How to make savings goals a reality

02/07/2019

Did you watch the Comrades Marathon on 9 June?  The thousands who took part in this epic ultramarathon each had their own unique goal for the day. Do you also have a goal? Is it finding the best way to save money or the best savings account to help you reach your goal?

Like the Comrades Marathon athletes, you have to put the work in to see results.

If you are conflicted about where to start to achieve your dreams financially, why not go back to basics and treat your savings plan as training for an ultramarathon? Look at race day as the day your efforts to save money come to fruition and you reap the rewards of your dedication to the task.

Setting goals is easy; think of yourself of New Year’s Eve … what resolutions did you put in place on December 31 last year? Was one of them to put money away to further your studies, travel or buy a car?

How you put this resolution in motion will determine how far along you are in actually achieving it now, six months down the line.

If you have not made much progress and are frustrated with yourself, don’t be. It is never too late to restart a dream.

Here are 5 great “restart-my-dream” tips:

  • Keep it real: There is nothing wrong with dreaming big but do not set yourself up for failure by setting a goal that is beyond your reach. If your goal is to run the Comrades Marathon and it is only four months away, will you realistically have put enough in to make it? Setting goals which you are comfortable you can achieve is a good way to start.
  • A picture paints a thousand words: That degree, overseas holiday or car is worth more in pictures than words so get a vision board going, pasted full of images of what you want to achieve with the money you are going to save.
  • Save the date: You are much more likely to save enough money to achieve your dream if you work towards a date. So, by 1 December this year I am buying my new car or by 31 December I am booking my ticket to Ireland.
  • Shout it from the rooftops: Tell your family and friends what you are doing. It is easy to only be accountable to yourself – and easier to quietly give up and fall back into your old habits. There are plenty of advantages to others knowing you are putting money into a tax free savings account for a holiday overseas on a specific date or going to enrol in university to further your education – they can support and offer you advice along the way.
  • Back yourself: Nobody is in a more perfect position than you to make your dreams come true. Make a commitment to yourself to follow good saving tips and be dedicated to putting money away each month until you have enough to grab your dream. Keep your eye on the prize and keep backing yourself to stick to your savings plan.

Remember that interest rates are important when it comes to growing your savings.

Read our informative blog on what to look for when comparing interest rates.

 

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About African Bank

Our mission is to be a successful Retail Bank offering a wide range of products and services to the consumers of South Africa. The people who work for African Bank represent the diverse population of South Africa; therefore we are a reflection of you, of all South Africans. We seek to provide value - more than our consumers expect of us. We promise to live our purpose 'humanity through banking' in all that we do and we are confident that we can, because 'We are You'.