MegaBanner-Right

MegaBanner-Left

LeaderBoad-Right

LeaderBoard-Left

Home » Featured » Five steps to build your savings budget

Five steps to build your savings budget

Step one. Identify the amount of money you have coming in. This step is important as it will define how much money you can contribute to your household expenses, servicing your debt, savings and investments.

Step two. Track your spending through your budget. Monitor what your daily and monthly expenses are and try and eliminate all unnecessary expenditure. This will encourage you to look at ways in which you can save more and reduce debt.

Step three. A well-defined set of financial goals is important; so, define your short, medium and long-term goals. Your goals will help in ensuring that you allocate your money appropriately within your budget.

Step four. Look at your current spending habits and adjust them if need be. Hasty purchases can be avoided if you know what your needs, wants and responsibilities are. Rather concentrate on things that are important like savings for emergencies, unexpected expenses and specific goals such as holiday’s and anniversaries and longer-term goals such as education and retirement.

Step five. Review and keep checking in with your budget. Give yourself a timeline and ensure that you are actively working towards your savings goals.

To enquire about Cape Business News' digital marketing options please contact sales@cbn.co.za

Related articles

South Africa’s very own Cinderella budget

Mr Jacques Moolman, President of the Cape Chamber of Commerce & Industry. It may go down in history as the Cinderella budget. With a wave...

Budget 2024 reactions

Frank Blackmore, Lead economist at KPMG On the surface of it, it seemed as if this 2024 budget covered a lot of the bases, which...

MUST READ

WEG Africa pioneers local manufacture of MV softstarters in SA

WEG Africa has become the first OEM to produce medium voltage (MV) softstarters in South Africa, reducing lead times for customers and supporting the...

RECOMMENDED

Cape Business News
Follow us on Social Media