Your Financial Update
Helpful saving tips for challenging times.
This is the first post in our special series of financially-minded articles, bringing you tips on how to save, exclusive expert advice and sharp money know-how.
Times are tough.
With the cost of living rising amidst the tough economic conditions brought on by Namibia’s intense drought and rising inflation, it is challenging to get to the end of the month.
“Saving should be a habit. Just like brushing your teeth every morning; so should saving become a routine activity. The importance of saving is on everyone’s mind during tough times, but we tend to forget that saving remains essential in the good and bad times,” says Surihe Gaomas-Guchu, Corporate Communication Manager at Standard Bank.
Gaomas-Guchu shares a few tips that makes saving easy.
- Withdrawing money at an ATM is more cost effective and convenient than going into a branch to do a withdrawal
- If you are a Standard Bank client, it is much more expensive withdrawing money at another commercial bank’s ATMs
- Withdrawing larger amounts of money, rather than smaller amounts more frequently will minimise your ATM cash withdrawal fees
- You only get charged N$5-50 per debit or credit card swipe; no matter how much the total cost of your purchased goods
- It’s best to rather pay your monthly bills via internet banking or cell phone banking, which is cheaper than withdrawing or swiping