SAV­INGS TIPS

Finweek English Edition - - COVER -

Sav­ing for a de­posit re­quires a rig­or­ous bud­get and a dis­ci­plined spend­ing out­look. Even those mind­ful of ex­penses on non-es­sen­tial items would have to save around R2 500 each month (ex­clud­ing in­ter­est) if their goal was to save a 10% de­posit over a five-year pe­riod for a home cost­ing R1.5m. No easy task, but not im­pos­si­ble for the dis­ci­plined.

Set an achiev­able sav­ings goal and re­gard­less of the sav­ing mech­a­nism, al­low a re­al­is­tic time to build up your sav­ings. “The big­gest money mis­take we all make is to think, for ex­am­ple, that the R30 we pay for a cof­fee per day ‘is not so much’… But, if you re­sist that spend ev­ery weekday, you can put away R660 on av­er­age per month (R7 920 per year, ex­clud­ing in­ter­est),” says Keller­man. Think too of what you will save if you

Newspapers in English

Newspapers from South Africa

© PressReader. All rights reserved.