Recent economic data shows the country is recovering from recession. What about you? Are your finances still in a mess? Are you planning to join the rebound any time soon? Shouldn’t you at least make a start?
Questions about financial health are especially pertinent at the moment as National Savings Week is now under way.
The annual effort orchestrated by the South African Savings Institute (SASI) was launched on Tuesday (July 20) with the theme ‘Save for the Goal: The Path to Recovery’.
SASI chief executive officer Elizabeth Lwanga-Nanziri says goal-setting is appropriate after the World Cup and the path to recovery highlights the way forward for families that make provision for the future.
SASI advocates the earliest possible start and even communicates the savings basics to schoolchildren.
An encouraging message for those somewhat older is that it’s never too late to start. You can turn over a new leaf, avoid inappropriate spending on frivolous items, pay down debt and initiate a savings plan.
To get you going, SASI suggests a few simple steps …
- Have a dream about what you want to achieve
- Write down goals (short-, medium- and long-term) and timeframes
- Develop a savings plan covering the amount you can save every week or month
- Work out a household budget and decide where to make savings
- Finally, stick to your plan and make saving a habit.
Says Elizabeth Lwanga-Nanziri: “Life holds many surprises, but with savings in place you can provide for the future and achieve your goals. That’s a very empowering message. We hope all South Africans take it to heart; not only in Savings Month but for the rest of their lives.”
SASI works in collaboration with numerous partners, including the Reserve Bank, National Treasury, Financial Services Board, National Credit Regulator, National Consumer Education Committee, the Education Department, the IDC, ASISA, Banking Association and various financial practitioners. Old Mutual is key sponsor of National Savings Month.