Money matters: Save a little, even one klipa!

SAVING money is the way to go.

This was the sentiment shared by Vangile Makwakwa, the founder of Wealthy Money and a personal finance coach.

Makwakwa, who was among the speakers at the Momentum Science of Success conference on Thursday, 21 November at The Venue Green Park in Sandton, north of Jozi said saving is crucial for everyone.

"It's not about how much money you are making; it's about just having the courage to save.

"I started saving R200 a month for about two years. It was tough, but that's how I learnt to build the habit of saving money," said Makwakwa.

She said people should learn about habit stacking, which means starting small to build good money habits.

"Most of us always say that we are going to start saving money when we make more money. But then we make more money, and how many of us just don't have that habit of saving?

"We keep telling ourselves we're going save again when we make more. With habit stacking, it's teaching you how to do small things over time that will make a huge difference to your life," said Makwakwa.

She said some people started saving 25 cents a month even though they were making lots of money, but they didn't have that habit of saving. Within three years, they were able to start saving R1,000 a month.

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"I urge people to start saving money every month. Start with saving R5 a month or R100 a month. It's about building the habit, not about how much you are saving," said Makwakwa.

She emphasised the importance of having savings and emergency bank accounts.

The executive head of Momentum Brand, Qhawekazi Mdikane, said the Science of Success campaign aims to teach South Africans that success doesn't happen by chance.

"It's, as a result, deliberate efforts done consistently and behaviours that you need to have and repeat over time for you to start forming positive habits that make you successful.

"Habit stacking is a technique that was made popular by James Clear in his book titled 'Atomic Habits', which gives guidelines on how to identify and fix finances.

"If you want to be successful, the first thing you need to do is identify a habit you enjoy doing. Then you just pay for that habit. It's something that you don't enjoy doing, and eventually, over time, you will start making those small positive changes that will make you successful," she said.

She highlighted that the event, which will be held at The Forum, Bryanston on Friday, 22 November, is aimed at encouraging people to save and to get financial advisors to help them plan better for financial growth.