Good habits should not be seasonal, especially when it comes to saving money.

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According to African Bank’s chief marketing officer, Sbusiso Kumalo, we all start with great intentions at the beginning of a year but these often seem to wane as the year draws on.

“We all can relate to becoming lax about certain good habits like not going as regularly to the gym or eating healthily in winter. Not looking after the health of your finances all year round can, however, have long-term repercussions and be a little more serious than just trying to shed that stubborn 3kg you packed on during winter,” said Kumalo.

Good financial health, just like good mental and physical health, can put a spring in your step.

As we approach the last quarter of the year, why not use the feel-good mindset to renew a money-saving plan and really start labelling what you are saving for.

Popular MIXFM presenter Lundi Khoisan agrees. For Khoisan, the three most important things she prioritises her savings around are: “Firstly, I always save for a rainy day. Life tends to be unpredictable. Secondly, I’ve just been accepted for my master’s degree, so I’m saving to invest in myself. Lastly, I am building some reserves to put a deposit on a property once I find the perfect one.”

But, of course, life happens and Khoisan said what generally trips her up and prevents her from saving as much as she would is the nature of her work.

“I’m a freelancer and as such, my income differs every month. I, therefore, often have to make use of my reserves on months where work has been less than normal,” she said.

Meanwhile, Kumalo has shared that Khoisan’s challenge is very common and there is no doubt that saving consistently is not easy, hence being very clear and labelling what you want becomes so important.

“Generally, the research shows that people who are successful with money tend to try and spend less than they earn by saving for emergencies and doing their homework to find the best savings investment, like a fixed deposit account.”

Kumalo mentions that on the flip side, the three top reasons people fail with money is when there’s no financial goal, spending rather than saving and not starting to save early enough.

“I believe not having financial goals is a biggie. Think about setting realistic savings and investment goals and about the satisfaction you will get out of achieving these. When it comes to saving money, the secret to success is saving regularly, not only when it is convenient. If you are looking for easy ways to save money, think about simply having a pre-determined amount transferred to a savings account every time you get paid,” Kumalo said.

Furthermore, Khoisan said she strongly believes in managing her own money and has her own savings account and investments.

She has an African Bank MyWORLD account with her family, which they use as a Christmas fund.

“It’s always smart to motivate each other to save, so you don’t always have to make savings an individual journey – just make sure you are always in control,” she said.

Her best saving advice is, “Invest in yourself, for you to have a flourishing career that will allow you to grow your funds. Plan for the unpredictable and don’t spend too much money on worldly things that depreciate in value, but do have some reserves to buy experiences, as it will enrich your life.”

Kumalo added that ultimately, good savings all start with a plan and a budget.

“It may take time for your budget to really work for you, but that is the beauty of a budget – it can be adjusted as you go along. But as you get better at budgeting, remember to always keep your spending, debts and savings goals in balance and never lose sight of what is really important to you,” he said.
(Information supplied by: African Bank).