Share

Saving: Two allies, one thief

accreditation
Johannesburg - Time and the power of compounding are your greatest allies when it comes to savings, but watch out for the thief of time: procrastination.

This is according to head of strategy at FNB Savings & Investments Aneesa Razack, who said that saving is a necessity that cannot be delayed for the future.

She explained three simple steps that consumers can follow in order to overcome the challenges of saving.

1. Believe that saving is possible;
2. Distinguish between your wants and your needs; and
3. Try and save a little extra money.

"The flip side of saving or saving more is spending. The less you spend the more you will be able to save," said Razack.

Watch:



She suggested that consumers track their spending by looking at their bank statements. "It is funny how you can understand your spending habits by just having a glance at what you are actually spending on."

Everyone has basic expenses, but it is the less obvious expenses that people need to look at like buying lunch at the work canteen each day. "How about packing a sandwich? That will allow you to save a little bit of extra money," she advised.

She said that it is standard that workers try to save between 10% and 15% of their monthly income every month. "If this is too high, start small and work your way up."

 - Fin24

Consider yourself a savings hero? Or just have something on your mind? Add your voice to our Savings Issue:

* Write a guest post
* Share a personal story
* Ask the experts

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
19.00
-0.5%
Rand - Pound
24.02
-0.5%
Rand - Euro
20.51
-0.2%
Rand - Aus dollar
12.35
-0.0%
Rand - Yen
0.13
-0.6%
Platinum
900.15
+0.4%
Palladium
1,000.00
-0.2%
Gold
2,209.06
+0.7%
Silver
24.59
-0.2%
Brent Crude
86.09
-0.2%
Top 40
68,122
+0.7%
All Share
74,310
+0.5%
Resource 10
56,908
+2.2%
Industrial 25
103,615
+0.3%
Financial 15
16,488
-0.2%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders