Save & Invest
I don't have enough money to save or invest...
Do you find yourself in the same situation?
Set a savings goal
Determine if it is a short-, medium- or long-term goal.
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What's your savings goal?
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Determine how much you need to save monthly to achieve your goal.
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Adjust your budget to reduce unnecessary expenses.
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Add your savings amount to your budget.
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Ensure your money is transferred to a separate savings account.
Practical ideas to start saving
- Cut down your spending on luxuries like expensive clothes, takeaways, alcohol, cigarettes and entertainment.
- Reduce your usage of electricity, airtime and water.
- Grow your own vegetables and take lunch from home.
- Save money by repairing broken items, recycling, repurposing or reusing things instead of simply buying new items.
Also remember
- You don't need a lot of money to save. Every little bit counts.
- Always set a goal to keep you motivated.
- You can have short-term and longer-term savings goals.
Short-term savings and investments
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Savings account
Determine how much you need to save monthly to achieve your goal.
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Noticed/fixed deposit/call account
For these accounts you must give your bank notice when you want to withdraw your money.
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Money market
These accounts are for short-term investments of less than 12 months.
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Stokvel
a group of people who come together to save on a regular basis. This can be formal or informal.
Medium-term savings and investments
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Unit trusts
A Unit Trust is a saving and investment product where a group of individual
investors put their money together for
the purpose of investing.
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Endowment policy
A regular investment where you pay via debit order and you receive a single payout at an agreed time e.g.: five or ten years.
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Tax-free savings account
With a tax-free savings account you can save up to R33 000 per year.
Long-term savings and investments
Retirement savings: these are long-term savings options that provide a pension which is paid out monthly or as a lump sum when you retire.
Pension fund: a long-term saving that provides you with a pension when you retire.