FareDrive is not only your partner in rideshare insurance, but we are also here to add value to your everyday lives. We all know the struggle of living from salary to salary. With the price of fuel and groceries going up we South Africans are left with very little cash flow to pay for other necessities. Follow these simple steps to start building that nest egg for the future:

  1. Keep track of your expensesWe all know that feeling you get when you read the SMS that your money is in – pure joy! But this is where the whole month can go down the drain if you swipe without thought. Keep track of how much you spend on what. This will not only help you keep track of what you spend your hard-earned cash on but it can also assist in setting up a budget so that you know how much you need in order to live the life you want.
  2. Create a budget (and stick to it!)Once you start keeping track of how much money is needed for which activities, you can set up a budget. A budget is simply a guideline that shows you how much money comes into your account versus how much go out of your account and where it goes. Keeping a budget makes it easier to choose what to spend extra money on as you know what is going on in your account.
  3. Plan to save moneyWhen you set up your budget, you are in control. Make sure you put some money aside each month for savings. It can be hard, especially if you have other responsibilities but it is well worth it. Even if you start by putting R10 aside each month, it is a start and we encourage you to do so. This is a long-term investment, so put it aside and do not touch for at least a year.
  4. Choose something to save forWhen you have something you really want to buy in mind it is easier to put more money aside for it. It helps to save for something that will add value in your life like owning a car, a down payment on a house or even to go home for a holiday. The reason you save will keep you committed to keep on saving despite the time it will take.
  5. Write down your prioritiesYou decide what your focus is and by writing it down you commit to it. Write down what you want to achieve and by when as this will encourage you to stay true to your goal. If you are serious about saving money and moving forward this step is crucial.
  6. Pick the right toolsIt is very important to choose the right tools that will help you to achieve your goals. Once you have your budget and you know what you want to achieve you have to decide how you are going to do it. This can either be to open a savings account at the bank or through a certificate of deposit. Here you decide what works best for you.
  7. Keep an eye on your savingsOnce everything is in place and you have started to put money aside you can watch it grow with pride and determination. Your goal is well on its way to be achieved!