Could this be the right time to save money?

We all know how money flows this time of year. Why not plan on how to save money for the months ahead? Imagine starting next year free from money worries. Here are some money-saving tips to consider:

Stick to your budget: Only spend what you need, placing the rest into a savings account. Creating a budget allows you to track monthly income and expenses to see where your money goes. Also, set short-term and long-term goals for yourself to stay motivated. Saving is more effortless when you know what you are saving for.

Take advantage of the repo rate reductions: The reduction in the repo rates during October gave borrowers some much-needed flexibility in managing household cashflows. It also left consumers with more money in their pockets. Instead of spending it, save it!

Save the tax relief funds: As of March, all individual taxpayers were exempted from paying tax on the first N$100 000 of their income. This would have injected N$646 million directly into taxpayers' pockets. As a result, back pay came available to employees, providing a windfall savings opportunity.

Work on savings habits: Saving money is our safety net for unexpected financial situations. It is generally believed that one should put away funds equivalent to three months’ monthly expenses as a back-up plan. Saving for a specific goal motivates you to take control and responsibility for your finances.

Open an automated savings account: Bank Windhoek has many savings options, such as Call Accounts, Notice Deposits, and Fixed Deposits. Depending on savings needs, customers can choose a more flexible product. Customers can set up an automatic transfer to a savings account each payday, or whenever possible, via the mobile app or internet banking platforms.

Use your bonus wisely: For those who will receive a bonus payment towards the end of the year, firstly make sure that you set aside some of it to honour your financial commitments at the beginning of the year, such as paying school fees and buying school uniforms. You could also pay the mortgage or rental payment a month in advance.

Cancel unused subscriptions and have a shopping list: Review subscriptions to streaming services, apps, or magazines and cancel the ones you no longer use. Stick to a grocery shopping list to avoid impulse buys.

There are many ways to save money. These are just a few. Remember, you can start with a small monthly amount and the earlier you start, the better. This is because the most significant achievements come from small, deliberate actions that accumulate over months, years, or even decades, forming the foundation of lasting success.


Bank Windhoek’s Strategic
Communication Manager,
Samuel Linyond