Nicolette Mashile urges automatic savings for financial discipline

Nicolette Mashile, a prominent financial commentator, emphasises the importance of adopting a disciplined approach to savings by setting up a stop order.
''Treat savings like a non-negotiable payment,'' Mashile advises. This method involves scheduling a transfer of savings on the same day one's salary or income is received. By doing so, individuals can effectively implement the strategy of ''out of sight, out of spend,'' reducing the temptation to spend disposable income carelessly.
Many financial experts agree with this approach as it encourages consistency and helps to build financial resilience over time. Personal finance expert Maya Fisher-French supports this notion, noting, ''Automated savings plans can be a vital tool in achieving long-term financial goals as they remove the decision-making process from the equation.''
As South Africans face economic uncertainties and rising living costs, adopting such financial practices can be crucial in managing one's personal finances effectively.
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