Saving is a powerful way to protect yourself against financial abuse, which often leaves a woman vulnerable and dependent on her partner. Taking control of your finances ensures that you can make your own financial decisions, plan a better future, and maintain your autonomy.

Here are 8 effective, practical tips to help you save and invest wisely.

1. Tackle credit card debt

Credit card debt often carries high interest rates, making it one of the most expensive forms of borrowing. Allocating more than the minimum instalment each month towards reducing your balance helps you save on interest and improve your credit score, giving you more financial freedom in the future.

2. Open a tax-free savings account

A tax-free savings account is one of the easiest ways to grow your wealth without worrying about taxes on the interest you earn. You can save up to R36,000 a year up to a lifetime limit of R500,000, but starting with just a few hundred rand a month is enough to build a healthy financial buffer over time.

3. Save whatever you can afford

Don’t be discouraged if you can’t save a lot of money every month. Even small amounts add up. Nedbank’s MyPocket allows you to start saving from as little as R1 while earning interest on day 1. You can even open multiple pockets with specific goals, like a holiday fund or an emergency reserve, to help you stay on track.

4. Invest in a retirement annuity

Planning for retirement is essential, especially for women, who tend to live longer. A retirement annuity offers tax benefits and ensures disciplined savings over time. Starting with as much as you can afford every month can help you build a stable financial future while enjoying the peace of mind that comes with long-term planning.

5. Consider unit trusts

Unit trusts allow you to invest in a range of companies or assets, spreading your risk and offering growth potential. Although returns depend on market performance, unit trusts are still a great way to build wealth over the long term. This option is ideal once you’ve established an emergency fund.

6. Explore exchange-traded funds (ETFs)

ETFs are affordable investment options that track the performance of a specific theme, such as green energy or a sector like mining. With a low barrier to entry, ETFs allow you to invest R500 monthly to diversify your portfolio and grow your savings over time.

7. Start an education fund

Whether you’re planning for your child’s education or pursuing further learning yourself, an education fund is a smart investment. Setting aside some money each month can ease your financial expenses and open doors to future opportunities.

8. Build a rainy-day fund

Unexpected expenses can derail your finances if you’re not prepared. A 32Day Notice account is an excellent option for saving a little extra every month, as it offers better interest rates than a standard account while limiting immediate access to your money. By starting to save small amounts every month, you can build up enough to be ready for emergencies without dipping into other investments.

Empower yourself through financial independence

By implementing these 8 strategies, you can build financial independence and empower yourself against financial abuse. Whether you’re reducing debt, saving for the future, or investing for long-term growth, the key is to start today, no matter how small the amount.

Speak to a Nedbank financial planner or wealth manager for guidance on your journey towards financial freedom. Every step you take brings you closer to a more secure, empowered future.

If you or someone you know are experiencing abuse at the hands of an intimate partner, call People Opposing Women Abuse (POWA) for support.

Helpline: 011 591 6803