Saving and Investing

Plan, Save and Budget: Real Tips to Get Started

Onkgopotso Morake, her husband and their three children are a tight-knit family unit. Unfortunately, Onkgopotso and her husband faced a difficult challenge: their jobs were located in one town, while their daughters attended school in another.

Onkgopotso connected with DirectAxis and got the help her family needed, with a loan that helped them finish building a house in a town closer to their daughters’ school.

“The best advice I can give, speaking from my own experience, is to plan, save and budget,” says Onkgopotse. “This may seem basic, but if you don’t get it right then you’re still at a massive disadvantage.” 

Here Onkgopotso shares a few tips to help you start your savings journey:

Record Your Expenses

“The first step to start saving money is to figure out how much you spend,” says Onkgopotso. “Keep track of what you spend on everything from your monthly recurring costs to your smaller ad hoc purchases. By doing this, you can get a clear sense of where you stand financially and where you can start to save.” 

Budget for Savings

“Once you have an idea of what you spend in a month, begin to organise your recorded expenses into a workable budget, says Onkgopotso. “Your budget should track your expenses against your income, so you can plan what you spend on and limit overspending. Be sure to factor in expenses that occur regularly, but not every month such as car maintenance. Include a savings category in your budget and don’t be afraid to start small.” 

Find Ways You Can Cut Your Spending

“If your expenses are so high that you can’t save as much as you’d like, it might be time to cut back,” Onkgopotso says. “Begin by identifying non-essentials that you can spend less on, such as entertainment and dining out. Look for ways to save on your fixed monthly expenses.” 

Set Savings Goals

“One of the best ways to save money is to set a goal,” she says. “Start by thinking of what you might want to save for: are you planning on taking a much-needed vacation, putting down a deposit for your first car or are you getting ready to pop the big question and you’re raising funds for the upcoming dowry negotiations? Once you have your goal locked in, you can figure out how much you’ll need and how long it might take you to save it.” 

Onkgopotso and her family know the value of planning, saving and budgeting for something they really wanted. “My life is different now because we are experiencing life together as a family,” she says. “My next big goal is to add two more bedrooms onto the house because we’ve just welcomed a new baby boy into the family.”  

Whether you’re building a house or building a better future in another way, DirectAxis could be the financial partner that can help you not only improve your credit status but also take out a personal loan to help you take that next big step. 

Get in touch with us today to find out how we can help you build your better tomorrow, together. 

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