With the threat of rising interest rates and food prices it has become essential to find new ways to save money, no matter what your age.
“In laymen’s terms, saving means that you are putting away money for a specific purpose. Either for something you want to buy, something you want to do like a holiday or an overseas trip or just for when something unforeseen happens. Saving essentially means deferring spending until a later time,” said Bokkie Cloete Manager: Business Development: Traditional Banking Channels at Bank Windhoek.
For many saving means finding creative ways to decrease spending. Be that on ordinary consumption or cutting expenses. To assist with this draw up a budget and stick to it.
“If something unforeseen happens, and you do not have savings, you will need to borrow money, and pay unnecessary interest,” said Cloete.
When you save for a specific goal, like visiting friends and family it motivates you to take control and responsibility of your finances.
“When you invest your money in the right places, your money starts working for you, by earning interest and growing the balance,” said Cloete.
Cloete also recommends Bank Windhoek SeniorSave account for people older than 55.
This account can be used in conjunction with other Bank Windhoek products such as a cheque account, CellPhone Banking, Internet Banking, the Bank Windhoek App, Investments and Loan products.
“Being older, one is considered wiser, and should therefore be extra careful with your money, where you invest it and how you save it. At Bank Windhoek the client always comes first, as we have shown with our SeniorSave account,” Cloete concluded.