HOW YOU CAN BOOST SA’s INVESTMENT RATE
If all of us started saving more, it would go a long way towards boosting the country’s chances of an increased investment rate and, in turn, a higher economic growth rate.
As we head into 2016 with a bleak economic outlook, the prospect of increasing interest rates and a higher cost of living may have you convinced that the idea of saving is a far-off possibility.
However, you can make a small start today, which will turn into something bigger by the end of the year and, before you know it, you will be well on your way to becoming one of the savers the country so desperately needs.
Here’s how: 1Start
small. Identify small things you can cut out of your daily expenses and physically put the money away in a tin at home. Let’s say you pay R13 a day for a cup of coffee – that works out to R65 a week, or R260 over four weeks. Put the money aside instead of spending it, and you will have saved R3 120 in a year. 2Save
petrol. Work out what you are currently spending on petrol and change your driving habits so that you drive more efficiently. For example, drive slower so that your trip is smooth and you accelerate gently. This also gives you time to suss out the road around you to avoid harsh braking. 3Get
the family involved. Sit the family down for a monthly budget discussion. If your children fully understand why they can’t have a new PS3 game every month, they are less likely to place unfair demands on you.
– Neesa Moodley