“How much should I be saving?” is one of the most common money questions. And while there is no perfect number for everyone, there are smart guidelines to help you get started.
#NoMore guessing. #KnowMore about what works for you.
Try the 50/30/20 rule
This is a simple way to divide your income into a budget:
- 50% of your income goes to needs (like rent, groceries, transport).
- 30% goes to wants (like takeaways or entertainment).
- 20% goes to savings and paying off debt.
Cannot manage 20% yet? That’s okay. The key is to start with what you can – even 5% will make a difference. Then build up as you go.
Know what you are saving for
Set clear savings goals to keep you focused:
- Short-term: Emergency fund (aim for 3 to 6 months of expenses)
- Medium-term: Deposit for a car, school fees, or a special event.
- Long-term: Retirement. Aim to save at least 15% of your income over time.
Use tools like Bayport’s free budget sheet to see how much you can afford to save. It is easy to use and helps you plan smarter.
Make saving fit your real life
- Get a bonus, tax refund, or stokvel payout? Save a chunk of it.
- Every time you get a salary increase, increase your savings amount too.
- Try the round-up trick. A lot of banks allow you to round up your transactions and move the difference into savings. For example, if you spend R175 on something, ‘round up’ the transaction to R200, and place that extra R25 into a savings account.
Quick tips to get started:
- Use the 50/30/20 rule as a flexible guide and adjust it to your situation.
- Set savings goals with monthly targets.
- Track your savings progress with simple tools like the Bayport budget sheet.
- Save small, save smart – and keep going.
#NoMore confusion. Just clear goals, smart choices, and a plan that works for you.
