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Start saving in 5 simple steps

Start saving in 5 simple steps

By Elzita Beukes

Communications Manager of FNB Namibia

Saving and investing has become an important aspect of our lives. More so than before, we need to look at innovative ways to grow our money.

With the increase in household expenses due to the tough economic climate, rising fuel price and the rising inflation, we need to ensure that we have enough saved for the future or any arising eventualities. In light of June being savings month, we want to suggest the following savings steps that will help start the savings journey.

1. Savings Plan: This initial step is the most important step in the process. You need to plan, understand and choose what you want to save for. Be it for a gift, a new pair of sunglasses or long-term goals like education, retirement – your savings plan will be your blueprint to starting your savings journey.

2. Budget: There’s nothing worse than not having spare cash on hand, especially in an emergency. Ensure that you have an up-to date budget that details your daily and ongoing expenses clearly. This budget should be updated monthly.

3. Goals: Ensure that your short and long-term goals are clearly defined. This helps you identify your priorities and distinguish between needs, wants and responsibilities.

4. Research and execution: So, you’ve planned and budgeted, now you need to decide where you would like to put the money. When making your decision, look at the interest rate offered and for long-term goal, partner with a trusted money manager to help you receive good returns.

5. Review: Monitor and ensure that you stick to your savings goals. This is an important step as we often tend to ignore our goals and spend more than we should.

FNB Namibia offers a variety of options where people will save without feeling the pinch. These include: FNB Rewards, which gives customers cash back in their linked savings pocket when they use electronic banking channels such as internet banking, cellphone banking and the FNB App

This saving is automatic and it will not influence your monthly plan at all, and could be your first step in saving. Another great way to save, without actually realising, is the bank-your-change product by FNB Namibia.

This feature is an innovative way for customers to automatically save their “left over” cents when they swipe their FNB debit card at any point of sale terminal. Talk to our people and receive all the information you need to become savings savvy.

About The Author

Guest Contributor

A Guest Contributor is any of a number of experts who contribute articles and columns under their own respective names. They are regarded as authorities in their disciplines, and their work is usually published with limited editing only. They may also contribute to other publications. - Ed.