10 Savings Tips:
- LIVE ECONOMICALLY:
Do not buy things you do not need and do not try to keep up with friends and neighbours. Everybody’s needs are different so live according to yours.
- SAVING IS A MINDSET:
Save money, water, electricity, etc. Do not waste anything of value. Make delayed gratification a norm.
- START SAVING FROM AN EARLY AGE:
Learn about budgeting. Earn your pocket money. Learn that making a financial decision is about weighing up the value of one thing against another and choosing which to forego in favour of the other. Differentiating between a NEED and a WANT is the 1st step to a savings mentality and financial freedom.
- LOOK AFTER THE THINGS YOU HAVE.
Take pride in what you have worked hard for. Respect your own efforts and feel good about what you have achieved. Lose the entitlement attitude!
- DO NOT MAKE EXCUSES ABOUT WHY YOU DO NOT SAVE. Saying I am too young or I will save next month or only rich people can save will not get you anywhere. Start by saving the little you can afford to save. “Make sense of cents”
- START SAVING CONSISTENTLY AND SERIOUSLY FOR YOUR FUTURE YEARS.
Learn the magic of compound interest. Put aside at least 10% of the money you get monthly.
- AVOID OWING PEOPLE.
It is cheaper and more rewarding to wait until you have saved the funds yourself. It is better to spend money you have earned than to spend money you still have to make.
- SETTLE DEBT as soon as you can. Avoid the debt spiral!
- SHOP AROUND BEFORE YOU BUY.
Compare prices and benefits. Do the same with bank products – compare the offerings. Do not ever be afraid to ask questions – knowledge is power.
- LEARN TO RESIST TEMPTING MEDIA MESSAGES especially about sales. Reward yourself for good money management behaviour!