Saving your Future

Did you know...? 

•  67% of adults don’t save
• South African Reserve Bank (SARB) indicates the average South African Household savings rate is around 1.7%, which is alarmingly low
• Many people will be forced to work for much longer than the average 40-year period

Understanding your financial needs and habits requires discipline which can save your future and protect your wealth. The Teach Children to Save South Africa (TCTS SA™) Campaign encourages saving through three ways.

Identify Your Needs vs Wants

• It’s important to distinguish between a ‘nice to have’ and a fundamental life requirement that adds real value to your children’s lives. Do I need a smart phone or do I want a smart phone?
• Understand the value of delayed gratification and yield the rewards you will get from responsible financial behaviour. Should I borrow money to take a holiday or should I save for it?

Learn to Save

• Learning to save is the first step in successful money management. So draw up a plan with both short and long-term goals.
•  Start saving and be disciplined – the earlier you start, the better.

Build Your Wealth

• Our youth needs to be taught the principles of the wealth cycle – mainly to learn how to save, spend, donate and invest earnings responsibly.
• Entrepreneurship is at the heart of job creation in South Africa. As an educational initiative, TCTS SA™ promotes the entrepreneurship route as an effective tactic to address high unemployment.

So where do I start and what are some of the ways to teach my children about money?  Visit:  http://www.banking.org.za/index.php/initiatives/teach-children-to-save/parents-and-guardians/