What is July Savings Month?
July is officially recognised as Savings Month in South Africa — an initiative aimed at raising awareness around the importance of saving. With rising living costs and economic uncertainty, it encourages individuals to build better money habits, reduce debt, and work towards long-term financial goals like owning a home. Read more about National Savings Month.
According to Sfiso Mahlangu, Product Manager at FNB Home and Structured Lending, preparing a deposit requires planning, patience, and a strong sense of purpose in how you manage your income.
"Putting down a deposit signals that you're financially ready. It reduces the loan amount you need, lowers your monthly repayments, and increases your chance of approval. It also shows that you’ve built the habits needed to manage your long-term financial commitments,” he adds.
To make the process easier and more accessible, FNB offers tools through nav» Home, a digital platform within the FNB App that helps prospective buyers track their credit status, understand affordability, calculate how much they need to save towards their deposit, get pre-approved, and submit a home loan application.
“Everything is in one place,” Mahlangu says. “If you’re starting the journey, you don’t need to guess. You can see clearly what’s possible and how long it might take you to get there.”
Support
Mahlangu adds that affordability challenges are real for many South Africans, but there are solutions available, offering opportunities for buyers to access support:
First Home Finance (formerly the Finance Linked Subsidy Programme): For qualifying first-time home buyers, this subsidy can be used toward a deposit or to reduce the total loan amount.
Collective buying: Groups of up to 12 people (friends, partners, or family members) can now jointly purchase a property through FNB’s Collective Buying programme.
Sustainable living: Properties that include solar, gas, or water-saving systems can lead to significant long-term savings. Through FNB’s ecoEnergy home loan, buyers investing in energy-efficient homes can access preferential interest rates. “You cut future utility costs and potentially qualify for better lending terms. These are the kinds of decisions that make homeownership more affordable over time.”
80/20 rule
Once your goal is clear, your daily choices need to support it. According to Ester Ochse, Product Head at FNB Integrated Advice, living below your means isn’t about restriction; it’s a way to shift spending into alignment with what you value most.
“When you want to save for a home deposit, the question isn’t where to start; it’s how to stay consistent. And that comes from structuring your finances in a way that gives you both visibility and control.”
Ochse’s approach is the 80/20 rule: Allocate 80% of your income to your current lifestyle and reserve at least 20% for savings and future goals. The 20% may need to increase depending on what your future goals are.
Savings-first mindset
Ochse also offers some practical strategies to help people shift into a saving-first mindset without feeling like they’re falling behind:
Pay yourself first and automate your banking: Start the month by moving a set percentage of your income into a separate savings goal. Even 10–15% can grow into a meaningful deposit over time, and you can always invest the remaining 5% into short-term goals. “This removes the guesswork and the temptation to use what’s meant for your future on short-term wants.”
Make your savings goal visible: Tools like FNB’s nav» Money Savings Goals in the FNB App let you label and track your target. For example, you can create a goal named ‘My First Home’ and watch it progress in real time. “It’s easier to stay focused when you can measure how far you’ve come. Naming your goal also builds emotional connection, which makes it more resilient,” Ochse adds.
Use your banking tools as a support system: Features in FNB’s nav» Money provide personalised insights and auto-categorised spend. With the help of digital tools, you reduce the effort required to stay disciplined.
Summarising
Saving for a deposit doesn’t need to feel overwhelming. With the right tools, habits, and mindset, new buyers can take control of their financial path and create a foundation not just for homeownership but for long-term financial independence.
“A deposit isn’t only a financial contribution,” Mahlangu says. “It’s proof of planning, progress, and of being ready.”
“The small decisions you make today can lead to your house keys being in your hands tomorrow,” Ochse concludes.
