Sanlam Liquid

Set a goal. Do your homework and figure out how much your dream trip will cost you. Plan for prices to go up a little in the future, and then decide on how much you want to save. Visit www.travelstart.co.za or www.expedia.com – they’re great sites for holiday inspiration and planning. Remember to include some spending money in your budget!

Be realistic. Look at the amount you need to save and consider what you can realistically afford to put away each month - without having to survive on dry toast until then!

Make sure your money is always growing. Stashing your cash under the mattress or keeping it in a jar is the worst way to save! Every year prices go up, so it’s important that you save your money somewhere where it will earn the best interest – it protects you and your cash from inflation.

Put your savings in the right place. Sometimes it’s best to keep your savings somewhere where you won’t be tempted to spend it, but be sure you can get to your money if you really need it.

Get the right interest rate and the lowest fees. A high interest rate will help your money grow, but bank fees will eat away at your stash. Look carefully at what interest rate your account earns and what fees it will charge. Chances are that you could earn better interest in a savings account rather than in your every-day checking account. Shop around and compare fees - www.thinkmoney.co.za is a useful place to start.

Set up a debit order. It might cost you a few rand each month to have a sum automatically transferred to your savings account, but a monthly debit order will take the effort out of remembering to save and help you stick to a steady plan. If you want to put in something extra, you can do so at any time that suits you.

Remember that good things come to those who wait. Saving up for something big like a holiday can take a while. The good news is that the longer your money sits in an interest-earning account, the more it will grow. In the end it’ll all be worth it!

Get some moral support. Sometimes doing something with a buddy can make it easier. Approach a friend and plot your individual savings plans together. Work to motivate each other to resist those little temptations and keep your eyes on the prize!

Opt for online statements. Many savings accounts automatically send you monthly statements in the post, which you usually have to pay for. Contact your provider and ask them what your options are. Usually it’s free to view your statements online. Every little bit helps!

Start right now. There’s no time better than the present to start saving. Once you take that first step, you’ll be on your way, so get started today!