In the first series you learned all about Financial Planning. It started off by setting your goals, analyzing your spending and setting your budgets, it is time to understand how you can save the money you have to put aside monthly. Watch this second series to understand all about saving. Why it is so important to save and the options that you have when you are ready to save. All video content is in line with GN 500 regulations gazette by Financial Sector Transformation Council.
Saving is an act of putting money away in a safe place or through a product with the intention of using it in the future. With the Covid 19 pandemic affecting many livelihoods due to job losses, many individuals find themselves with no savings to assist them while they search for other jobs. Saving is not easy especially in the times that we face limited income due to the effects of Covid 19. Even before the pandemic, most households failed to set aside just a month’s salary of possible loss of income. There is no better time or the perfect time to save and takes just one month of commitment to create a habit. You should develop a simple and realistic strategy, so you can save for all your short- and long-term savings goals. The first step to start saving money is to figure out how much you spend. Keep track of all your expenses that means every coffee, household item and cash tip.
Saving is so important as it helps you to become financially secure and can help provide a safety net in case of an emergency. You can save for retirement, save for a special occasion, save for your or your child's education and so many more things. Without putting money away you will not have enough money to pay for emergencies when they happen.
In this series we cover the different types of options you have when you are ready to save.
Noble B-BBEE Advisory has worked with Sasfin Holdings and Sasfin Asset Managers from 2018 to date as the facilitators of Consumer Financial Education across four programmes. Noble is a black owned and black female managed business who have passion for true and reflective transformation in the South African communities.