Want to Build Your Savings? Here Is Where to Start

Right, so you’re broke again. Not “I can’t afford the basics” broke, but that frustrating kind where your salary disappears right after payday, and you can’t figure out where it all went. We get it. We’ve sat across from hundreds of people who earn a decent amount of money but can’t seem to start saving anything. It’s not because you’re terrible with money, but rather because saving money is treated as an afterthought. We are here to help by providing you with all the tips and tricks you need to start building your savings safety net.

First Things First – What Are You Actually Saving For?

Before we get into the nitty-gritty details, you need to know why you’re saving or what you’re saving for. And we don’t mean some vague “financial security” nonsense. We suggest aiming for specific numbers with specific deadlines. First, you need to decide whether you are saving for long-term or short-term goals. Long-term savings are typically used for a house or a new car, while short-term savings are reserved for things like emergency funds, holidays, or a laptop that’s on its last legs. Write it down. Place the number and date in a location where you’ll see them daily. Because when you’re standing in a grocery store holding that R80 ready meal, you need to remember exactly why you’re walking to the cheaper section instead. Here’s something most people don’t know: people with written financial goals save 42% more than those without. That’s why the saying “put pen to paper” exists. Having something concrete written down, whether it be a vision board, your 5-year plan, or just writing something, is something your brain needs to connect the dots.

Matching Your Goals to the Right Accounts

Once you know what you’re saving for and your timeline, you need to match it with the right type of account. For short-term goals (under 2 years), you want easy access to your money – think Access Bank’s call accounts or regular savings accounts where you can withdraw without penalties. For medium-term goals (2-5 years), consider fixed deposit accounts where you lock away your money for better interest rates. Yes, you can’t touch it, but that’s actually a good thing when you’re trying to save for something specific.

Setting Realistic Savings Targets

The key is matching your savings vehicle to your timeline. Don’t put money you need in 6 months into a 5-year fixed deposit, and avoid keeping long-term savings in a current account that earns essentially nothing.

The Reality Check Nobody Wants to Do

Okay, time for some tough love. Download your bank statements for the last three months. Right now. All of them. Go through every single transaction and categorise them:

1. Essentials like rent, groceries, petrol, and school fees.
2. Those mysterious R50 ATM withdrawals you can’t remember.
3. Or… the coffee shop stops on the way to work.

Be brutally honest with yourself.

Track Your Spending Patterns

Use an app or Excel sheet if you want to make this less painful – some apps can help categorise most things automatically. But you need to see the actual numbers to understand your financial situation. Most people are shocked at what they find. “We had no idea we were unknowingly wasting money, spending R1,200 a month on takeaways” is something we hear regularly. That’s R14,400 a year, by the way. Enough for an emergency or savings fund.

Identify Your Money Leaks

Look for patterns in your spending. Do you spend more when you’re stressed? Are weekends your financial weak point? Do certain stores trigger impulse buying? Understanding your spending triggers is half the battle when it comes to unnecessary spending on other monthly expenses.

Create a Monthly Budget

The 50/30/20 Rule

Start with your after-tax income. Take out your non-negotiables first: rent, car payment, car insurance, medical aid, insurance policies, and minimum debt payments. These are your “lights will get cut off if we don’t pay” expenses and part of your essential monthly expenses. Next, figure out your true cost for necessities: groceries (not eating out, actual grocery shopping), petrol, cell phone plan, basic toiletries, and utility bills. Be honest about these numbers when you create a budget. Whatever’s left gets split: 70% for discretionary spending (eating out, clothes, entertainment) and 30% for savings. Yes, 30%. Future-You will be thankful.

When Your Budget Doesn’t Balance

If there’s nothing left after necessities, we have a different conversation. Either your rent is too high, your debt is too big, or you need to increase your income.

Build Your Emergency Fund First

Before you save for anything else, you need R10,000 sitting in a separate account for emergencies. Not R1,000, not R5,000. R10,000 minimum.

Why R10,000 Specifically?

Your car will break down. Your geyser will burst. Your company will “restructure” and suddenly you’re looking for a new job. In these uncertain economic times, these things always happen, and they always cost more than you expect. We’ve seen too many people needing to deplete their house deposit savings because they didn’t have emergency money when their laptop died. Don’t be that person on your savings journey.

Where to Keep Your Emergency Fund

Put this money in a separate savings account, ideally with a different bank, so you can’t easily transfer it. Access Bank’s high-yield savings account options are well-suited for this purpose, as they allow you to earn a decent interest rate while keeping the money accessible, often with no minimum balance requirements.

Automate Your Savings Success

Here’s the single best piece of advice we can give you: set up a debit order that runs on the day after payday and transfers money to savings before you see it.

Pay Yourself First Strategy

Not at the end of the month when there might be money left over. Not when you remember to do it manually. Immediately after payday, it is automatically deducted through a direct debit. Start with whatever you can manage. Even R300 a month is R3,600 by year-end, plus interest. But once you see how painlessly you adapt to having less in your current account, you’ll increase it.

The Psychology Behind Automatic Savings

The psychology here is key: you can’t spend money you never had access to. Within two months, you will have completely adjusted to living on the remaining amount.

Stop Wasting Money on Bank Charges

Check your bank statement for fees. Seriously, do it now. Most people pay hundreds of rands monthly in unnecessary banking charges and don’t even notice.

Hidden Banking Fees That Add Up

Transaction fees, card swipes, ATM withdrawals from other banks, and monthly fees – it all adds up. Some people spend more on bank charges than they do on coffee, which means less money available for their financial future.

Cut Your Phone and Insurance Costs

Most people pay R500+ monthly for phone contracts they don’t fully use. Data they don’t finish, minutes they don’t need, insurance for phones that aren’t worth insuring anymore. This unnecessary spending could become extra cash for your savings.

Switch to Prepaid

Switch to prepaid if possible. Buy data bundles when you need them, not expensive contract data you might not use. The savings can easily be R200-400 monthly – that’s extra money that could help you achieve financial freedom faster.

Annual Insurance Reviews

The same applies to your car insurance, home insurance, and medical aid. Get quotes annually and compare prices. Insurance companies rely on people being too lazy to shop around, so they increase premiums knowing you probably won’t check. When you get a better rate, the difference becomes a lump sum you can add to savings.

Small Changes That Add Up Big

Use cash for discretionary spending. Set a weekly cash allowance for coffee, lunch, and small purchases. When it’s gone, it’s gone. You’ll be amazed at how much more conscious you become about small expenses and how an app tracks your spending more effectively when you use cash.

1. Cancel Unused Subscriptions

Review all your subscriptions monthly. That gym membership you never use, streaming services, free trials you forgot to cancel – they all add up to unnecessary spending. Cancel what you don’t actively use and redirect that money to your savings.

2. Make Money from What You Already Own

Look around your house for items you can sell on Facebook Marketplace or other platforms. Old electronics, clothes you don’t wear, books you’ve read – turn these into extra cash for your savings. Many employers also offer employee benefits or discounts that you might not be taking advantage of.

3. Consider Alternative Income Sources

In tough economic times, other factors, such as side hustles or freelance work, can provide additional income. Even small amounts add up – an extra R500 monthly becomes R6,000 annually, which could help cover your emergency fund or aid in paying off debt faster, thereby reducing total interest payments. For those with international income streams or businesses dealing with foreign currencies, understanding forex and international banking solutions can help maximise your savings potential, especially when currency changes affect your income.

4. Preventive Maintenance Saves Money

Maintain your stuff properly. Service your car on time, replace appliance filters, fix small problems before they become big ones. Consider switching to energy-efficient bulbs to reduce your electricity costs. Prevention is always cheaper than replacement and helps you avoid extra payments down the line.

Track Your Progress and Stay Motivated

Review your progress monthly. If something isn’t working, adjust it. Perhaps your initial savings target was too ambitious, or perhaps you’ve found extra money to allocate.

Dealing with Setbacks

Some months will be terrible. Unexpected expenses will happen. You may need to pause your savings temporarily to manage life’s challenges. This is normal. The key is getting back on track as soon as possible and not using one bad month as an excuse to give up entirely.

Start Building Real Wealth Today

Building savings is a literal investment. Every rand you save compounds over time. That R300 monthly savings becomes R36,000 over 10 years at 7% interest. That’s real money that can change your options in life and secure your financial future. If you want to start being intentional with saving, contact Access Bank today and let us help you build real wealth. Learn more about what we do best and how we can support your financial journey.