Assupol encourages all households to save

May 26, 2022May 26, 2022 Media

Although there have been many pressures that affected single-headed households throughout the Covid-19 pandemic, managing one’s finances and the rising costs of living have become accomplishments that are rarely acknowledged as such.

According to Stats SA, as of 2019, 41.8% of households in South Africa were female-headed, which amounted to approximately 7.2 million people. This can be attributed to many social factors–a key consideration even in current circumstances is saving for the future as a single parent, and the importance of understanding just how the Covid-19 pandemic has affected disposable incomes and saving patterns.

“Essentials such as meeting living expenses are undoubtedly a priority for any family, which means that saving is seen increasingly as a luxury in households with a single income. We believe that many South Africans have good intentions to manage their finances better, but they desperately seek practical knowledge on how to actually do so. Assupol is proud to serve consumers with the knowledge required to improve their financial wellness through a radio and podcast drama series titled Through Thick & Thin,” said Velmah Nzembela; Head of Group Corporate Affairs at Assupol.

Assupol believes you can use credible financial resources to start saving now.

“As Africans, it is normal to provide financial support for your immediate and extended families on limited disposable income. This poses a very real challenge to any efforts to save for a better tomorrow. Through Thick & Thin aims to inspire people to start saving where they are, by using small and easy savings hacks available to them.

Here are some tips to help single-income households to save better:

Always consult a financial advisor before making any big financial decisions
Have one savings goal at a time. Similar to multi-tasking at work, it turns out that focusing on many savings goals at once doesn’t work either
Save by debit order. Don’t save what’s left after you spend. Rather spend what’s left after you save.
Keep your savings far from your daily expenses. Ask for savings products that limit your access to your funds.
Save more every day. Beware the small purchases that add up to a lot.
Save on bank charges. Before using your bank card, think. Use the ATM less often and downgrade to a less fancy account with lower monthly charges.

Months like May allow us to celebrate the matriarchs that have made great strides in empowering their families to be financially savvy, that always taught their children to make well-informed financial choices, and introduced the notion of saving even before it became fashionable.

It is imperative that South Africans remember to always seek professional advice before making drastic changes to their savings and retirement plans. While many savings deals and packages may sound attractive; speaking to an accredited financial advisor is the safest way to find the best option for you.

For more information on our savings and retirement options, visit assupol.co.za or listen to the Through Thick & Thin drama series on the Assupol website visit https://assupol.co.za/consumer-education/thick-and-thin/ or via podcast channel https://www.audible.com/pd/Assupol-Through-Thick-Thin-Podcast/B09ZF63BKK or WhatsApp on 0726060173 for more tips.

“We hope the nation will enjoy this fresh spin on a somewhat daunting subject,” concludes Nzembela.