With July being Savings month, we checked with 100 of our MzansiVoice panelists if they were saving regularly and for what purpose
PUTTING SOME MONEY AWAY
About 83% of our panelists said they save, and of those who do, almost 9 in 10 people do so regularly, i.e. monthly with the younger (25- to 49-year-old) showing a stronger inclination for this behaviour.
KNOWLEDGE AND SKILLS TRANSFER
Individual goals notwithstanding, saving is typically motivated by the desire to (not in any order) fund home improvements, build a home, providing for retirement, buying a car, putting money aside for children’s education, emergencies, travel and festive holidays.
SAVING DOES NOT COME EASILY
Saving money is difficult for most given the economic climate and the associated high unemployment rate especially among the youth.
“I have made saving money my priority so each and every month is possible for me to save, even though the amount differs on monthly basis, but I save what I can after taking care of all the essentials and I cut down on some expenses. ” – Female, White, 18 – 24 years, KZN
METHODS FOR SAVING MONEY
For those fortunate enough to have side hustles outside of their regular jobs, the additional income is then put aside for the “rainy day”. As for the rest of the panelists, savings form part of the “monthly debit orders”
“It is not easy [to save] but I discipline myself because of the goal I have” – Female, Black, 18 – 24 years, MPU
WHERE THE END JUSTIFIES THE MEANS
At best, saving offers a gateway to debt-free living; and, psychologically, a sense of security, and practically, a lifeline for that proverbial “rainy day”.
A huge reward for the sacrifice must be when the saving goal is achieved. That is what makes it all worthwhile.
“I believe in the concept ‘save money today and money will save you tomorrow’ saving is so important it helps you in times of need and in uncertain times. This helps you to stay out of debt and manage your finances better” – Male, Black, 25 – 34 years, GP