National Savings Month: Simple ways families can build better money habits

With school holidays, winter electricity bills and rising living costs placing additional pressure on household budgets, many families are looking for practical ways to stretch their income without compromising on their essential needs.

According to Melissa Walters, Finance Executive at RCS, National Savings Month is not about avoiding spending altogether but about making informed financial decisions that balance short-term needs with long-term financial wellbeing.

“The key is not to avoid spending altogether, but to approach it with a clear plan so that short-term needs don’t compromise longer-term financial stability,” says Walters.

She believes the school holidays also present an opportunity for parents to teach children valuable financial lessons.

One of the simplest ways to do this, Walters explains, is by helping children understand the difference between needs and wants. Encouraging children to think carefully before making a purchase can help develop self-discipline and responsible spending habits from an early age.

Parents are also encouraged to involve children in household budgeting discussions. Setting a holiday spending limit, dividing expenses into categories and tracking spending together can help children understand how everyday financial decisions affect the family budget.

“The pause before buying something that isn’t essential is where discipline is built,” Walters says.

Families don’t have to spend large amounts of money to enjoy quality time together. Walters suggests exploring affordable activities such as visiting parks, libraries, community events or enjoying simple activities at home instead of relying on expensive entertainment.

Credit also has a role to play when managed responsibly. Walters advises consumers to fully understand repayment terms, costs and monthly commitments before making use of any credit facility, ensuring repayments fit comfortably within their household budget.

She says responsible credit use should form part of a broader financial plan that includes budgeting, saving regularly and spending within one’s means.

Ultimately, Walters believes financial wellbeing is built through consistent habits rather than once-off decisions.

“Financial progress doesn’t come from one perfect month. It comes from consistent, informed decisions over time. July may be a challenging month, but it can also be an opportunity to build a stronger savings culture for you and your family,” she says.