Simple savings tips to make it to month-end

With interest rates heading upwards again, there has been a renewed call on people to make the best of the situation by saving.
Although rising living costs may prove daunting, Standard Bank Namibia spokesperson Surihe Gaomas-Guchu shares a few tips that should help you stretch your budget.
“Saving should be a habit. Just like brushing your teeth every morning, so should saving become a routine activity,” Gaomas-Guchu says.
“The importance of saving is on everyone’s mind during tough times, but we tend to forget that saving remains essential in good and bad times alike,” she adds.
Her number one rule for anyone trying to save is to withdraw money from an Automated Teller Machine (ATM) rather than going into a bank branch.
Related to that, she reminds clients that it is more expensive to withdraw money from other banks’ ATMs than from your own.
Another savings tip that could help minimise cash-withdrawal fees is to withdraw larger amounts of money, so as to avoid frequent withdrawals of smaller amounts.
Gaomas-Guchu also advises clients to rather pay their bills via internet or cellphone banking, which is cheaper than cash or debit-card transactions.
Finally, when paying for goods in a shop, swiping your card is a cheaper option than cash withdrawals at an ATM or at your bank.
“You only get charged N$5.50 per debit- or credit-card swipe, no matter how much the total cost of your purchased goods,” she says.

STAFF REPORTER