#WealthTalks: MONTHLY SAVING TECHNIQUES
Introduction
This week, we’re diving into a topic that matters to every single household: how to make your salary last through the month and still save something meaningful. Many of us are paid once a month, and let’s be honest – by the middle of the month, we are already borrowing or juggling expenses. So how do we fix that? Let’s talk about five practical ways you can manage your money monthly and create space for saving, no matter your income.
Know Where Your Money Goes
First, let’s talk about knowing where your money goes. This might sound basic, but most people don’t track their spending. One of the most effective habits is to write down every cent you spend – whether it’s on bread, taxi fares, airtime, or electricity units. You can do this with a simple notebook, on your phone, or even using free apps. The point is, once you see how much you’re spending on small things like takeaways or impulse airtime top-ups, you’ll realise where your money is disappearing. The more you know, the more you can adjust.
Organise Your Income
Let’s talk about organising your income. One method that really helps is something called the 50-30-20 rule. Here’s how it works: fifty percent of your income should go toward essentials like rent, food, and transport. Thirty percent is for the things you want – such as entertainment or clothing. The remaining twenty percent should go straight into savings or debt repayment. So if you’re earning N$6,000, try to work within that framework: N$3,000 for needs, N$1,800 for wants, and N$1,200 for saving or paying off loans. It gives you structure and helps prevent overspending on non-essentials.
Save Automatically
Another powerful tip is to save automatically. Many people wait to see what’s left at the end of the month, and often, nothing is left. Instead, flip the script. As soon as you get paid, move a fixed amount into a savings account – before you even start spending. Most banks in Namibia offer this option. You can set up a scheduled transfer on payday with your bank. That way, you’re “paying yourself first.” It’s like hiding the money from yourself until a real need arises – like school uniforms, medical costs, or emergencies.
Cut Down on Household Bills
Cutting down on household bills is another smart way to increase your savings. Utilities like water and electricity are becoming more expensive, especially in winter months. Start by using energy-efficient bulbs, unplugging electronics that aren’t in use, and only boiling as much water as you need. Cooking in bulk can save both time and power. If you’re buying pre-paid electricity, monitor your usage closely and teach your children to switch off lights and devices. Even small adjustments in daily routines can lower your bill significantly over the month.
End Unnecessary Subscriptions
Lastly, take a hard look at your monthly subscriptions. Ask yourself: “Am I really using that gym membership?” or “Do I really watch Netflix enough to justify that cost every month?” If not, cancel it. If you’re watching movies only once a week, maybe you can rely on free content from YouTube or catch a few local shows on OneAfrica TV. Many Namibians are paying for things they no longer use – whether it’s an app, a service, or even a donation debit order they forgot about. Cleaning up those subscriptions can free up hundreds of dollars each month.
In Closing:
In the end, monthly saving is all about planning. It’s not about being stingy – it’s about being smart with your money. When you track your spending, create a budget, and automate your savings, you begin to build habits that bring you peace of mind and financial stability. Remember, it’s not about how much you earn, it’s about how well you manage it. And with these techniques, you can start making real progress – one month at a time.
#WealthTalks airs every Monday to Friday @18:30 on #TheNightLive with Nashawn. #FeelGood