Helpful advice to put some money away, even amid Mzansi's difficult economic climate

JULY is savings month, but these days many South Africans are struggling to pay their bills, buy the necessities, service their debt and just survive.

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So, to actually have a separate account with actual savings in it is really a luxury.

To save money, I would ask people to change their habits. Start with the small, simple things -like comparing food prices, watching bank charges, managing electricity spend - and save money that way, rather than actually putting money into a bank account.

Everyone is sukkeling... Our income and salaries have not kept up with the rising cost of living.

Guilt

Don't feel guilt or shame about a bad financial situation. Put that energy into finding a solution.

That differs for everyone. It could mean talking to your creditors, going under debt review, getting back to basics by creating a budget on paper, or simply sitting down with your family to discuss reining in spending, tightening your belts, and prioritising your mental health.

So how are we supposed to be saving, when we are struggling and stressing just to survive?

Sarfaraaz Hamza, CEO of ezDebt, advises to try and save, even the smallest amount, and said: "South Africans should be looking at their overall financial well-being. This includes being able to comfortably manage their monthly debt installments as well as having the safety net of some savings as well as a financial plan for their retirement."