Savings tips that work

Do you find that actively saving money can be difficult sometimes? Well, you're not alone! Many of us find it difficult to motivate ourselves to save money – particularly when money’s tight.

It's during these times that we need to become more disciplined and use creative ways of saving money that work. Yes, there are many articles out there on how to save money. But what we're looking for are the BEST ways to save money… tips that not only help us spend less, but make our money go further, and motivate us to keep saving at the same time.

Let's take a look at a few of these.

Set targets

A good way to motivate yourself is to set savings goals or targets for your spending. You can do this monthly if that helps. Start by estimating how much you spend in a month. Then identify what you spend on each month – groceries, school supplies, for instance – and include them in the budget. Decide how much you want to allocate to a savings account once those expenses are met. Saving surplus cash is a good habit to build. You can do so by opening a MyWORLD account and allocate the money to your Savings Pocket.

Get your family in on it

Once you've set up your Savings Pocket, why not include your family in your savings plan?

You can add them as users on your account and ask them to contribute a small part of their income to the Pocket for use as a family. This works well if your adult children are at home and contribute to expenses around the house. 

Go digital

As we know, online banking is convenient, but did you know it’s also cheap? First off, it's free. You simply use your phone or laptop to log in and use your MyWORLD account. You save on bank charges. It’s great because you don’t have to go to a bank or even an ATM. And safe because you can send money to your family without using cash.

Automate your savings

Then, set up automated payments on your App. This isn't just to pay bills, but can be used to pay yourself! If you have an African Bank MyWORLD account, you can easily transfer money from your primary MyWORLD account to your Savings Pocket. This can be set up to happen weekly or monthly and it’s amazing how quickly small amounts will add up.

In October, the world celebrates National Savings Day, dedicated to empowering people to save money and build responsible spending habits. To commemorate this day, why not start to incorporate these tips into your daily, monthly, and annual budgets?

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