SAVING? NOT SAVING... - July 2019
You’re at work. Your mobile pings that you’ve just been paid. A few minutes later you receive an email from your favourite online store, promoting payday specials. Feeling cash flush, you scroll through the deals. There’s a limited offer to ‘save 25%’ just for today so you have to move fast. You add an item to your basket.
You proceed to the checkout. While you hover over the ‘buy now’ button, you remember that your monthly debit orders are scheduled for tomorrow. And it occurs to you that you're about to spend money that could be channelled elsewhere. You empty your cart and get back to work.
Don’t fall for spending disguised as saving
We are constantly bombarded with advertising messages telling us how we can “save” if we buy something. So it’s easy for us to fall prey to spending money on things we don’t really need out of impulse. When you are lured into buying unnecessary items, the unseen truth is that you are not saving, you are just spending.
July is National Savings Month and Coronation is encouraging South Africans to save more in the true sense, by putting money aside every month instead of spending it.
Head of Coronation Personal Investments Pieter Koekemoer says: “If you find yourself tempted into spending some of your hard-earned money on ‘stuff’ – things that you don’t really need, just take a moment to consider what you could eventually do with that cash if you were to invest it. Allowing it to grow until such time that you can comfortably afford what you truly desire. That is the real meaning of saving.”
Next week, we will look at some unexpected ways in which you can save.