How to Reach Your Savings Goals in 2023

2022 is nearly over, and for some, it may have been a breakthrough year financially. You may have managed to create a budget (and stick to it), and you might have found that healthy money habits have actually begun to add enormous value to your daily life. 

If that’s not you, and you’ve not had a good year financially, and you haven’t been able to create a budget or build helpful money habits, don’t worry; you’re not alone. There’s also plenty of hope! The beauty of time is that it carries on, regardless of what’s happened before. 

So, if 2022 was not your year, 2023 provides another chance for you to grab it by the horns and get financially fit.


That’s easy. You need to save more

Saving comes in all kinds of forms, which means that there needs to be some intention behind the supposedly simple act. There’s no use really wantinto save more but having no idea how to do that. 

That’s where we come in. We’ve got some really helpful tips and tricks that you can take with you into the new year to hopefully help you save some more money than you did this year. Let’s take a look, shall we?

Keep An Eye On Your Banking Fees

One of the best ways to save some money every month is to regularly check your banking fees and charges. Do you know if you’re getting the most out of your bank? All it takes is a little check-up and research to see if you’re saving money through your bank. Inquire about savings accounts, check interest rates, and look at every monthly fee you’re charged and make sure it’s necessary. 

Some banks you can check out that have great savings tools are:

• Capitec (Global One account)

• Nedbank (MyPocket account)

• African Bank (MyWorld Savings Pocket account)

• FNB (Savings account)

Rethink Your Subscriptions

Another foolproof way to pool some extra money together each month is to check on the status of your various subscriptions. If you look closer at what subscriptions you pay for monthly, you’ll probably find that you don’t need half of them. 

If you’ve been paying for a gym membership for the past six months but haven’t managed to go regularly, cancel it until you’re ready to commit properly. 

You’ll be amazed at the money you save once you’ve gutted your Netflix, Amazon Prime, Showmax, Apple TV, and Disney+ accounts. If you can’t live without these subscriptions, just pick one and ride it for all it’s worth! It’s all about boxing smart with what you pay for. 

Take an inventory of your monthly debit orders and decide if you need to be paying them all. Some ruthless honestly could save you some money.

So, How Much Money Should You Save?

Saving money (at least in the beginning) is not so much about the amount you save as it is about forming the habit of saving. When you first decide to create a money-saving plan, it’s important to remember not to turn the process into some self-deprecating, self-denial exercise in abstinence.

Start modestly, even if it’s R50 a month. The goal is not to starve yourself of financial resources but rather to build up your resources. Put away an amount that doesn’t leave you strapped for cash for the rest of the month, and once you begin to get into the habit regularly, you’ll start to see your money differently. 

When you realise that saving money is more about building up healthy financial habits and, in turn, practising those habits consistently, the amount generally becomes less important. Sure, as your finances grow, your savings can too. However, the best way to save money is just to start and carry on.