Quick guide to financial freedom
JOHANNESBURG – A substantial savings account will assist in preparing you for the future.
Financial success lies in one’s ability to save money consistently and diligently.
Alfred Ramosedi, African Bank group executive in sales and marketing said if you manage to build a saving habit today, you will be able to experience financial freedom sooner.
He stated that there is no denying the fact that there are months where saving money seems impossible; particularly when we take into consideration the financial responsibilities and monthly payments that are required of us and choose not to think about how it affects our savings.
He added, “However, regardless of the financial pressure that we may feel come month-end, it is also important to remember that saving should take priority.”
He mentioned that a substantial savings account will assist in preparing us for the future and ensure that we are able to live our lives as best we can when it comes to turning our dreams and aspirations into a reality.
“If you hope to purchase a house, dream car, put children through university or pursue a year of travelling, a savings account will assist you in attaining your dreams. If you put off saving your money, chances are, when trying to achieve your dreams, you might find it relatively harder.”
If you are looking to build your personal capital, African Banks offers these guidelines:
q Treat debt as a separate entity – When it comes to saving, it is important to ensure that you treat debt as a separate entity. If you are looking to build up your personal capital, ensure that you keep your debt and savings as separate priorities and that one does not take preference over the other.
q Be realistic about achieving your dreams – If you hope to save money with the intention of achieving a dream, it is important to be realistic about how quickly you can achieve it. If you hope to pay for tertiary education, you will need to familiarise yourself with a projection of how much you will need to save per month, and for how long.
q Save without distraction – While splurging your savings on a new handbag, dining room suite or pair of shoes may seem like you’re rewarding yourself for your efforts, it can set you back significantly.
