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7 Ways to Save Money in 2021. By Louisa Msiska



Although the year has started out weirdly, I still find that saving money is crucial. One of my biggest goals this year is to save a lot. I am not too disciplined with money, and mostly spend it as soon as I make it. While trying to come up with the best way to save, I came up with this list. These 7 ways to save money in 2021 are meant to be a guide to those that also want to save this year.


What are you spending on most?

When I decided to make saving as a goal this year, I knew I had to have a look at myself. I needed to work out on what I was spending money most on. Doing this made me realise that I spend a lot of things I do not need much. Let me give you a little of a break down.

This is the list of things that I was buying most:

  • Airtime / Internet

  • Alcohol

  • Eating out

  • Junk food

And many more “stuff” that I do not need. This has made me understand that I am an impulse buyer. My excitement to spend is way huge than that to save. Something that a lot of us suffer from.

Now that you have decided to start saving, self-reflect and understand where your money is going.

What will you be using for budgeting?

Another crucial part in making sure that you’re truly saving would be to have a working budget. You need to plan on your income. One of the quotes I have on my vision board says

Do not Save what is left after Spending. Spend what is left after Saving!

Saving money is hard. Very hard. More especially in these times, money is tight. But having a working budget makes things better. When you budget every cent that comes your way, you give it a job. However, it is important, like the quote says, to remove your potion of savings before you start making budgets.

Make sure to stick to your budget, fight those impulse buying demons. At the same time, it is just as important to have a money saving worksheet to make sure you are on track.

7 ways to save money in 2021

1. Fixed Deposit Account

While most banks have savings accounts to help those that want to save. I find fixed deposit accounts to be more the saving trick than the other. This is because, with FDs, they have a locked timeline before you can start withdrawing. On the other hand, there is no such restriction with savings accounts which really does not do well with money discipline.

2. Invest in a Money Market Mutual Fund

Money markets are perfect for saving money because they offer a higher interest return. These are perfect for those that want to secure their monies while pending an investment option. Just like FDs, most MMMFs will have a lock on time for when you are allowed to withdraw money. In Malawi, best places to invest is the Old Mutual Money Market Fund.

3. Treasury Bills

Yes, individuals can buy treasury bills too. Another great way to save money and make money without any default risk. In Malawi, you can buy a treasury bill starting from K100,000. Advertisements are done in the newspapers, and buying them can be done with banks licensed to sell them. Also, they have interests attached, so you are able to grow your savings.

4. SACCOs