July is South Africa's National Savings month. Azania Mosaka and a few listeners embarked on a savings challenge prompted by Nedbank who encouraged South African's to change their spending behaviours in order to save.
By using the hashtag #MySavingsPledge Mosaka and listeners were able to show their support by sharing what they would give up during the month of July.
Inspired by the campaign, Mosaka pledged to give up eating takeouts for the month and has opted to prepare her own meals - which could lead to a saving of over R1000 by the end of the month!
Vanessa Singh, Executive Head: Retail & BB Marketing at Nedbank says savings month has allowed South Africans to alter their spending patterns while analysing their spending behaviours. She adds that the response has been overwhelmingly positive.
We started internally in the bank, asking our staff to take the pledge.— Vanessa Singh, Executive Head: Retail & BB Marketing at Nedbank
Singh adds that carpooling became the norm while more Nedbank employees stayed away from the canteen by packing their own lunches.
Each one of us has a personal responsibility to look at our financial well-being and if we have sufficient money in the case of an emergency says Singh.
You have to plan - and planning is about saving.— Vanessa Singh, Executive Head: Retail & BB Marketing at Nedbank
If you retire can you sustain the life that you currently live, asks Singh. She says planning for your retirement is important because people who are retired often live off the interest earned on their retirement plans.
Singh suggests starting small with every savings plan.
Listen to the masterclass on #MySavingsPledge here: