Saving money has become more complex in today’s world, with instant gratification, rising living costs, and intricate financial systems making it easy to feel overwhelmed. As world-renowned author Tony Robbins notes that, consistency transforms the average into excellence, a principle that applies perfectly to saving.
As we observe World Savings Day on 31 October, it serves as a timely reminder that saving remains one of the most effective ways to build personal freedom and financial resilience, and to promote social progress.
This year’s theme, “Money on Your Mind,” inspires us to view saving as a pathway to security and independence. What does saving mean today? Traditionally, saving meant setting aside some of your income for emergencies, a simple habit. Now, it is a strategic process that includes emergency funds, retirement planning, investing, and utilising digital micro-savings tools. Saving is no longer solely about discipline but about creating systems that are easy, inclusive, and impactful.
For instance, Bank Windhoek encourages customers to use its cost-effective self-service and digital channels to easily manage their banking needs.
Another example, the Financial Literacy Initiative’s “RetireWise” booklet emphasises the importance of starting retirement planning early, not just a decade before retirement.
Modern savers face challenges like debt, lifestyle inflation, economic uncertainty, and the temptation of easy credit. Saving is about empowerment, taking control of your financial future rather than merely reacting to circumstances.
Why save
Recent years have shown how economic shocks, such as pandemics, global conflict, and inflation, can disrupt lives. Those with savings recover faster. Savings are not just a safety net but a launchpad for education, homeownership, entrepreneurship, and a dignified retirement. For companies, savings fuel innovation and growth. For economies, they mean stability and long-term prosperity.
In essence, saving is the foundation of independence and resilience. The role of banks and technology in financial inclusion is crucial for building a savings culture.
Digital banking and fintech, such as mobile wallets, micro-investment platforms, and automated savings tools, make saving more accessible. However, access alone is not enough. Financial institutions must promote literacy, transparency, and trust, helping people understand the “why” and “how” of saving. Technology simplifies saving, but education gives it meaning. For example, Bank Windhoek consistently shares financial literacy information on its digital platforms, with its customers and the broader public.
Building a savings culture, World Savings Day is about valuing tomorrow as much as today. This mindset should start early, in schools, homes, and workplaces. Saving prepares us for the unexpected, helps us invest in our dreams, and creates a legacy of stability for future generations.
As the year ends and expenses rise, and events such as Black Friday, Christmas, and New Year’s coming up, it is easy to feel financial pressure. World Savings Day is the perfect time to reflect.
Here are some actionable tips:
• Budget: Track income and expenses and set clear savings goals.
• Start small: Even saving N$100 regularly adds up. The key is to start and keep going.
• Eliminate expenses: Review subscriptions and avoid impulse buys and unnecessary costs.
• Use bonuses wisely: If you expect a year-end bonus, consider allocating it to major upcoming expenses to reduce stress in the new year.
• Automate your savings: Set up automatic transfers to make saving effortless.
• Build strong habits: Aim to save enough to cover at least three months’ expenses.
• Leverage Repo Rate reductions: If interest rates drop, save some extra disposable income.
*Samuel Linyondi is Bank Windhoek’s Strategic Communication Manager.