Go forth and save!

15 April 2019 | Banking

Many graduates can benefit by adopting good money management principles early in their careers to ensure a stable and stress free financial future.

“Whether you are entering the work environment for the first time, starting a permanent job after an internship or running your own business, taking control of your finances right now can help you avoid developing bad money habits which can prove difficult to overcome,” says FNB's Llewellyn Winkler, Portfolio Manager: Young Professionals.

He shares six money management tips for graduates to consider:

• Save for retirement earlier. Some individuals only realise half way through their careers that they will not have enough money to live off during retirement. This often results in them having to compromise some of their financial needs in order to make up for the shortfall.

• Living beyond your means. Although it is essential to spoil yourself and have fun when you start earning a salary, avoid getting into the habit of spending beyond your means. Try and separate needs from wants, and avoid living a lifestyle that leaves you unnecessarily indebted.

• Good vs bad debt. Not all debt is bad. Knowing how to use debt to get ahead in life, as well as using the right form of credit, forms an integral part of a good money management strategy.

• Saving. Regularly putting money away for personal needs, investments or emergencies cannot be over emphasized.

“If you find it challenging to save on your own, set up a monthly deposit, where the bank can deduct money from your account and put it away for you,” advises Winkler. It is also important to take out cover for insurable risks to avoid paying from your own pocket when disaster strikes. Furthermore, if you already have a family or people depending on you financially, life cover should be considered.

• Renting vs buying. Making the right choice, depending on your individual circumstances can help you save money in the long-term.

For example, it may be more cost effective to rent if you have a job that requires you to relocate regularly. Similarly, if you do not have a job that requires you to travel or relocate, buying the townhouse or flat you are staying in, is not only cost effective, but can be a good investment in the future.

• Plan for holidays. Try and plan a year in advance for expensive holidays. This will give you enough time to put money away. You can also benefit from massive discounts when booking flights and accommodation in advance.

“Although the above tips are not conclusive, they will give you a good foundation for managing money adequately. Also take into account that there isn't a perfect formula for handling money, as it all depends on your individual circumstances. The best approach is to have a plan in place, budgeting regularly and being disciplined when it comes to money matters,” concludes Winkler.

Similar News


Raising money-smart kids

1 week ago - 14 April 2019 | Banking

Windhoek • André Le RouxFinancial literacy focuses on the knowledge and skills you need to make effective and informed money management decisions. Gaining the knowledge...

Revolutionising payments

2 weeks ago - 07 April 2019 | Banking

The Payments Association of Namibia (PAN), in partnership with the local banking and payment service providers will be introducing a brand new solution, called NamPay,...

Happiness aplenty

3 weeks ago - 31 March 2019 | Banking

The FirstRand Namibia Foundation Trust recently hosted a networking breakfast to help charity organisations raise more funds through the FNB Happiness Store. “The Happiness Store...

Sharing, networking, celebrating

3 weeks ago - 31 March 2019 | Banking

Fifty local entrepreneurs took part in a Bank Windhoek and Microsoft one-day seminar in the capital earlier this week. Dedicated to knowledge sharing, quality networking...

Save vs settling a home loan

4 weeks ago - 24 March 2019 | Banking

The question of whether it is better to pay off debt first or put money into savings is one with which most of us have...

Pros and cons of debt consolidation

1 month - 17 March 2019 | Banking

When times are tough and budgets are stretched, people begin thinking about consolidating debt and stretching out the repayment time. The immediate concern is being...

Millennials and GenZs unleashed

1 month - 10 March 2019 | Banking

Chaired by Bank Windhoek's chief financial officer, James Chapman, the NeXtGen_Board Members comprise a group of 12 employees, mandated to contribute to the Capricorn group...

Helen at the helm

2 months ago - 17 February 2019 | Banking

“Taking our business to the next level by creating pockets of excellence and ensuring that our customer service and work standards distinguish us from the...

Just enough better than more

2 months ago - 21 January 2019 | Banking

As the economy begins to improve, entrepreneurs will find greater confidence to establish SMEs, while existing SMEs will seek finance to grow, says Jerome Mutumba,...

Money-smart from the start

3 months ago - 20 January 2019 | Banking

As if we need any reminders, the holiday is over and as we head back to work we need to take a look at our...

Latest News

Klein dade, groot harte

6 days ago - 15 April 2019 | Social Issues

Toyota Indongo het verlede week in die vroeë oggendure gaan blikskud , alles ten bate van kanker. Die gesigte getuig dat 'n klein daad almal...

Staalperde in die wilde weste

6 days ago - 15 April 2019 | Events

Windhoek • Yolanda Nel Van 3 tot 5 Mei behoort die baan aan motorfietsentoesiaste, met die twee-jaarlikse Olifant-wedren op Gobabis wat 'n groot makietie beloof.“Die...

Only unoccupied structures to go

6 days ago - 15 April 2019 | Infrastructure

Yolanda Nel The bid to remove illegal structures on municipal land only refers to unauthorised incomplete and unoccupied structures. In an effort to clear the...

Asbestos removal project under way

6 days ago - 15 April 2019 | Environment

Arandis • Leandrea Louw The Walvis Bay municipal council accepted a proposal by Adcon CC to rehabilitate the hazardous waste site and create more space...

The gentleman netball coach

6 days ago - 15 April 2019 | People

Walvis Bay • Adolf Kaure Bobsey Kanku Musambani whose coaching has transformed netball at the coast since his introduction to the sport, was born in...

Social entrepreneurs making their mark

6 days ago - 15 April 2019 | Education

The Red Bull Amaphiko Connect 2019 event took place at the end of March at a warehouse in Windhoek's northern industrial with more than 30...

Say it!

6 days ago - 15 April 2019 | Opinion

Send your “Erongo” or “WE” SMSs to 51500 (at N$3 each) to have your say. Riverside avenue in Swakop which describes exactly where it is,...

Events calendar

6 days ago - 15 April 2019 | Art and Entertainment

Currently running• Follow the hidden magic, an exhibition by Anja Nowack, can be viewed at El Barrio in Windhoek until 17 April.• On the Brink,...

Go forth and save!

6 days ago - 15 April 2019 | Banking

Many graduates can benefit by adopting good money management principles early in their careers to ensure a stable and stress free financial future. “Whether you...

Load More