Putting Money Away The Old Fashioned Way

Alternative ways to save money without going to the bank

- Pheto Ramakobya

NOTHING is better than starting your own savings plan at the beginning of the year. You don’t need to earn millions to start saving money. With the little you earn, you can start saving for rainy days or whatever you desire. No matter where you are on your financial journey, you need to know that it’s possible to turn your finances around for the better. Sometimes all it takes is that first step in the right direction to get things moving in your favour. But, as with most things, sometimes that very first step is the hardest part. Financial advisor, Rene Martiz, gives tips on how you can take the first step towards achieving your savings goal and ways you can save money on your own without going to any financial institutions.

WAYS TO SAVE MONEY FOR THE YEAR

Not all savings plans need the bank. Rene lists a few ways you can start saving money for the year and still have control of your money at the same time.

The R10 builder: Begin saving R10 in the first week of the year and increase the amount by adding another R10, making it R20 for the second week and so on for the year. The most you’ll put aside is R500 in the last week of the year. By then your pot will have grown to R12 750 at the end of the year.

The perpetual payoff: For those who have just finished paying off a car loan, credit card debt or a lingering student loan, don’t stop. Continue making those monthly payments, but put the money into a savings account instead. You’ll build a nest egg without having to change your lifestyle.