New year, new habits. Starting the year taking care of your financial health is halfway to ensuring a smoother future. Make 2023 the year of new financial habits and try to keep them for the long term. One thing is certain, saving takes a lot of practice, patience, and discipline.

Nancy Mafundza, FNB Mozambique Head of Retail, says, “The first step to building a sound financial future begins with creating a budget that allows you to pay-off existing debts, to cover recurrent expenses and to be ready for unforeseen costs.

It’s important to be realistic when creating a budget and to make sure that it is something that can be followed. You should also consider cutting back on non-essential expenses such as eating out regularly, shopping impulsively or overspending on luxury items.

“Instead of feeling overwhelmed by unnecessary expenses this new year, look at ways or areas where you can save and invest your money. Unplanned expenses can push people to easily accumulate unnecessary debt.”, she advises.

Nancy shares quick and easy financial tips to get the year off to the best start and ensure a brighter financial future:

1. Automatic Transfers: enabling the automatic transfer feature for paying fixed expenses in your Internet Bankingcan help you save money by reducing any possible late payment penalties. Payments are made on time, allowing you to rest assured about your financial commitments.
2. Using a budgeting method: using a budgeting method such as a simple Excel sheet adapted to your reality (there are also many user-friendly apps on the Internet), can be an efficient way of keeping your expenses under control. By adopting this financial discipline, saving comes more naturally, helping you to identify areas where you can reduce unnecessary spending and redirect that money into a savings account.
3. Subscribe a fixed-term deposit to save for emergencies: a fixed-term deposit earns interest on your savings, allowing them to grow over time. Considering the current global and local economic inflationary climate, adopt savings strategies that will help you face the future with confidence. Having a savings fund worth 3 to 6 months of monthly expenses (or the equivalent of three to six months of income) is a good rule of thumb to follow.
4. Save your change: old habits like putting your coins in a piggy bank are wise and quite effective, start placing your coins in a jar and after a few months you will be surprised at how much you have managed to save. For FNB customers, the Trocos® product allows account holders with an active bank account to save a portion of their change every time they pay with their FNB debit or credit card.
5. Keep any extra money: in some situations, you might receive or earn some extra money, from selling something, a bonus, etc. If you do not have a solid plan for this extra income, do not spend it. Keep it in a savings account so that it earns you interest.

" We live in a tough economic climate and encourage our customers to understand the huge importance of saving over time. Nurturing saving habits and taking control of your financial future are key differentiating steps to financial freedom. If you haven't started yet, it's essential that you start saving now. With dedication and discipline, we can make this new year the one you've always dreamed of," Nancy concludes.