Cut debt first before trying to save: Experts
Savings Month aims to raise awareness about the importance of building emergency funds, setting achievable financial goals and making saving a consistent part of everyday financial planning, the statement added.
Financial experts are urging South Africans to focus on reducing debt rather than searching for additional income to save, as economic pressure continues to squeeze household budgets during Savings Month in July.
Understanding concepts such as budgeting, responsible borrowing and long-term saving empowers individuals to take control of their finances, build resilience against financial shocks, and secure a better future for themselves and their families,” Meyer said.
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