How to save money?

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InternetSwag

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I want to save money each month and put it into an account until I have R14k in it.

I want to put away like R1800 each month, what's the best way to do this and can you make interest on it?

I am with Capitec...
 
Try a 30 day call account. No pilfering allowed.
 
InternetSwag said:
I want to save money each month and put it into an account until I have R14k in it.

I want to put away like R1800 each month, what's the best way to do this and can you make interest on it?

I am with Capitec...
Click to expand...
So what are you planning on buying?
 
InternetSwag said:
I want to save money each month and put it into an account until I have R14k in it.

I want to put away like R1800 each month, what's the best way to do this and can you make interest on it?

I am with Capitec...
Click to expand...

At a rate of R1800 a month, I don't see the need to do go through spectacular trouble in order to do this. Using Capitec, you'll receive interest at 4.4% a year (or thereabouts) which will make a marginal difference. You'll reach your target after 8 months.

All you need is the discipline to not use that money. To help you with this, open a new account with Capitec (it is easy to do and shouldn't cost you anything extra) and simply transfer the money to this account every month. Don't touch it until you reach your target.
 
Broo said:
Try a 30 day call account. No pilfering allowed.
Click to expand...
Yeah, R1800 pm to reach R14k means interest gained isn't really a factor. Just shove it into any account and if you are scared about your discipline try the 30/32 day notice accounts.
 
I like seeing this kind of discipline, people actually saving up for something they want instead of putting it on the credit card and paying ridiculous amounts of interest. For the record I have 3 separate bank accounts, one cheque account for day to day expenses, one savings account that I transfer money into monthly for my little one for him to use as his pocket money and one investment account with a stop order payment that funnels money out of my cheque account into the investment account which purchases the RMB Top40 shares.
 
Bulldog /(' said:
I like seeing this kind of discipline, people actually saving up for something they want instead of putting it on the credit card and paying ridiculous amounts of interest. For the record I have 3 separate bank accounts, one cheque account for day to day expenses, one savings account that I transfer money into monthly for my little one for him to use as his pocket money and one investment account with a stop order payment that funnels money out of my cheque account into the investment account which purchases the RMB Top40 shares.
Click to expand...

Not everyone has the luxury of time; I was forced to put stuff on a credit card that I'm still paying off because of circumstances. So just keep that in mind, not everyone has a choice.
 
envo said:
Not everyone has the luxury of time; I was forced to put stuff on a credit card that I'm still paying off because of circumstances. So just keep that in mind, not everyone has a choice.
Click to expand...

Indeedy. I had to move this month on a ver short notice (1 week) and thus had to delve into the credit card account to pay for things in the new place.
 
Hamster said:
Yeah, R1800 pm to reach R14k means interest gained isn't really a factor. Just shove it into any account and if you are scared about your discipline try the 30/32 day notice accounts.
Click to expand...

Hmm fair enough, I must just be patient then.
 
Saving is pretty straight forward:

1. Get money
2. Don't spend it
3. Profit!!
 
1. Don't spend money on unnecessary luxuries
2. Plan your meals and take food to work (unless you work out the canteen is cheaper)
3. Put away the R1800 when you get your salary
4. As stated, get a call account
5. Ask yourself, why are saving the money for? To retire, to but an asset etc.
 
Do not save what you do not spend. Put away savings money before you spend your money.
 
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