Monthly Archives: January 2016

The Not-so-Obvious Benefits of Saving

Being frugal with your money is often tough, especially when there are many things upon which to frivolously spend it. However, frugality is not always a bad thing, especially when you’re looking at your future.

The most obvious benefit of saving money is that you will have enough cash on hand in the event of a rainy day. In light of something happening, your savings account will act as a buffer between you and whatever incident in which you may find yourself. The second most obvious benefit of funnelling money into a savings account is that of a spending safety net – whether you want a new flat screen TV, need a handful more baby clothes or are required to pay for a medical emergency, the money in your savings account is what will come to your rescue.

Although these obvious benefits of saving money can prevent us from slipping into financial trouble, they are often not enough to encourage us to keep up with our savings plans. We are often distracted by things that we don’t necessarily need but covet, or we are faced with trying financial difficulty that leaves us no choice but to dip into our savings accounts. Whichever your financial battle (yes, frivolous spending is indeed a battle), it might be time to refocus and take a look at the not-so-obvious benefits of saving money.

You Don’t Need to Take Risks

It is always important to remember that investment plans are what come once you have saved up a considerable amount of money. The first step, however, is to open up a savings account that merely grows month by month, depending on the amount of money that you funnel into the account. The first not-so-obvious benefit of saving money is that you don’t need to take risks in order for your money to grow. There is no high-risk investment involved if you’re trying to grow your money, which means that there is no chance of you losing out on any.

Positive Bolstering

Each month that your savings account grows is another month in which you are motivated to save more. Granted, you won’t see an increase of thousands of rands, but you will notice a substantial increase in your savings account. The steady increase will not only motivate you to save harder and more effectively, but as time goes by, it will also encourage you to think about fruitful investment plans.

Simplicity is the Key to Your Success

The true beauty and one of the weightier, not-so-obvious benefits of saving your money is that you don’t need to be heavily educated before doing so. Although it is important to read through any terms and conditions, it is also important to realise that, in comparison to investing your money, you don’t need a deep understanding of a savings account. It is simple, to the point and easy to access if you happen to need the money sometime in the near future.

The not-so-obvious benefits of saving your money can serve as your saving grace when it comes to being savvy about your finances. If you don’t take your savings too seriously, it might be time to revise your outlook and get serious about saving.
FNB offers a diverse set of financial products and services including transactional and deposit taking, card acquiring, credit facilities and FNB distribution channels. FNB is structured into clearly demarcated segments. This enables focused business units to develop specialized, innovative technologies and products to meet specific needs. An owner-manager culture directs decision-making in the numerous business units. Autonomy and accountability underscore FNB’s entrepreneurial culture.