Set a savings goal
Determine if it is a short-, medium- or long-term goal.
What's your savings goal?
Determine how much you need to save monthly to achieve your goal.
Adjust your budget to reduce unnecessary expenses.
Add your savings amount to your budget.
Ensure your money is transferred to a separate savings account.
Short-term savings and investments
Savings account
Determine how much you need to save monthly to achieve your goal.
Noticed/fixed deposit/call account
For these accounts you must give your bank notice when you want to withdraw your money.
Money market
These accounts are for short-term investments of less than 12 months.
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
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.
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.
Tax-free savings account
With a tax-free savings account you can save up to R33 000 per year.
