Small steps with your savings goals in 2019


Many people will start the New Year with a list of financial resolutions, but will end up not sticking to all of them. Starting the year right with small practical goals will help ensure that you achieve your goals in 2019.

Understanding what your goals will be for the year is important. Himal Parbhoo, CEO Cash Investments: Retail explains that, “Resolutions are great, but tend to fall by the wayside very quickly. Goals on the other hand are manageable and aimed towards a specific or desired result. They provide direction and eventually an outcome that you can be proud of.”

An evaluation of last year’s goals will help you determine whether you managed to achieve your goals. “We often forget this step or see it as being irrelevant since it happened in the past; but ongoing evaluation of your goals, priorities and areas of interest will determine how you got to this point, whether you achieved the desired results and what you will need to focus on this year. This helps in planning your goals for the coming year,” he says.

Identification of your goals, whether short or long term will help you identify what’s important for you in 2019. He adds that “you should ideally set goals that are not rigid and are flexible. An example of long-term goals would be running a marathon, buying a new house, travelling the world, opening a business, pursuing further education, retiring at a certain age and even starting a family.”

“These long-term goals serve as a benchmark for identifying your short-term goals. Your short-term goals can be time specific and can be achieved over a shorter period like buying stationery, uniforms for the new school year, a new TV, taking out a cellphone contract, clearing your monthly debt, repayments or saving for a weekend away or household groceries,” adds Parbhoo.

Identification of your goals upfront will help keep you organised and help you build your budget for the year. Your goals will help you plan and identify how much budget you need this year. This will also help eliminate wasteful expenditure and cut unnecessary debt.

Once you have identified your goals, research appropriate savings vehicles. For instance, FNB’s Bank Your Change helps you save automatically into a Savings Account every time you swipe your Cheque or Debit Card. It is a simple way of growing your money and you earn a great interest rate on your savings of up to 6.30% p.a. Your savings are also easily accessible especially when you have an emergency. 

Trust, innovation and efficiency has been a core driver for the bank. So much so that FNB reached Number 1 in the SA Reserve Bank’s BA900 Household Deposit Market Share in 2018.“Understanding our customer context has enabled the bank to cater for their changing needs. This has also encouraged the bank to introduce game-changing innovations that are well-targeted and aligned to the changing environment. Savings amongst other financial priorities requires discipline, but with the correct solution set you will be well on your way to financial success in 2019,” concludes Parbhoo.

Leave a Reply