First establish why you want to save. Is my saving for the short term or long term? Short-term saving would be saving for immediate expenses, such as going on holiday, paying off your debts, a wedding and so on. Long-term saving is saving for life-changing expenses, such as saving to start a business, saving toward your retirement, paying off your mortgage and so on.

This is the step where you list your priorities to distinguish what is urgent and gives you direction.

• When do I start saving? 

With proper planning and budgeting, you will notice that you can afford to save.

• Who should start saving? 

Everyone. We challenge parents to teach their children to get into the habit of saving. As soon as you start giving your children any spending money or allowance, then teach them how to save for the things they may want later.

• Why should you start saving?

Seasons change and no-one can ever predict what will happen in the future. When you have savings, you relieve some of the stresses that life may throw at you.

• What are you saving for?

It could be anything. Save to pay off your debt. Save for leisure. Save for your child’s education or even your own education. You may be a hardworking individual and want to just spoil yourself to go on holiday. Save for that holiday too. Depending on your list of priorities, you can save for anything that will help you advance in life.