5 Simple Ways to Grow Your Money
Want to make your hard-earned money work harder for you? Here are five easy ways to save more and watch your money grow.
1. Don’t Keep Cash at Home
Keeping money under your mattress or in a drawer isn’t safe. Thieves can steal it, and fire or floods can destroy it. But there’s another problem – your money loses value over time due to inflation. This means things get more expensive each year, so R100 today will buy less next year. Put your money in a bank where it’s safe and protected.
2. Pay Yourself First
You worked hard for your money, so you deserve to keep it. Every time you get paid, put some money into savings before spending on anything else. Even R20 or R50 from each salary adds up over time. Think of it like paying a bill – but this bill is to your future self. If you use Paymenow, you can even save from your available balance before month-end!
3. Get Free Money from Your Bank
When you put money in a bank savings account, the bank pays you interest. This is like a thank-you payment for letting them hold your money. This is also safer than keeping your money at home. Ask your bank about accounts with higher interest rates.
4. Cut One Small Cost
Look for one small thing you buy often that you could cut back on. Maybe it’s buying lottery tickets, snacks or breakfast at the bus station. Instead, pack your own food and put that money into your savings as well – you were already spending it, so you won’t miss it. If you save R20 each workday by bringing your own breakfast, that’s about R5200 per year!
5. Save Your Extra Money
When you get extra money – like tax returns, overtime pay, or birthday cash – save at least half of it. It’s tempting to spend it all, but putting some away will help your savings grow faster. You can even put this money in a fixed savings account – you will earn higher interest and won’t be tempted to spend it.S
Remember: Starting small is fine. Even just R20 every month will add up over time. The most important thing is to begin saving regularly. Your future self will thank you!