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Strategizing savings plan important

Strategizing savings plan important

With World Savings Day being celebrated on the 31 October, Bank Windhoek urges bankers to carefully outline planning and execution of savings plans.

Jacquiline Pack, Executive Officer for Marketing and Corporate Communication Services at the Bank advised that self-assessment and honesty is crucial during the planning process before a savings goal needs to be set.

“The goal should be measurable, achievable, realistic and timely. For example, cooking at home instead of buying takeaways. It is always best to start small and built up gradually. The goal should require self-discipline and a little sacrifice when it comes to spending. Write the goal down and make sure to revaluate it frequently,” Pack said.

Pack said that a budget then needs to be drawn up followed by a financial statement of a transactional account which will then serve as evidence to support or reject the budget.

“If there is more than one (financial statements), it is recommended to use the most active one since this indicates the importance of the account,” Pack advised.

The next action to be taken, is to identify the best account to save the money in. Putting aside a portion of income earned, can be challenging. It is therefore essential to select the most suitable account depending on the target goal, Pack said.

“The decision to save for that car, holiday or wedding, needs to be respected and obeyed entirely. Monthly expenses needs to be monitored and progress should be checked regularly. The planning and execution of the plan should not be altered but can be bettered, for instance, increasing the savings amount. The decision to save is always an important and rewarding one,” Pack said

Bank Windhoek offers a variety of savings and investment products; Fixed and Notice Deposit, SureSave, GroupSave and SeniorSave. Information on these products can be found on the bank’s website.


 

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