Saving can be daunting and challenging, especially while you have to deal with the financial implications and uncertain rollercoaster ride of COVID-19…

But, it is still not impossible to keep your ‘financial savings-head’ in these times and save money for YOUR tomorrow. When you try your best to save money around every corner, you indeed pave the way to an improved financial future.

“The key is to START, even if it is with a teeny amount at first,” says Carla Oberholzer, debt adviser at DebtSafe.

“How exactly can I do that, and where should I start with savings?” you may ask. Here are a few savvy saving pointers to get you going:

Not sure where to start saving or need some help to clear debt first?

Get the help you need from registered financial advisors, your banker, and other relevant professionals to guide you on your clearing debt and/or savings journey.

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You do not have to feel alone when planning what to do with your hard-earned savings or dealing with debt. In some cases, life can throw unexpected ‘debt-filled’ curveballs, and you might not be seeing any light to your savings tunnel as of yet.

So, why not get the help you need first (to fix your debt) and then continue with your savings? Regulated processes are available to assist in these cases.

When severe debt is cleared

Once your debts are out of the way you can properly start to save, even if it is with a mere R50 at first. After paying off each credit/debt installment, use that same allocated amount to ‘pay yourself’ from now on. This will set you off to save towards your specific and outlined savings goals.

Keep your eyes on the prize

Make sure you know what your savings goals are. You should write down your short-term and long-term goals. And, regularly revise them or take a look at them to know exactly where you are at AND going with your savings.

Move from a savings account to some serious investing

When you are comfortable with the ‘savings game’ that you are in and have been playing, why not look at various financial investment options available that will suit your ‘tomorrow’s’ (future) needs? This can be anything from an annuity, pension fund, trust, or other personal investment options like a money market fund, for example.

Plan for those emergencies

Handling a crisis is not easy but if you have an emergency fund available it makes dealing with your situation so much easier. Start with a small amount at first and add to the fund when and as regularly as you can.

Teach fiscal responsibility

How can you not share your knowledge and practical insights when it comes to saving money. And, assisting the younger generation to improve or better their financial future? Sharing is caring and, thus, it is important to teach children the value of saving. They can tuck some of their allowance cash away in a suitable savings account to get used to the concept. This will also encourage them to create a savings culture around them and basically get a ‘savings ripple effect’ going – inspiring others to do the same.

As the South African Savings Institute (SASI) highlights: “Everyone is saving for tomorrow, because it’s the right thing to do!” Are you part of this ‘everyone’? NOW is the time to get proactive and invest in your and your loved ones’ financial future – save where you can, get the household involved, and start sooner rather than later.

Happy #NationalSavingsMonth ladies!