Easysave, the need to save more: Revivng the saving culture in Botswana

The new Easy Save product offering by Bank Gaborone is part of our continued efforts to say, saving can start at any age or stage, at however much income and is not limited to the working class only. The product is a solution tailored for the different challenges and financial status of customers.

?Easy save is a competitive and flexible savings account which has a number of benefits:

·?????Affords clients up to 5.12% in interest rate gained from the 1st day they open the account

·?????No monthly maintenance fees

·?????P100 minimum opening and account balance

·?????A VISA Debit ATM card

·?????Acess to smart convenient and secure Mobile APP and e-Pula internet banking where they can transact 24/7/365.

Savings do not only benefit the individual but are also necessary for the growth and development of an economy. There is evidence of household debt being higher than household deposits. At Bank Gaborone, we believe that financial prudence, temperance and self-control are keys to financial freedom. If all those are exercised, a steady increase in saving will make a remarkable contribution to the economy.

Saving money does not come naturally to all of us. There are those people who genuinely understand the benefits of putting money aside, forfeiting some of life’s luxuries and some who plainly believe in spending all of their income and wait on manna during their dark days. It is this mind-set that needs to be eradicated through financial literacy. The simple tripod model below can help anyone start their saving journey.

Have a reason- Having a goal serves as motivation to keep at one’s goal. This could be a short-term goal like saving to buy a pair of shoes to long term goals like travelling or paying for tuition. As much as the net income determines how much one can save, at the end of it all, it must not be about the money but about the bigger picture.

Competitive rates- In Albert Einstein’s words, “Compound interest is the eighth wonder of the world. He who understands it earns it, he who doesn’t, pays it”. It goes without mention that we entrust financial institutions with our monies so we get benefits of interests. Therefore a thorough research and understanding of the market is necessary when choosing where to save ones money.

Financial discipline- Lack of financial discipline starts when you give a P10.00 note to your child and do not advise them on how to use it. Fast forward to adulthood, there should be tiers of expenses in order of importance and urgency. It is important to be able to say NO I cannot afford it or NO not now. Financial discipline plays a great role in the ability to save. If one leans more on the spender side of the graph, that inevitably slopes revenue to save.

Precautionary saving should be a lifestyle practiced by everyone. It does not have to be determined by the level of income. Savings should be a fall back plan or a cushion on a rainy day. Bank Gaborone can help you start, it is never too late, we also offer the best rates.