A South African named Bright Khumalo has found an easy way to save more this year.
The plan is relatively simple yet effictive as all it requires is setting aside an amount that is equal to the day of the year.
Starting on January 1, 2019, the Johannesburg-based analyst and portfolio manager set aside 10c. The next day, he saved 20c and another 30c on day three.
This has since turned into his daily morning ritual. He tells Business Insider South Africa that it is the first thing he does once he wakes up.
"When you wake up, you must remember what day it is and save that amount," he says.
Its mid-July and these seemingly small amounts have turned into R1,990 (N51,241). At this rate, he will have close to R7,000 (N179,931) by the end of the year which he plans to invest in "something impactful."
Khumalo has been sharing his savings strategy on Twitter with the hashtag #SavewithBright.
According to him, "The idea is to get everyone into the habit of saving from a young age. That's why it is less about the money and more about the behaviour. The aim is to get the youth into the habit of saving."
Khumalo's strategy is called the "10c challenge". It was culled from a UK blog called Skint Dad.
Tips to help you save successfully for the remaining part of the year
As mentioned earlier this strategy is very simple and straightforward. All you have to do is start by saving as little as N10 on day 1 (which is whenever you start), N20 on day 2, N30 on day 3 and so on until you get to the end of the year and you would have saved an impressive amount.
You do not have to start with N10. You can save N50, N100 or even N1000 as this will ensure that you get a higher return. Just make sure that the amount you start with is sustainable.
To ensure that you stick to this saving strategy, make sure you set a daily reminder on your phone. You can use an alarm, or add a reminder to your calendar, anything you need to do to make sure you do not forget to save.
Another thing you can do is create a routine around this strategy. You can make it the first thing you do once you wake up like Khumalo or the last thing at night before bed. Just find a routine that works for you.
You can also take advantage of apps that let you automate your savings. This way, your chances of forgetting are slim to nothing. An extra tip is to keep things interesting by saving a friend or family member. Having someone to share the challenge with might just be that extra reminder you need to save more this year.
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