Easy fixes for common money mistakes
You might not even realise it, but these everyday money management mistakes could be squeezing your pocket unnecessarily. Here’s what to look out for and the easy changes you can make to fix them.
Using the wrong account for your needs
Different accounts meet different needs. Your financial situation and what you’re using the account for will influence the type of account it is. Consider whether you’re getting the maximum benefit from an account.
For example, if you’re only transacting every now and again, you could be enjoying the flexibility of only paying for transactions you make with a MyMo Account. If you’ve got extra money, instead of just sitting there, it could also be earning interest in a PureSave Account. Or you could be paying too much interest and stacking up unnecessary debt if you’re not using the right type of credit for your needs.
Using cash
Cash might be king but compared to cards or tap-to-pay solutions, it costs you more in time and money. And if it’s sitting in your wallet instead of your bank account, you’re also missing out on the potential to earn interest.
You can’t pay online with cash; you can’t earn Rewards Points that help you save on your spending, and it can easily be lost or stolen. With our self-service banking options, it’s quicker, more convenient and safer to make payments and transactions in-store and online.
Spending without a plan
Spending money without thinking will leave you with empty pockets wondering where it all went. Being mindful about how and when you’re spending and intentional about what you’re spending your money on, puts you in control of your money. Actively work towards your goals, not just hoping for the best.
Spending without your priorities in mind can cause overspending, spending everything you earn and getting behind in your payments. But when you put structure to your finances, e.g. a budget or financial plan, you have a blueprint for how you should spend your money, enabling you to enjoy the finer things without compromising your financial health.
Disclaimer: This article is for information purposes only and does not constitute financial, tax or investment advice. Readers are strongly encouraged to seek financial or legal advice before making any decisions based on the content.
Standard Bank, its subsidiaries or holding company, any subsidiary of the holding company and all of its subsidiaries, make no warranties or representations (implied or expressed) as to the accuracy, completeness, or suitability of the content of this article. The use of the article and any reliance on the content is at the reader’s risk.
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