Choose the right tools to help you save

As with any task you tackle, it is important to pick the right tools for the job.

Committing to save money is no different and your tools here would include things like a fixed deposit or notice deposit account, for example.

According to an article by personal finance journalist Paul Sisolak, these are the five biggest obstacles people often encounter when trying to save:  

  1. Lack of financial literacy
  2. Not budgeting
  3. Too much debt
  4. Spending needlessly
  5. Yourself

Looking at the above reasons, the fifth may be the hardest to swallow.

The truth is that many people have nobody but themselves to blame for not following money saving tips and achieving their financial goals.

If you are someone who sees the path to saving money littered with obstacles, perhaps it is time to scrutinise what these really are. You cannot overcome obstacles if you do not know what they are.

Let’s look at 5 bad financial habits which could be standing in the way of you achieving financial freedom:

  • Believing you have no money to save: If you keep tabs on what you spend in a day you may be surprised how much of it is frivolous spending. A quick coffee from the garage shop, a chocolate bar from the vending machine and take-aways on the way home all add up to a lot if you are doing this every day! Work out how much these habits are costing you and then figure out what you could be earning if you put that amount into tax free savings at a bank instead.
  • Not paying debts on time: Not only does it reflect badly on your credit record, but you are penalised with additional fees if you pay late. Do not discard your bills as tomorrow’s problem. Deal with them as they are due. You will thank yourself later.
  • Too much debt: Are you trying to keep up with the Joneses but have quickly discovered you do not earn what they do? Forget about the wealth you think your neighbour or friend has. The reality is they may be earning a six-figure salary and still be drowning in debt! Always practice good financial habits within the boundaries of your salary and living expenses. Remember, the Joneses may be impressed with your new kitchen but they are not going to pay your debt!
  • Not budgeting: A budget is a structure which allows you to practice good financial habits. You need to know where you stand with your finances in order to draw up and stick to a budget. Without a budget you are “winging” income and expenses, which can quickly put you into a negative situation. Read this informative African Bank blog on how easy it is to budget.
  • Burying your head in the sand about your finances: Ignoring creditors and continuing to spend money unwisely is a recipe for disaster. If you feel your finances are in a shambles get help from a financial advisor. They can offer you money saving tips and other advice on how to grow your money for the future.


You may find the hardest part about saving is just getting started. It is all about taking that first step, the rest will follow and once you see results you will wonder why you had not started much sooner! 

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