Solution: Cultivating a savings habit

Accumulating Wealth 17

A budget helps you develop a saving habit. Without a saving plan, it will be harder to achieve your financial goals such as buying a house or car, pursuing further education or even building a retirement fund.

It is advisable that you save at least 10% of your income every month and even better if you can save between 15% to 20% because this will translate into more money for your future.

Guide on cultivating a saving habit 

Always pay yourself first        

Save at least 10% of your income and make your savings automatic through a salary deduction scheme or other similar arrangements. 

Motivate yourself with a financial goal

Set meaningful and significant goals to motivate yourself to save; be it short, medium or long term goals.

Make savings a challenge

After having saved the first 10% of your income, gradually challenge yourself to save a little more.


Every time you get an extraordinary income – such as a bonus or cash gift – put part of it into your savings account Immediately.

If you get a pay rise, keep to your current standard of living and put the additional money towards your savings.

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