This is according to FNB’s Product Head, Ester Ochse.

Less than 22% of South Africans have one week’s income as emergency savings.

Ochse added saving is something that should be considered more of a need than a want.

However, with all the financial pressures on South Africans, the question is: where and how does one save for an emergency?

Ochse provided the following tips to start you on your savings journey:

• Track your spending using the FNB App or a notebook.
• Identify where your money is going.
• Cut back on unnecessary expenses.
• Save the extra money.

"Very often, one uses the excuse that they don’t have enough money to save, but as one can see from the above example, just by making small tweaks to where they are spending money, they can free up some cash and start saving. If you start your savings journey earlier, you can truly benefit from the effect of compound interest."

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