Having savings is important for any individual as well as households. While it’s key to have a plan for savings, it can also be helpful to find ways to turn savings into success.
For anyone interested in building wealth, establishing some sort of savings is a good way to get a head-start.
Finding ways to turn savings into success is an additional way of creating wealth. It’s important to have a positive attitude towards savings, along with a clear plan for how to become successful.
Even though there may be savings tools available, there may also be some behaviours one could adopt in the quest to become successful in terms of savings. There are also changes that can be made in terms of the frequency of savings, as well as coming up with innovative ways to save.
Use your stokvel to invest
South Africa has a R45 billion stokvel industry. Based on the idea of collective savings, stokvels have a long history in South Africa. They are evolving and more opportunities are becoming available for wealth creation. Stokvel members are no longer just saving their stokvel money for groceries or paying school fees. More of them are using these savings to invest. An easy way to turn savings into success is to use savings amounts in different ways, such as by investing in art, which will bring significant returns in the long run.
It’s important to know how much you want to save and what you are saving for. Set realistic goals for yourself and create a list of accomplishments you want to achieve.
Establish a No-Spend Day
By avoiding spending money on particular days of the week, you can use that money to save instead.