<\/p>\n
National Savings Month often focuses on budgets, finding extra money to put away and the various savings vehicles available to us. But for many South Africans, the biggest obstacle isn\u2019t knowing\u00a0how\u00a0or\u00a0where\u00a0to save, but rather, the small financial habits that quietly chip away at good intentions month after month.<\/p>\n
These habits \u2013 like overspending on payday, waiting until the end of the month to save, or convincing ourselves that we\u2019ll start saving just as soon as that increase arrives in our account\u00a0\u2013 are slowly sabotaging our chances of building financial stability and future wealth.<\/p>\n
Read: South Africa\u2019s silent savings crisis: Why National Savings Month matters more than ever<\/p>\n
The good news?\u00a0Habits can be changed. Here are five of the biggest savings saboteurs\u00a0\u2013\u00a0and what to do instead.<\/p>\n
1. Treating payday like \u2018make-it-rain\u2019 day<\/p>\n
The habit: Your salary lands and suddenly that Uber Eats order, new clothes or night out you\u2019ve been thinking about feels completely necessary.<\/p>\n
Why it hurts your savings:\u00a0Spending while you\u2019re enjoying that payday euphoria can take a chunk out of your salary before you\u2019ve paid for everything you need to.<\/p>\n
Do this instead:\u00a0Wait 24 hours before going on a spending spree for non-essential purchases. Sort out your bills and savings first, then decide what you can comfortably spend. If you still want something the next day and you can afford it, you can buy it knowing the rest of the month is covered.<\/p>\n
2. Saving last instead of first<\/p>\n
ADVERTISEMENT<\/p>\n
CONTINUE READING BELOW<\/p>\n
The habit:\u00a0You get paid, cover your bills, spend throughout the month and plan to save whatever is left. But then there\u2019s too much month left over at the end of your money, and the savings pot gets ignored again.<\/p>\n
Why it hurts your savings:\u00a0We tend to spend the money we have available, despite our best intentions. Even small purchases can slowly eat into what you hoped to put away.<\/p>\n
Do this instead:\u00a0Make saving a financial priority by paying yourself first. Set up an automatic transfer to your savings account as soon as you get paid, before you start spending. It doesn\u2019t have to be a huge amount \u2013 every R20, R50 or R100 adds up and helps make saving a habit.<\/p>\n
Read: Money habits make or break your financial future<\/p>\n
3. Setting unrealistic savings goals<\/p>\n
The habit: Deciding to save thousands of rand, build a huge emergency fund or follow investment advice on social media, because that\u2019s what everyone keeps telling you to do.<\/p>\n
Why it hurts your savings:\u00a0A target that feels impossible can quickly become demotivating \u2013 and when you give up on it, you might feel like a failure and stop trying altogether.<\/p>\n
Do this instead: Saving money is a long game, but you can start by giving yourself a target you can reach. Aim to save R500, and when you reach it, aim for R1 000. Keep chasing those small wins \u2013 every realistic target you reach will give you something tangible to build on and make the next milestone feel possible.<\/p>\n
4. Making your savings too easy to access<\/p>\n
The habit:\u00a0Your savings sit in the same account you use for groceries, takeaways, transport and everyday spending.<\/p>\n
ADVERTISEMENT:<\/p>\n
CONTINUE READING BELOW<\/p>\n
Why it hurts your savings:\u00a0When the money is right there every time you check your balance, it\u2019s easy to spend a little here and there until there\u2019s nothing left.<\/p>\n
Do this instead:\u00a0Give your savings their own account or savings wallet and move the money across when you get paid. These accounts may also earn more interest than your normal transactional account, plus creating a little distance between the money you can spend and the money you want to keep makes dipping into your savings less tempting.<\/p>\n
Read: 10 simple money tips for these uncertain times<\/p>\n
5. Thinking you\u2019ll start saving when you earn more<\/p>\n
The habit: You tell yourself you can\u2019t afford to save right now and you\u2019ll start once you get a raise, find a better-paying job, win the Lotto.<\/p>\n
Why it hurts your savings:\u00a0A bigger salary doesn\u2019t mean you\u2019ll immediately have better financial habits. Having more money can just as easily lead to bigger spending.<\/p>\n
Do this instead:\u00a0Start with what you can afford now, even if the amount feels small. Saving R50 regularly builds the habit, and you can increase the amount as your income grows.<\/p>\n
Salem Nyati is a consumer financial education specialist at Momentum Group Foundation.<\/p>\n
#bad #habits #sabotaging #savings<\/p>\n","protected":false},"excerpt":{"rendered":"
National Savings Month often focuses on budgets, finding extra money to put away and the…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[1223,1824,7594,109],"_links":{"self":[{"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/posts\/12581"}],"collection":[{"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/stock999.top\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12581"}],"version-history":[{"count":0,"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/posts\/12581\/revisions"}],"wp:attachment":[{"href":"https:\/\/stock999.top\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12581"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stock999.top\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12581"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stock999.top\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12581"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}