Tip of the week: Keep a small cash buffer in mobile money and the rest elsewhere
Mobile money makes life convenient, but money that is too easy to spend disappears. Keeping all your savings in the same wallet you use for daily purchases makes saving difficult.
Divide your money by purpose:
- A small daily-use balance for transport, airtime and food
- A separate savings place for emergencies and goals
- Business money kept apart from personal money
Check with your mobile money provider or bank about transaction charges and limits, which can change, so you choose the most economical way to keep and move money.
Do not keep large amounts of cash at home or the shop, where theft and fire are risks. Deposit regularly into a safe account.
Keep your phone and PIN secure, because your mobile wallet is real money.
A young professional who moves savings out of the main wallet on payday removes the temptation of a quick purchase.
This week: separate your money into at least two places, daily and savings.