is often easier to strive for.
Financial institutions have a number of inventive savings schemes.
Short term investment opportunities may be limited to savings accounts, which do not pay a great deal of interest, but allow you immediate access to your money.
Medium term investment opportunities include unit trust type investments, generally requiring monthly savings amounts in excess of R250.
Long term savings plans include pension, provident and retirement annuities.
The rewards of successful saving cannot be understated, especially in a country like ours where there is little or no state intervention in the form of adequate pensions and welfare benefits. The consequences of NOT saving money are nothing short of disastrous.