Opening up a savings account and saving money every month is really important for your future and for your goals, and should be seen as a responsibility to yourself. However, many of us will come up with excuses not to save.
I can’t afford it:
Many people think that with the amount they earn, they can’t afford to put money away every month. However, the truth is that most people who have this attitude are just unwilling to compromise on their lifestyle. If you make a promise to yourself to save a certain amount each month, you will probably find that you can easily live on what you are left with.
I’m too young to start saving:
If you are young, it is actually the best time to save! This is because you are giving your money more time to grow, and therefore acquire interest. It may be tempting to just splurge on your money and go on shopping sprees when you are young, but thinking of the bigger picture may change your outlook.
I’m too old to start saving:
Even though it is better to start saving at a younger age, it is never too late to start. As long as you invest in a sensible manner, your money still has a chance to grow.
I’m going to inherit money:
Relying on an inheritance is definitely not the way to go, as it can prove to be very risky. You don’t know for sure that you are actually going to inherit money, and apart from that, why not save up even more money of your own? A savings account is never a waste of time, so no matter what your situation, try and save as much as possible.
We hope that after reading this, you decide to put aside any of your excuses not to save. Remember to use LikeMoney’s comparative platform to compare all the options available when it comes to opening a savings account in South Africa.