While the current situation is scary, it has reinforced the need to save for an emergency. It is important for us to know more about how to save, and to teach our children and other family members too. Parents should teach children and other family members these saving principles.
When you start saving you will need to put money away for emergencies, plus you will need to think about your goals over the short, medium and long-term. Maybe you want to save for a new appliance, send your child to university and live comfortably when you retire.
Here are a few golden steps to get started:
- Set a savings goal: Having a goal to work towards makes it easier to stay on track and to monitor your progress.
- Save regularly: If possible, try to commit to putting a little money away each month.
- Save what you can: Every little bit helps so save whatever you can.
- Save in a separate account: Always put your savings into a separate bank account. That way you cannot spend it as easily.
For more information about how to get started and how to plan your short-term, medium-term and long-term savings and how to best protect your money, go to https://wagewise.co.za/savings/ or contact an authorised financial adviser.