It has become important to live within your means and to save for the future, as the cost living continues to rise due to current economic circumstances.
“Aimed at educating the benefits of saving money, the World Savings Day, celebrated on Wednesday, 31 October, presents an opportunity to practice a savings culture which will lead you to a financial stress-free future by starting to save money today,” said Bank Windhoek’s Manager of Public Relations and Reputation Risk, André Le Roux.
The following seven Bank Windhoek savings tips, can help you start your journey of financial independence:
Erasing debts: Debt means that you are borrowing money from your future and paying it back with interest. To get rid of it will require meticulous planning. Your financial statement, which can be obtained at any Bank Windhoek Branch, its Internet Banking and Mobile App, is a tool to start off with. The statement will display a record of money going in and out of your account. Study it. Then look at your short-term debts and identify one with the lowest balance that you can manage to pay off quickly. Do this regularly to erase short-term debts.
Living within your means: The best way to start living within your means is to have a budget in place. This will indicate your income and expenses. The goal is to monitor expenses and cut them down gradually. Later, you will notice that there is extra money available which needs to go straight to your savings account.
Know where your money is going: Just like a company draws up its income, expenses and balance sheets, you too can do the same. This will allow you to track your money. In the end, you will have control over your financial future.
Pay for your future: Having to save for your retirement is the best decision you can ever make for your future. Start now by reflecting on your short, medium and long-term financial goals and put a savings plan in place to achieve them. Set a benchmark and continue to monitor it until it becomes a good habit.
Talk to a financial advisor: Just as a health officer cares for your physical health, so a financial advisor takes care of your financial wellbeing: measuring financial health, detecting problems, prescribing appropriate correct action and advising on your financial wellness.
Find a savings account: Putting aside a portion of income earned, can be challenging, but possible. Bank Windhoek allows customers an option to transfer a fixed amount of money from a current to a savings account. Listed below are some of savings and investment products the Bank offers:
- Fixed and Notice Deposit – a choice if you do not wish to tie up your investment for long between 7 to 88 days.
- SureSave – a contractual money market savings product aimed at customers who want to save.
- GroupSave – a specialised savings product for saving with a group of people towards a common goal, on a monthly basis.
- SeniorSave – a low cost product designed for senior citizens.
Repeat the above steps and keep them in check: Practising the seven steps above, can save you a lot of money which you will need tomorrow for a convenient lifestyle that will in the end benefit you and your family’s future-selves. “This can be done by planning and monitoring the above mentioned steps regularly until it becomes a habit and later, a culture,” concluded Le Roux. For more tips, visit Bank Windhoek’s social media pages.