Every July, South Africa observes National Savings Month, an annual initiative spearheaded by the Savings Institute of South Africa (SISA). The goal is simple but powerful: to promote healthier financial habits and encourage households to save for the future. Given the country’s notoriously low household savings rate, this campaign offers a vital opportunity to reassess personal finances and develop resilience during uncertain times.
The Perfect Time for a Mid-Year Financial Check-In
Mid-year often prompts a reality-check: Are we still honouring budgets made in January? Have unexpected expenses derailed our goals? July’s National Savings Month nudges us back on track, providing a timely reminder to assess emergency funds, review contracts, and realign spending and savings priorities.
Previous research underscores the urgency: more than 80% of middle-income earners lack enough savings to cover one week of expenses. That’s alarming, but also a powerful motivator to take action now.
Why Saving Matters, Even in Small Amounts
Building up savings, even in modest increments, brings tangible benefits:
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Emergency cushions: Savings protect against illness, job loss, or surprise repairs, without the need to take on debt hastily.
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Goal-oriented spending: Want a new phone, a holiday, or to start a small business? Saving lets you pay upfront.
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Retirement preparation: Starting early - even R300 monthly - sets you up for long-term financial security.
Smart Saving Tips for National Savings Month
Here are proven methods South Africans can use to build better saving habits:
1. Track Your Spending and Set Realistic Budgets
Identify where money flows. Record income and expenses - daily coffees, data bundles, fuel. Once you know your patterns, create a budget that carves out a realistic savings amount each month.
2. Automate for Consistency
Set up automated transfers or debit orders to channel money into savings accounts each month. It’s far easier to save when you don’t have to think about it.
3. Eliminate Unnecessary Costs
Assess recurring subscriptions, airtime plans, or convenience food purchases and cut where possible. Even small savings, like R50 a week, can add up over a year.
4. Find a Saving Buddy
Bring a friend on board. Sharing goals and progress helps maintain motivation and accountability.
5. Tie Savings to Needs
Treat short-term goals, like a washing machine or school fees, as priorities, then open a separate account for longer-term goals. This strengthens discipline and clarity.
6. Use Structured Products
Products like the RSA Retail Savings Top‑Up Bond offer structured channels for growing your funds responsibly.
7. Pay Off Debt First
High-interest debts drain financial stability. Prioritising these can free money to save instead of paying interest.
How the RCS Store Card Can Help You Save Smart
The RCS Store Card offers a unique way to balance spending and saving:
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Flexible payment plans: Instead of draining your savings or relying on credit, you can spread essential purchases over time.
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Budget-friendly shopping: Use the card for planned purchases like school uniforms or homeware, and repay over months without interest - freeing up cash for savings.
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Stay in control: The RCS App lets you monitor limits, instalments, and promotional offers, helping you manage expenses and protect your savings buffer.
By choosing to pay over time for durable goods, while maintaining your savings habit, you can enhance both your lifestyle and financial resilience - especially important during National Savings Month.
Cultivating a Lasting Savings Culture
National Savings Month isn’t just a marketing campaign, it’s a behavioural movement. SASI’s annual campaign partners with schools, NGOs, corporates, and government to embed saving habits across society—especially targeting those without safety nets.
South Africa may have one of the lowest household savings rates globally, but every incremental change adds up. It's about empowering people to take control of their financial journeys.
Your July Action Plan
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Begin with mindfulness: Track your current spending and define achievable saving goals.
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Set up debit orders into both emergency savings and, if possible, structured savings products.
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Clear high-interest debts and maintain balanced access to credit.
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Leverage the RCS Store Card for planned purchases and exclusive offers that stretch your rand.
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Revisit your savings goals annually (or every mid-year) during National Savings Month to measure progress and adjust.
July’s National Savings Month is a powerful catalyst to start - or revive - saving habits.
In South Africa’s evolving economic landscape, it’s not about how much you can save, but how effectively you can. Make this July count: secure your present while shaping a more stable financial future.
