It’s officially National Savings Month in South Africa,
a timely reminder to press pause, take stock of your finances, and ask the hard questions: Why do I find it so difficult to save? What’s really standing in my way?
Money and savings go together. If you’ve tried and failed to stick to a savings goal, you’re not alone. Many South Africans live with financial pressure that makes saving feel impossible. According to the Momentum Advice Research Report 2024, South African households do not have money or disposable income. But sometimes, the issue isn’t just how much we earn, but how we think, plan, and prioritise.
Here’s a closer look at the common barriers to saving and how to move past them.
You’re waiting for the “perfect time” to save money
One of the most common saving myths is that you need to earn more before you can start. In reality, waiting until your financial situation is ideal can delay your goals indefinitely. The key is to get into the habit. The sooner you start, the more time your money has to grow, and the easier it becomes to build financial momentum.
Building financial security starts with small, consistent actions — even if it’s R50 a week.
The key is to get into the habit. The sooner you start, the more time your money has to grow, and the easier it becomes to build financial momentum. Having long-term savings has its benefits.
Time is one of your greatest financial assets and the earlier you put it to work, the more powerful it becomes. Even modest contributions, when saved consistently over time, can lead to significant results thanks to the power of compound interest.
There may never be a perfect moment to start saving, but the best time to begin is always now. Starting small is better than not starting at all.
You don’t have a clear goal
Saving without a purpose can feel like a chore. But when your savings are tied to something meaningful, like a family holiday, your child’s education, or a deposit for your first home, you’re more likely to stay disciplined.
Future-focused families don’t just think about the “now”. They make financial decisions today that will support their needs tomorrow.
Take time to define your “why” and let that be your motivation.
A clear goal not only helps you stay consistent, but it also gives your saving strategy structure. For example, short-term goals like buying new school uniforms next term may only require a basic savings account, while long-term goals like retirement or university fees might call for investment products with higher growth potential. The more specific you are about what you're saving for — and by when — the easier it becomes to choose the right tools and track your progress.
You’re spending without a plan
Spontaneous spending or “leakage” in your budget can eat away at potential savings. Maybe it's the daily takeaways, unused subscriptions, or impulse buys at the till. These costs add up often more than we realise.
To get ahead, create a realistic monthly budget that accounts for saving as a non-negotiable. That means treating your savings like a bill you pay to yourself.
Your mindset needs a reset
Saving isn’t just about money. It’s about mindset. If you believe saving is too hard, or that you’re “bad with money”, those beliefs will become self-fulfilling. But if you view money as a tool, not a source of stress, you can begin to shift your habits and your outcomes.
Solution: build better habits with a financial adviser’s support
Saving doesn’t require perfection, just progress. And the truth is, lasting financial change rarely happens in isolation. Whether you’re trying to break old money habits, set new goals, or simply make sense of your finances, the right financial adviser can guide you with clarity, structure, and support. They’ll help you look at your income, expenses, and lifestyle holistically, then work with you to create a personalised plan that’s both realistic and aligned to your goals.
This kind of partnership takes the pressure off and gives you a clearer roadmap so you can stop guessing and start making real strides toward financial stability and growth.
- Start small
- Set a goal
- Shift your mindset
- Get guidance
Ready to start saving - and stick with it? Get a financial adviser who can help you build a future worth saving for.
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