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[Sponsored] Don’t just plan for success, save for success. Phumla Mavundla from Absa Retail and Business Bank provides tips on how to get into the habit of saving. #ICanWithAbsa

“Don’t reward yourself with more debt” - Phumla Mavundla, Commercial Manager: Absa Retail and Business Bank

It is something we all should be doing… but very few South Africans are saving.

The reasons are manifold. Whether you put away R50 or R5,000 per month, it is important to start somewhere.

“There seems to be this perception that you must have a lot of money in order to save. Nothing could be further from the truth. Even if you start out by saving R50 – just get started”, urges Phumla Mavundla, Commercial Manager for Absa Retail and Business Bank.

Whether it is for your emergency fund, towards a specific goal like education or for retirement, saving is always a good idea. With Absa’s wide range of products, the exercise becomes easy, flexible and hassle-free.

Each of our plans are suited to the personal requirements and budget of individuals. They offer a capital guarantee and there are zero monthly fees.

Many people are worried that they won't have immediate access to their savings, should they need it. Especially individuals who want to save in a fixed product.

Our Dynamic Fixed Deposit accounts offer customers the flexibility to choose up to 50% for immediate access – for those needs that just can’t wait.

Absa’s TruSave offering requires a minimum of R50 deposit – and the best part is, you have immediate access to your savings should you need it.

There are other options as well, such as Depositor Plus – which offers higher interest, the more you save.

A tax-free savings account is a great option, not just for you but for your kids as well.

“You can open a tax-free savings account in your child’s name at any age. This a great way to make sure your child has a better financial footing than you had, when they turn 18. This money can also be used for tertiary education or even a deposit for a car one day,” says Mavundla.

We all know success comes through planning and preparation. So don’t just plan for success… save for success – you’ll thank yourself one day.

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