Next write down your short-, medium- and long-term savings goals and set yourself a time frame.

An easy way to get into the habit of saving, is to set up a debit order from your transaction account into your savings account to be activated on the day after payday ? it?s hassle-free and you won?t have the money in your daily transaction account long enough to miss it.

Also consider saving any lump sum amounts like bonuses or overtime payments rather than blowing them on impulse buys.

Creating wealth

Once you?ve settled your debt and have drawn up a budget, open your own savings account to help you manage your money securely and conveniently.

Most importantly, do your homework: compare interest rates, access to your funds, investment periods, debit order deductions, lump sum amounts and fees. The higher the interest rate, the more interest you will earn on your savings. You will also earn interest on interest (called compound interest, click here to learn how it can make you rich) which will help make your savings grow even faster.

Look for products that suit you in terms of flexibility, security and simplicity and above all, stay focused and start saving as soon as possible.

Saving option: Short-term

If you need flexibility, choose a savings product such as a savings plan or money market account that gives you immediate access to your money should an emergency arise.

Saving option: Long-term

For longer fixed savings terms, consider a 32-day notice account, savings policy or unit trusts. These offer a lower risk, but higher potential payouts. Longer-term options are also a good idea if you have difficulty sticking to a savings plan as it limits the access to your money.

"No matter how small the amount ? start with R20 if that?s all you can afford ? it?s never too late to start saving. Sure, it takes financial discipline to save regularly, but the peace of mind that comes from knowing you have money in the bank will always outweigh the stress of worrying about money matters," concludes Fischer.