Get going on your savings

Cultivating a savings’ culture early in life can help your reach your goals.

06 September 2019 | Banking

Elizabeth Joseph



High school can either be a great place to learn how to spend money or how to waste it. This all depends on the environment you grow up in.

There are several things one needs to take into consideration when saving money. You have to know why you want to save and your means of saving.

In 2019, it is easy to save because you can easily open a 32-day account or something similar, which will allow for a temporary free savings account.

The first thing that anyone should learn when it comes to finances is learning how to budget. That should be the starting point, while you are still young. If you can master it now, it will be a breeze to maintain once you start working and earning an income.

One of the easiest and most effective ways to organize your budget is by using the 50/30/20 rule.

“You can even start using this rule with your pocket money. This means that 50% should go towards your needs, 30% towards wants and at least 20% should go towards your savings; although I personally feel this should be slightly more.

“Financial literacy is unfortunately not something you learn overnight, so start today by learning how to manage and stick to a budget,” said Marisol Basson, a financial consultant at Elevate Financial Consultancy.

Are you doing these vital things towards securing enough funds for your comfort?

1. Open a savings account

Opening a savings account and install a mobile banking app on your phone, which will make you more cautious about your spending. Being able to look at your money at any time is an important first step.

A savings account also gives you amazing access to your funds. You may think this is counterintuitive, as you’ll be able to spend your money more easily. However, being able to track how much you are really spending each week can work in your favour.

It is important that you choose a bank that you feel comfortable with, while looking for the best option for you savings.

2. Find a holiday job

No matter how careful you are with your spending, if you have no way to earn it (earning capacity), then it will be impossible to save! Try to find a part-time job over the school holidays. This is a great experience and a better way to earn money than doing chores for your parents.

3. Buy used textbooks and sell what you don’t need

You can buy some of textbooks at a 50% discount from older friends who have finished high school a year or two ago. Similarly, if you decide to drop a subject, you can easily sell your books to younger students.

4. Let go of what you don’t need!

People, especially my mom, never liked the idea of me being a seller, but that has always been a part of me. I never say no to finding a new way of making money. What you don’t need anymore, does not need to be taking up unnecessary space.

Sell what you don’t need, in order to be able to afford what you do need. Just make sure that you use common sense and make sure the person buying the item does so on a weekend, when you have other people at home too.

It can be a great way to clear out old ‘junk’ from your room, while making some pretty easy money.

5. Use library study guides

I think it’s a good idea to try and borrow a study guide from the library first. If you really like it, then you can buy it.

Study guides also don’t have to be expensive. Local book stores like the Namcol library have the best and most affordable study guides.

6. Bring food from home

We have finally exited the phase where taking a lunchbox to school is not cool. Take full advantage of this and take your own lunch. School cafeterias can be very expensive. This is probably the best way to save money over the longer term. Bringing food from home is cheaper and it can be really good, once you’ve found a few lunches that you really like.

Here are some banking options for you to consider.

Nedbank Youth Account

Opening requirements:

Residents who are 18 years of age or below.

Parental consent form.

Namibian identity document or valid passport.

Full birth certificate.

Know your customer (KYC) requirements must be met (where applicable).

Benefits include:

Low ATM cash withdrawal fees.

Debit card that allows cash-back transactions.

Earn credit interest per annum on positive balances.

Free cellphone banking (USSD *140*001#) subscription.

Standard Bank Digi Youth Savings

Opening requirements:

The Digi Youth account is a savings account targeted at existing and potential customers’ children who are aged between 0 and 18 years old. It seeks to capture the unique opportunity to get children into a savings culture at an early age, while extending a value add to their parents as existing customers, thus creating loyalty.

Features and benefits:

No monthly service fees.

Two free ATM withdrawals per month, with service fees applicable after the two free withdrawals.

Access to mobile banking.

A Digi Youth ATM card (choose from two different card designs).

Debit orders and stop orders can be linked to the Digi account.

The Digi Youth account can be linked to a guardian or parent’s account and be managed online, at an ATM or via other digital channels.



FNB LifeStart Student Transmission

This account allows the student access to the account by means of a VISA Electron debit card, to withdraw money anywhere and anytime through FNB and NAMSWITCH ATMs.

The VISA Electron debit card offers increased convenience when used for purchases at retailers, wherever you see the VISA Electron sign.

FNB ATM facilities include:

Free balance enquiries.

Inter account transfers on linked accounts.

Cash withdrawals.

Deposits through designated FNB ATMs.

No minimum balance.

Withdrawals up to N$2 000 per day can be made.

Similar News

 

The rose among the thorns

1 day - 24 January 2020 | People

Justicia Shipena It would be difficult to meet anyone who is as passionate about food and educating people about a vegan diet than 25-year-old...

A peek into the HR world

1 day - 24 January 2020 | People

Julia MushellengaThere are a few initiatives one can use to empower employees, but my main preference is through engagement. It’s important to create engagement platforms...

Bank Windhoek assigns Muukua with CSI and Stakeholder Engagement...

1 day - 24 January 2020 | Society

Bank Windhoek has appointed Veripura Muukua as its new Communication Practitioner, tasked with Corporate Social Investment (CSI) and Stakeholder Engagement, effective Wednesday, 15 January 2020.In...

Investing in the people

1 day - 24 January 2020 | Society

Mariselle Stofberg“A new decade signals a time for reflection and focus on new opportunities that lie untapped before us. A decade passed teaches of victories,...

Commit to be fit

1 day - 24 January 2020 | People

Mariselle Stofberg It takes exceptional perseverance and determination to continue to chase your dreams despite adversity and complications that may arise. Jonathan Mweneni Mwafangeo has...

The value of the journey

1 day - 24 January 2020 | People

Mariselle Stofberg“So many times I focused on what I wanted to become, neglecting the process required to get there. As I matured, I realised the...

Attitude determines altitude

1 day - 24 January 2020 | People

Mariselle StofbergPull quote: The urgency to act on climate change is growing, and financial institutions play a crucial role in providing financing to Green projects.When...

More than one chip on his shoulder

1 day - 24 January 2020 | People

Elizabeth Joseph Kristof Lerch has been a financial intermediary since early 2019. After completing his school career at the DHPS in Windhoek, he developed a...

100 pints saves 300 lives

1 day - 24 January 2020 | Health

Elizabeth Joseph George van Straten, who recently made his 100th blood donation, has donated blood for more than 30 years and says he will continue...

Latest News

A peek into the HR...

1 day - 24 January 2020 | People

Julia MushellengaThere are a few initiatives one can use to empower employees, but my main preference is through engagement. It’s important to create engagement platforms...

by Michelline Nawatises

Bank Windhoek assigns Muukua with...

1 day - 24 January 2020 | Society

Bank Windhoek has appointed Veripura Muukua as its new Communication Practitioner, tasked with Corporate Social Investment (CSI) and Stakeholder Engagement, effective Wednesday, 15 January 2020.In...

by Michelline Nawatises

Investing in the people

1 day - 24 January 2020 | Society

Mariselle Stofberg“A new decade signals a time for reflection and focus on new opportunities that lie untapped before us. A decade passed teaches of victories,...

by Michelline Nawatises

Commit to be fit

1 day - 24 January 2020 | People

Mariselle Stofberg It takes exceptional perseverance and determination to continue to chase your dreams despite adversity and complications that may arise. Jonathan Mweneni Mwafangeo has...

by Michelline Nawatises

The value of the journey

1 day - 24 January 2020 | People

Mariselle Stofberg“So many times I focused on what I wanted to become, neglecting the process required to get there. As I matured, I realised the...

by Michelline Nawatises

Attitude determines altitude

1 day - 24 January 2020 | People

Mariselle StofbergPull quote: The urgency to act on climate change is growing, and financial institutions play a crucial role in providing financing to Green projects.When...

by Michelline Nawatises

More than one chip on...

1 day - 24 January 2020 | People

Elizabeth Joseph Kristof Lerch has been a financial intermediary since early 2019. After completing his school career at the DHPS in Windhoek, he developed a...

by Michelline Nawatises

100 pints saves 300 lives

1 day - 24 January 2020 | Health

Elizabeth Joseph George van Straten, who recently made his 100th blood donation, has donated blood for more than 30 years and says he will continue...

by Michelline Nawatises

Namcol awards scholarships

1 day - 24 January 2020 | Others

Tunohole MungobaLast week Friday, the Namibian College of Open Learning (Namcol) granted young people, including inmates of the Windhoek Correctional Facility, scholarships to study at...

by Michelline Nawatises

Load More