As October aproaches, bringing both the month of savings and the anticipated 2024 tax relief, Namibian households are set to enjoy much-needed financial relief.
This not only eases household budgets but also creates opportunities for savings and investment.
Consider this analogy: Whether the harvest is abundant or modest, a farmer always reserves the best seeds for the next planting season. In times of abundance, the farmer stores surplus crops to ensure future provision.
Similarly, we should save a portion of our income to secure our financial futures and prepare for unforeseen circumstances.
Without saving, even in favourable conditions, there will be no lasting benefit. Our income, now boosted by tax relief, is our ‘bountiful harvest.’
The key question is: how much should we set aside, and how should we manage it?
The upcoming tax relief offers more than just additional income — it is a chance to strengthen household financial foundations.
Saving is critical for long-term security, and with the right savings product, your money can grow significantly, helping you achieve your financial goals.
When selecting a savings account, it’s important to consider factors like interest rates, flexibility, and security. Letshego Bank Namibia offers savings products like LetsInvest, FlexiSave, and TermSave accounts, designed to grow your money with competitive interest rates.
Whether you are new to saving or looking to diversify, now is the perfect time to start. This tax relief presents a valuable opportunity to build a more secure and prosperous financial future.
- Julia Mukusuka is the deposit mobilisation manager at Letshego Bank Namibia.
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