The econ­omy

HOW YOU CAN BOOST SA’s IN­VEST­MENT RATE

CityPress - - Business -

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

Newspapers in English

Newspapers from South Africa

© PressReader. All rights reserved.