How to save all-year long

By now, your new year’s resolutions of buying less and saving more might be long forgotten, and you find yourself with the same spending habits.

It’s never too late though to start better savings habits, says Lizette Joubert, Practice Development Manager at Momentum Consult, who offers this advice for savvy spending throughout the year.

1. The first step to saving is to stop thinking about it in a negative way. Instead of thinking about what you could have done with the money, rather consider what you will one day be able to do with that saved money.

2. Do not over-commit to savings and make the amount you save each month realistic.

3. To avoid the temptation of withdrawing your savings funds, rather invest in a product with an insurer (you can still withdraw funds, but you’ll need to fill out forms to do so). What also works is setting up a debit order on the day that your salary is paid – this way you save before you spend.

4. Break down your savings goals to make them manageable, and even starting small yields benefits, as you can see in this table below.

5. Do a financial spring clean at least once a year. Check what you’re paying for, and if you can cancel any services or subscriptions that you no longer use or need. Remember that R60 might not seem like a lot each month, but after a year it adds up, and saving several small amounts makes a huge difference in the long run. checking your bank statements to see what you're paying for yet not using).

6. Sign up for store rewards cards. By using your cards on your usual spending, you can get discounts or cash back. Remember, it all adds up.