The South African Savings Institute has declared July as National Savings Month. Saving should be an essential part of all our finances but for most of us it isn’t.
Currently only 44% of South Africans have formal long term savings, that is: less than half of our population. The debt-to-income ratio is now reported as being 78.4 %. That means that not only are people not saving, but also that for most South Africans large portions of their salaries go towards paying back debt.
The stats are shocking and it brings a realisation that most people are really financially unaware.
It is important to save for the following reasons:
Or 10 or even a 100 million rand?
If I said you’d have to lose everything and everyone in order to get tons money, would you be happy after getting it? For most if not all of us the answer would be a resounding “No!!”
We are constantly bombarded with this idea that money and accumulation of vast wealth beyond what we know what do to with is what life is about. We are in fact wired to be very money hungry at times going through extreme lengths for money that we feel would make us happy.
We are given the idea that money equals happiness. On one hand we see some of the wealthiest of people, who spend lavishly but suffer from mental illness and resort to substance abuse just to get through.
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Personal Financial Coaching with Lesetja Madiba
Lesetja Madiba is a Financial Wellness Consultant and has a B.Comm Statistics.
He discusses Personal Finances live on a Friday during Changing Gear at 17h00.
Podcasts of these talks are also available.
Click HERE for Lesetja's Profile and contact details.
Click HERE to read Lesetja's latest Financial Advice Blog.