‘Tis the season to start saving

WINDHOEK, Sept. 25 – It may not be the season to be jolly just yet, however it is the season to start saving up for it.

While many may be waiting for the festive season excitedly, there are those whose panic is starting to set in as they realise that their holidays will soon be upon them and they have not managed to save.

“If you haven’t saved for the festive season, fret not because with three pay cycles still left now is your chance to start saving. In fact saving up three pay cycles will amass you enough money to have a modest yet enjoyable festive season for you and your family,” Standard Bank’s PR and Communications Manager Surihe Gaomas-Guchu advised this week.

She added that while it may never be too early to start saving for the festive season, it is also never too late granted that you have a couple of months or so left. Here are her tips on how to get starter.

In order to know how much you need to save for the next three months before the festive season, you need to honestly assess how much you typically spend during the festive season and divide that amount by the number of pay cycles left. This includes the amount that you need to use on transport, gifts, food and activities.

This amount may seem exorbitant to what you are willing to put away however it may not be set in stone if you are willing to be frugal. This means drastically cutting down on expenses, like your entertainment or clothing budget for the month. Cutting down on unnecessary expenses leaves you with more money in your pocket and more money to save too.

Start buying gifts for your family months ahead of time. Always be on the look-out for sales and be willing to go bargain hunting to find the best gifts at the lowest prices. If you do not have money for gifts, don’t buy them; instead plan a great activity for your family that will not require you spending much. Buying stamps from your local grocer which you can use to buy food and other supplies during the festive season will also relieve the burden of how much you need to save for the next three months.
To ensure you stick to your new budget you need to have your bank have an automated debit order into your savings account.

For more information on how to use the your remaining pay cycles to start saving for the festive season visit the Standard Bank website at www.standardbank.com.na or on the bank’s Facebook page. – NDN Staffer