The South African Savings Institute (SASI) will launch its traditional Savings Month Campaign at a breakfast event in Sandton on Wednesday 28 June 2017 where the Minister of Finance, Malusi Gigaba, will deliver the keynote address.
“Savings Month is SASI’s national savings awareness campaign, and the theme for this year’s drive, which runs during July, is “Alternative Savings Solutions,” says Gerald Mwandiambira, Acting CEO of SASI.
Savings Month has been designed to remind consumers, via the media and other channels, to strive towards financial freedom or remain continuously vulnerable. “Cultivating a culture of savings and promoting alternative savings solutions in all spheres of life is our focus for 2017.” The Minister’s keynote address will be in response to these alternative savings solutions and SASI’s vision to improve individual savings in South Africa.
At the event, Barclays Africa CEO Maria Ramos will also share her thoughts on the state of savings in our country, after which a panel of industry experts will discuss ideas and thoughts on a blueprint to encourage individual saving in South Africa.
“South Africans generally don’t have a savings pool to tap into in times of emergency and tend to cash in their retirement savings when times are tough. For this reason, National Treasury introduced vehicles such as the Tax Free Savings Account in 2015 to encourage household savings. SASI welcomes this strategy and is encouraged to pursue this mandate even more aggressively. Hence a key focus of this year’s savings campaign will be to promote savings literacy,” says Mwandiambira.
SASI will be implementing a number of initiatives during July, aimed at instilling a culture of saving.
“As responsible South African corporate citizens, we want to demonstrate our commitment to economic sustainability and to promoting the financial well-being of all South African consumers. We believe the Savings Month activities will further the spread of the savings message across the country and provide the necessary information to assist consumers to make informed savings decisions.”
Events planned for 2017 Savings Month Awareness Campaign include:
|SASI Savings Month Launch Breakfast||28 June 2017||Sandton||VIP Guests|
|Media Campaign||1 July – 5 August||National Radio & TV||Public|
|Communities Campaign||6 July – 30 September||National||Selected Communities|
|Varsity/TVET Campaign||6 July – 30 September||National||Selected Campuses|
Savings tips to survive 2017
- Resist SALE, think SAVE! Clearly distinguish between needs and wants.
- Have a clear budget for your requirements in every month. Create a budget using the SASI budget tool or phone apps, available at NO COST.
- Use free online tools to track your spending and debt and know where every cent of your income goes.
- Pay cash for all purposes and don’t be trapped by easy credit – in fact, cut up those store credit cards!
- Visualise what you want to save for and start saving more.
- Service your debt and stick to the payment terms. If you cannot service your monthly debts discuss your situation with your credit providers before it is too late. Consumers can seek assistance from a registered debt counsellor by contacting the NCR on 0860 627 627.