Does talk of saving a percentage of your salary every month scare you? The challenge to save just a few rands at a time may be more palatable - like eating an elephant one bite at a time.
Does talk of saving scare you? Are you daunted by committing to saving a percentage of your salary every month?
A challenge that has become popular worldwide and has made its way to SA is the 52-week challenge which started in the United States. You can’t put holiday money in a high-risk investment like shares because if it goes pear-shaped, your relationship could be at risk and you become the guy/girl who lost holiday money betting on the stock market.Gerald Mwandiambira, certified financial planner and director at the Financial Planning Institute, says while savings games and challenges can get you started, you might want to try something a little more automated, especially if you’re prone to dipping into savings.
Other apps that may help you get going on savings goals by analysing your spending so you find room to save are 22Seven and Nedbank's My Financial Life. These apps give you an overview of your income and spending, which can help you identify where in your budget you can save money to set aside to reach your money goals.
Investment houses offer you investments in shares with potentially higher returns, but you need to invest for at least five years and be able to sit out the market ups and downs.
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