Five ways to improve saving strategies
Consumer confidence dropped to its lowest in two years in the first quarter of 2025, from -6 to -20 index points, fuelling concern about making ends meet due to the high cost of living.
Coelho urged consumers to turn the economic uncertainty into an opportunity to build clear savings plans.
'Every South African should be taking a moment to assess whether their approach to savings is working and, if it isn't, how it could be improved for their own benefit,' he said.
Here are five simple savings strategies:
Budget with intent and flexibility
This means changing small habits such as making coffee at home or cooking meals at home instead of buying.
To achieve this, Coelho suggests doing a daily and weekly audit of your spending to identify 'leakage'.
'Those small, often unnoticed expenses that add up. Could you pack a lunch rather than purchasing one? Even cutting out one unnecessary purchase a week — perhaps a cold drink or a snack — and redirecting that money into a dedicated savings jar or a low-fee savings account can create a tangible starting point.'
Make savings non-negotiable
Coelho recommends having automated savings such as debit orders to go to a savings account, no matter how small.
'Make your savings contribution as non-negotiable as your rent or electricity bill. Over time, these small efforts build a financial safety net that gives you options when times get tough.'
Beware of the future cost of instant gratification
Before considering withdrawing your 'two pot' or retirement savings, Coelho warned South Africans to weigh in the true cost.
'Are you sacrificing your future financial security for immediate gratification? Instead of using these funds for discretionary spending, consider prioritising debt reduction, investing in essential skills or education to improve earning potential, or building a genuine emergency fund that doesn't compromise your retirement nest egg.
Use the right tools
Coelho suggests the RCS credit gateway tool, which gives consumers free access to their credit reports and scores.
'This tool offers insight into your financial standing and provides personalised budgeting tips and support services, helping you take control of your finances while working towards financial wellness.'
Be prepared for the unexpected
While it's impossible to predict every financial challenge around the corner, having a savings plan ensures we won't get knocked off our feet, Coelho said. This is about spending smarter such as buying in bulk or opting for generic brands.
'National Savings Month reminds us that saving is a necessity for anyone managing rising costs and limited income.'
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The South African
21 minutes ago
- The South African
WHEN will the South African ID book be phased out?
According to the Department of Home Affairs' (DHA's) Strategic Plan 2030, here's how long the current South African ID book will last. Since Minister Dr. Leon Schreiber took over office in May 2024, the department has started to set some big goals for itself. Central to these goals is to bid the current 'green mamba' South African ID book farewell in favour of safer digital systems. As such, Strategic Plan 2030 has set a target of discontinuing the issuance of the old document by 2030. However, residents should note the wording here. 'Target' and 'discontinuing,' so there's no need to panic about the validity of your green ID booklet just yet. Beyond discontinuance of the South African ID book, the DHA's Strategic Plan 2030 lays out several other medium-term goals: The department insists it will stop the issuance of the green South African ID book in favour of Smart ID cards. Image: File The Strategic Plan set by the DHA wants to put smart services in 1 000 bank branches over the next five years. Moreover, the goal is also to make the service accessible through smart banking apps. That way DHA services can be done in the comfort of one's own home, a bit like tax-filing now occurs online through SARS. The Banking Association of South Africa (BASA) confirms it is still in talks with Home Affairs over service-level agreements needed to make this expansion a reality. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1. Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
The Citizen
an hour ago
- The Citizen
Decay, corruption, and neglect put Gauteng at a crossroads
Gauteng's residents are poorer today than a decade ago, with unemployment soaring and investment fleeing. Joburg was once the City of Gold, a gleaming metropolis whose skyline symbolised hope, jobs and prosperity for multitudes. It didn't merely power Gauteng city region's economy; it was the economic heartbeat of South Africa. In 2015, Joburg contributed around 40% of Gauteng's gross domestic product (GDP). The province, in turn contributes about a third of the national total. No nation can thrive when its economic heart is dying. The people of Gauteng are poorer per person today than 10 years ago, a direct result of ANC misrule and failing economic mismanagement. Residents are 'drowning in filth due to uncollected waste, pothole-infested roads, long grass, sewage, water challenges and power cuts' as colourfully put by The Star in 2023. It's the same all over the province, except in the municipality of Midvaal. Stats SA reports Gauteng's official unemployment rate rose to 34.7% in the first quarter of 2025, up from 34.4% in the fourth quarter of 2024, while the expanded rate climbed to 40%. Youth unemployment remains alarmingly high, at 62.4% for those aged 15 to 24. The effects are visible: shuttered shops, vacant factories and the quiet despair stalking townships across the province. The key to growth is investment. Why do investors not invest? Number one factor is crime. Not only does crime deter investment, in many cases the target of criminals is public infrastructure. Every cable stolen is a power outage somewhere. Every vandalised transformer is going to result in downtime for several businesses. All of these add to the cost of the products and services we sell. Investors would rather invest where energy supply and other services are more reliable and those who do invest have to put in generators and constantly buy diesel, which adds to the cost of the goods we sell. ALSO READ: OPINION | Put Johannesburg under administration In the end, South African goods are too expensive and we lose market share to our competitors. Consequently, our companies go out of business, and jobs are lost. Since 2016, Joburg has endured the upheaval of nine mayors because easily bought councillors in small parties caused relentless instability in fragile coalitions. Alarmed by policy unpredictability, investors have fled, eroding the city's prospects. Our two other metros – Ekurhuleni and Tshwane – have suffered under ANC misgovernance and squabbles over patronage. Factories that once roared with productivity now stand silent as criminal syndicates strip copper cables from infrastructure, paralysing industry and costing jobs. Tshwane, our nation's capital, is burdened by high-level corruption. Deputy mayor Eugene Modise, an ANC councillor, is under intense scrutiny over R21.7 million in unpaid municipal bills on properties tied to his business interests. Joburg's deterioration is an example of the broader crisis facing Gauteng under the ANC's dysfunctional administration, where cadre deployment, corruption and poor governance hollow out the province's economic foundations. Gauteng, South Africa's economic engine, is seizing up. Its failure will cost all of us, regardless of political affiliation. Small businesses are collapsing under the burden of red tape, corruption and persistent service delivery failures. A 2023 peer-reviewed study in the South African Journal of Entrepreneurship and Small Business Management found that small, medium and micro enterprises in Gauteng struggle due to infrastructure constraints, leadership shortages, financial pressures, and, critically, high levels of crime and corruption. Gauteng stands at a crossroads. Years of decay, corruption, and neglect have brought our province to the brink. ALSO READ: Tshwane and Joburg squeeze residents for cash
IOL News
an hour ago
- IOL News
South African women now financing their own homes: a new era of independence
With many people investing in properties, women are not being left behind. They are even securing financed properties independently. Image: Itumeleng English A growing number of South African women are able to finance their new homes, with more doing it on their own. According to Standard Bank's Home Loans data, women have consistently made up 70% of all home loan clients in the past decade, whether as joint or sole applicants. However, in a noteworthy shift, nearly 40% of all main applicants for home loans today are women-up from just 37.9% in 2015. The independence with which women are now entering the property market was even more compelling. In the past two years, 66% of female main applicants bought homes without a co-applicant, thereby signalling a shift in the housing market. 'Women have always featured strongly in our home loans book, but the past two years clearly show growing confidence and empowerment to take the lead in achieving their home ownership goals,' said Toni Anderson, head of home services at Standard Bank. The average price of the properties purchased by female main applicants has increased by 48.2% from R800 000 in 2015 to R1.3 million in 2025. This is supported by the 74.3% growth seen in the average gross income for female main applicants over the last 10 years, whose average income grew from R38 000 in 2015 to R67 000 in 2025. While women of all ages are said to be entering the market, 74% of female main applicants are under the age of 45, pointing to younger women increasingly investing in long-term assets. Female asset ownership is rising beyond property. In Standard Bank's Vehicle and Asset Finance (VAF) division, women's share of the client base grew from 38.5% in June 2015 to 43.9% in June 2025. Those aged 31 to 45 accounted for nearly half of female sales in June 2025. Notably, while still a small group, young female buyers increased sharply, from just 0.002% in 2015 to 0.59% in 2025. However, women continued to spend less on cars than men. A decade ago, the average car purchase price among women was 18% lower than that of men. In 2025, their average spend of R334 914 was 6.5% lower than the R356 972 average spent by men. In Standard Bank's case, this growing trend of women financing assets was said to be driven by the bank's initiatives to support and encourage asset ownership in the country, from financing upfront costs for first-time homebuyers to allowing its clients to add and even re-spread their balloon payments if they need to. 'It's clear that more women are actively participating in the economy and making long-term financial decisions. And Standard Bank is here to support them by financing their dreams,' says Anderson. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ Short-term insurance data also showed a shift, with women increasingly leading in risk management. Drawing on extensive data from the past five years, Standard Insurance Limited's claims data reveal that women now file 51.1% of claims in this age group. Women also dominate claims submissions among those who are divorced, accounting for 64.4% of claims, while men represent just 35.6%. This trend is especially pronounced among women aged 34 to 44, and those who are unmarried or divorced, challenging long-held stereotypes about financial decision-making in households. This shift is a powerful reflection of changing consumer behaviour and dispels the long-held stereotype that men are the primary protectors and financial decision-makers in a household, says Dr Hardy Ncube, head of personal products at Standard Insurance Limited. 'Our data challenges the traditional narrative, showing that women are not only actively engaged but may even surpass men in certain policyholder demographics,' Ncube said. South Africa is seeing a clear and steady shift in ownership patterns as more South African women take on property purchases, reflecting both growing financial independence and confidence in property as a long-term investment. "It's an encouraging sign of transformation in the real estate sector,' said Hayley Ivins-Downes, managing executive of Real Estate at Lightstone, earlier this week. The proportion of homes owned by women as sole buyers-as opposed to men or mixed couple buyers-has increased from 30% in 2014 to 39% in 2025, while mixed couple ownership declined from 39% to 30%. 'Single female buyers' refers to women who are the sole registered owners of the property, regardless of their marital or relationship status. As a result, properties owned solely by women or jointly by women and men account for 69% of all ownership, while properties owned solely by men remain static at 31%. Earlier this year, FNB told this publication that in 2024, its demographic data showed that of its total home finance applicants, females were at 40% compared to males at 60%. Independent Media Property
