By John Skosana
Start Small, Start Now
Saving isn’t about how much you earn — it’s about how early you begin. Even if you only save R20 a week, the habit matters more than the amount. Time and consistency are your biggest allies because of compound growth — when your savings earn interest, and then that interest starts earning interest too.
Pay Yourself First
Before you spend on data, clothes, or entertainment, set aside a small portion for yourself — your future self. Whether it’s 5% or 10% of any money you receive (allowance, bursary refund, part-time job income), put it into a savings account first. Treat it like a non-negotiable “expense.”
Set Clear Goals
Money without a goal disappears fast. Write down what you’re saving for — maybe a laptop, your driver’s licence, or your first business venture. Knowing why you’re saving keeps you motivated and helps you make smarter spending choices.
Differentiate Needs from Wants
One of the hardest lessons is learning to say no — not to others, but to yourself. Needs are things you must have (food, transport, study materials). Wants are things you like to have (designer shoes, takeaways). When you prioritise needs, you free up money to save for your goals.
Use the Right Tools
Open a low-fee savings or youth account with your bank or a mobile app. Some apps even let you open “goal pockets” where you can name your savings targets (like “New Phone” or “Emergency Fund”). Compare interest rates and fees — they matter!
Avoid the Debt Trap
Credit can seem tempting, but it often locks you into paying more later. Before borrowing, ask: “Will this make me money or cost me money?” Borrowing to buy a phone or sneakers costs you money. Borrowing to start a small side hustle could make you money — but still, borrow carefully.
Make Saving a Team Sport
Join or form a youth savings club (stokvel). Saving as a group keeps you accountable, builds discipline, and can even lead to bigger opportunities like joint investments or business start-ups.
Learn About Money Early
Financial literacy is a skill — just like mathematics or coding. Follow financial content creators, attend youth entrepreneurship workshops, and read simple personal finance books. The more you understand money, the better you’ll use it.
Reward Yourself the Smart Way
When you hit a savings milestone, celebrate — but wisely. Instead of blowing your savings, reward yourself with something small or reinvest in something useful (like an online course or business idea).
Think Long-Term
Your 20s are for building, not flexing. Start with saving, then move to investing as your income grows. Remember: financial freedom isn’t about having everything — it’s about having options.
Final Word
Saving is not a punishment — it’s an act of empowerment. Every rand you save today is a small seed planted for your future independence. Whether you’re still in school, at varsity, or starting out in your first job, you already have what it takes to build a secure financial future: discipline, patience, and purpose.
John Skosana, CA(SA) — Managing Director, JMS Professional Services (Pty) Ltd
