Saving does not mean giving something up: Here’s how to put extra money aside

Most people see saving money as having to give something up: cut back on takeaways, cancel subscriptions, or skip your daily coffee. While this is the easiest approach for many South Africans, Charlot Mokopane, financial adviser at Metropolitan, said it is not the only way. “In reality, some of the most valuable savings habits aren’t about spending less at all.

They’re about paying closer attention to what you’re already covered for and what you’re already paying for,” she said. Referencing research from the Bureau of Market Research, she said more than a quarter of South African adults are not managing to save anything at all because every rand is already allocated. Papadi Rantsoareng toldThe Citizenshe has always had a saving habit, so the issue is usually how much she can save in certain months, and if she wants to save more, she would have to cut something.

“My parents taught me how to save from a young age, and the more I saved, the more money they would give me, so I grew up with that habit. But currently, it is hard to save a lot of money because I am just a girl willing to pay whatever amount of money for convenience. “For me to save a lot of money would mean I have to cut on certain things.

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For example, I might have to choose a cheaper medical aid plan, but I am not willing to do so because the current one I have offers me flexibility.” Tebello Mokhotso toldThe Citizenhe has had to reduce how often he goes out for food and drinks to save towards his goals. “Before I had a son, I was able to go out every weekend and spend whatever money I wanted. But since being a dad, I had to prioritise my little man and start saving for his future and an emergency fund.

“I did not completely give up on my social life; all I did was reduce how many times I went out. Now I only go out for drinks twice a month, and we only eat out on Sundays as part of our little tradition.” Mokopane said the answer to why people are not saving is not always a stricter budget, but looking closer at what is already allocated. She gave six ways people can save by reviewing what they are already paying for.

Most South African households would rather not talk about money at all. Financial decisions in South African households are also increasingly made jointly rather than by one person alone.

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