Saving needs discipline

The discipline of saving is not easily adopted, but absolutely necessary to secure one's personal financial future.

The discipline of saving is not easily adopted, but absolutely necessary to secure one's personal financial future.

Lindi Mukhuba, Absa Bank's regional manager, says consumers can save money by joining the employer's pension or provident fund, opening a savings account, investing in unit trusts or joining reputable saving clubs or stokvels.

How to save every month:

l Buy necessities first and luxuries last;

l Write down all purchases to keep track of unnecessary spending;

l Draft a realistic monthly budget and stick to it. Include birthday gifts and increasing petrol prices;

l Make informed decisions on large purchases. Shop around, compare prices and buy the best quality for the lowest price;

l Pay off debts with the highest interest rates first and never borrow money to pay debts;

l Teach your children to save;

l Settle debt as quickly as possible.

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