Some of us were lucky enough to have gone on holiday during the festive season; however, it’s never too early to start thinking about your next trip.
The sooner you start, the better your results will be.
Consider joining a stokvel
A report released by the National Stokvel Association of South Africa (Nasasa) in 2020, found that there were an estimated 810 000 active stokvel groups in the country. These groups consist of over 11 million South Africans “collecting an estimated R50 billion annually.”
There is no fixed way to run a stokvel. Members can decide to meet weekly, bi-weekly or monthly. The most important step is figuring out the collective saving goal.
The group decides how much each member contributes and when the money will be distributed. This method helps you stay accountable and can help you realise your goal with help from other members.
Track your spending
Most of us are not aware of where some of our money is going. Once you figure out where you are spending your money, you can cut spending on useless things.
If travel is high on your list of priorities, it’s important to limit or stop to know where you are spending your money and taking away from travel. Once you have an overview of your finances, you can make smart decisions about where to make adjustments in order to have money to put away.
Reduce your alcohol consumption and eating out
Eating and drinking out can get expensive if done on a regular basis. Cutting down on the amount you spend on take out and eating out at expensive restaurants and bars can help you save a lot of money. Make sure you put the money you saved in a separate savings account so you are not tempted to spend it on something else.