When you are juggling debt payments, saving money might feel impossible. But building a savings habit while paying off debt is not just doable; it’s one of the smartest financial moves you can make. This Savings Month, we’re encouraging South Africans to take small, consistent steps toward financial freedom, even if they’re starting with limited resources or ongoing debt.

Start With a Reason

Saving without a clear purpose is hard. You’re more likely to stick with it when you know why you’re doing it.

Ask yourself:
1. What am I saving for?
2. What will saving help me feel – security, freedom, peace of mind?

Your reason might be a short-term goal like buying school uniforms in January or a long-term goal like building a safety net for emergencies. Write it down and remind yourself often.

Automate Whatever You Can

The easiest way to build a savings habit is to take the decision-making out of it. Set up an automatic transfer from your main account to a savings account on the day you get paid.

Even if it’s R100 a month, the key is consistency. You’re teaching yourself to save regularly, not perfectly.

Tip: Choose a savings account that’s not too easy to access so you’re not tempted to dip into it for daily spending.

Use the 80 10 10 Approach

If your budget is tight, try this simple method.

• Use 80 percent of your income for living expenses and debt repayments
• Save 10 percent for emergencies or future goals
• Use the remaining 10 percent for small treats or flexible spending

You can adjust the percentages to fit your situation. The point is to make saving part of your monthly plan, not something you do only when there’s money left over.

Balance Saving with Paying Off Debt

You don’t need to choose one or the other. It’s all about balance. Once you’ve built a small emergency fund, you can put more money toward your highest interest debts while still saving a little each month.

This way:

• You’re reducing how much interest you pay over time
• You’re building a buffer so you don’t need to borrow again when life happens

Be Kind to Yourself

Building a new habit takes time. Some months you’ll save less, and that’s okay. The important part is not giving up.

If something throws off your plan, an emergency, a missed payment, a bad month, just start again. Progress is better than perfection.

Saving while paying off debt is a powerful way to take control of your financial future. It gives you options, reduces stress, and puts you back in the driver’s seat.

Want to track your credit while building healthy money habits? Register or log in on Splendi to view your credit profile and take your next step toward financial confidence.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. Splendi does not provide personalised financial, investment, legal, or tax advice. Always consult with a qualified financial advisor for guidance tailored to your individual circumstances.