Savings Month Reflections

31.07.2020 / BY ADMIN

Savings Month Reflections

As Saving Month draws to a close, and South Africans enter our 5th month of the COVID 19 lockdown, we would encourage everyone to pause, reflect, and review your financial situation, if you haven’t already.

We are all dealing with different, unexpected, and unplanned financial circumstances – some are particularly tragic when there has been a loss of or severe reduction in family income. This has led to many of us starting to understand what is important, and therefore, what we could or should be spending our hard-earned money on. Whatever your circumstances, we believe that time can never be wasted on taking a critical look at your financial situation, your goals, and your plans to achieve them.

At Silica, our purpose is ‘To Make Investments Accessible’, and we are continuously analysing and working with our clients, leading Wealth and Asset Managers, looking for solutions that could help ordinary South Africans to become more financially independent.

Our analysis shows some trends around the things that most people seem to worry about:

  • Will I have enough money to see me through to the end of the month?
  • Do I have a financial cushion, to help me when something unexpected happens?
  • Will I have enough to retire on – either to retire on my terms or even just to survive?

One of the interesting observations we are picking up, is that as we use technology more, it is easier to access money, often via debt, which allows for split second, impulse decisions to be made, only to be regretted later. In our pursuit of making life easier using digital technologies, have we also made it easier to tempt people to disrupt their financial future through impulse spending?

Another compelling observation is that there doesn’t seem to be too much discussion in the family environment around finances. Some people grew up with finances being a taboo subject in their households and social circles. One of the biggest ‘aha’ moments for us in our #GetSAKidsInvesting Think Tank last year is the role that parents can play in educating their children on finances, both their approach and the planning of their monthly finances and goals. As a parent, are you doing enough to financially socialize your children and help them on their journey to becoming financially independent adults.  And the truth is, we could probably do more!

So, using the nudge of lockdown and Savings Month, we would like to encourage everyone to:

  • Review your financial status quo
  • Set or review your financial goals, including your monthly budget
  • Set or update your plan to achieve your goals

If you have a financial advisor or personal finance coach, perhaps a review call with them would be time well spent?

Let’s make this time count!  Happy Savings Month from everyone at Silica and #StaySafe!


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