1. Make it look good
Imagine if saving could be easy and fashionable at the same time? Well it can be. This National Savings Month, we’ve partnered with one of Africa’s most influential fashion designers to offer a way to make saving as easy as spending. The Mna Nam is a limited edition wearable that’s made for him and for her by iconic fashion pioneer, Laduma Ngxokolo. With a built in QR code seamlessly worked into the design, it’s a fashion accessory that makes saving as easy as a quick scan of a wrist. It’s linked to your WeChat Wallet, powered by Standard Bank, so you can make the most of your saving today to reward yourself tomorrow.
2. ADDaBIT, save a lot
ADDaBIT is smart social saving platform where friends and family from all over the world can contribute money towards a shared goal – starting from just R50, with no penalties, no minimum payments, no monthly fees and no hefty deposit. It’s free and simple to join – just set up an account online, add a bank fund and add beneficiaries. You can create as many funds as you want, add as many beneficiaries as you’d like, choose a target amount or date. Meanwhile, Sanlam Investments will look after your money to ensure your nest egg continues to grow.
3. Play the numbers game
Sometimes it’s fun to pick a somewhat random number to save towards – one that means something only to you. Maybe it’s the birth date of your child: R2 010 isn’t that hard to achieve, right? Or maybe it’s your cell number: R82, then R354, then R6 342. You win! Arbitrary numbers trick your brain into thinking that you’re playing a game, instead of doing something ‘grown-up’ like saving.
4. Start a savings support group
Make your savings goal a group sport by getting friends or family involved. Perhaps you are all saving towards a dream holiday? Make that the subject of a WhatsApp chat group and share daily ideas on saving money to keep one another motivated. It’s also a great place to get moral support and a sense of achievement when you manage to resist the urge to spend. You could share inspiration with one another like pictures from exotic destinations to keep everyone’s eye on the prize.
5. Challenge someone to a ‘save-off’
Know a friend who’s also struggling to save? Perhaps your spouse is always nagging you to be better at saving? Set yourselves a challenge to see who set aside the largest sum or cut the most costs. You can either set a deadline to see who can save the most, or a set goal – e.g. who gets to R2 000 first. The loser washes the other one’s car, makes a special dinner or has to babysit the kids while the winner enjoys a night out.
6. Save small sums of money
Also called micro-investing, many people are actually finding it easier to save very small amounts of money regularly. So if R500 feels like a lot to put away, put R100 in a savings account here, R150 there, cash in a jar, etc. Soon you’ll see it add up without feeling like you are crippling yourself financially. With a tax-free savings account, you can start with just R250 a month without having to pay tax on interest, dividends or capital gains.
7. Draw up a list of (cheap) treats
It’s important to not let yourself feel deprived. In other words, to always have something to look forward to. Compile a list of ways to spoil yourself if you achieve savings goals, from a mini mani to a quick round of pitch ‘n putt. As long as you keep your eyes on the greater prize, allow yourself a little weekly splurge. Even a decadent hot chocolate can help give you a sense of balance.
8. Make an event of it
Saving doesn’t have to be drab. In fact, it can bring people closer together and give you an opportunity to enjoy getting to know your family and friends even better. Instead of dining out, take turns hosting a supper club where everyone has to bring a tasty dish for less than R100. You could also start a clothes-swapping group, share DVDs or iTunes, or form a toy club where your little ones can take turns to borrow toys.
9. Reframe your thinking
Usually saving money means giving up enjoyable things, whether it’s your monthly dose of satellite TV or the habit of loading your online basket when a flash sale hits your inbox. The trick to not feeling deprived? Flip your thinking,. Less time on the couch equals more time to exercise. Less going out means more time with your kids, or more time to read more books. By being smart today, you’ll be rewarding yourself tomorrow.
10. Set a time-of-the-year challenge
Resolutions are not just for January. You can set a winter challenge (like saving on heating bills), a school term challenge (try to cut down on kids’ extra murals) or a birthday challenge (find inspiration in our kids party blog article). Or why not make 2018 the Year of Less Take-aways or the Year of Staycations?