4 Steps to start saving from scratch

When it comes to money, you might be in the habit of spending all your money or living in the moment, and while the idea of putting money aside can feel daunting because your priority is the now, and there’s usually a lot going on in the now, it’s important to change that mindset so that you can start setting yourself up for future financial success.

HOW TO START SAVING

Here are our top tips to crack the savings game, whether you’re a beginner or expert saver.  

• Kick start your savings habit with a realistic savings goal
  Think about what you want to do with that money. Is it for a big purchase or a holiday or to pay for an education? It’s also always the right time to start an emergency fund. Having a reason for your money and a target that you want to achieve will keep you on track and motivated to continue when you feel like quitting your savings journey.
• Open an account that helps you save
  A savings account gives structure to your savings journey, giving you a safe and specific place for your money so that you won’t be tempted to dip into it, as well as letting you see how your money is growing. The interest-earning potential also helps your money grow from the first month.
  
  Anyone can open a PureSave Account, and since there’s no minimum opening deposit, you can open one immediately and deposit money anytime, with easy access to your money whenever you want.
  
  You can also kick start your savings goal journey with as little as R250 in a Notice Deposit Account which offers a competitive interest rate and lets you choose your notice period for withdrawal (from 7 to 60 days).
   

  Open an account online

• Add money to it – even the smallest amount will do
  We’ve established the first step is the hardest, so make it easy on yourself and start with the minimum amount because once you do, you’ve started a new habit, and it’s easier to continue. Plus, it gives you the chance to make progress towards your goal. Even if it’s slow, it’s better than nothing, and small amounts add up.
• Set it and forget it
  To help you stay disciplined towards your savings habit, you can automate regular deposits from your transactional account into your savings account to help you achieve your goal. That way, you add to your money without even thinking of it and before you even get a chance to spend that money on something else.
  
  Before you know it, you’ll be benefiting from the power of compound interest to help grow your money.

You don’t even need to go out of the house to do it: you can do everything and check your money any time you want on the Standard Bank App.

_{*Terms and conditions apply. Network costs only apply to downloading the app.}