Is inflation always 5.1%

[InternetSwag]

Hi all, feel kinda stupid. I've been putting my money in a Capitec savings account getting 4% interest on it.
Then I was playing around with this inflation calculator and it says we average 5.1% or 28% since 2017.

So I'm retarded. My annual interest is less than inflation.

Where do I store my money to at least be above inflation

 

[Arthur]

Governments cause inflation by inflating the money supply. The same governments also announce what the inflation rate is. See the problem?

 

[Magandroid]

Hi all, feel kinda stupid. I've been putting my money in a Capitec savings account getting 4% interest on it.
Then I was playing around with this inflation calculator and it says we average 5.1% or 28% since 2017.

So I'm retarded. My annual interest is less than inflation.

Where do I store my money to at least be above inflation

You could look into their fixed savings accounts for a better interest rate or better yet look into RSA retail bonds.

Rates

An RSA Retail Savings Bond is an investment with the Government of South Africa which earns fixed or inflation linked interest for the term of the investment. Fixed Rate Retail Savings Bonds earn a market-related fixed interest rate payable on the interest payment dates until maturity

secure.rsaretailbonds.gov.za

 

[InternetSwag]

You could look into their fixed savings accounts for a better interest rate or better yet look into RSA retail bonds.

Rates

An RSA Retail Savings Bond is an investment with the Government of South Africa which earns fixed or inflation linked interest for the term of the investment. Fixed Rate Retail Savings Bonds earn a market-related fixed interest rate payable on the interest payment dates until maturity

secure.rsaretailbonds.gov.za

Thanks for this I'll take a look

 

[Snyper564]

Hi all, feel kinda stupid. I've been putting my money in a Capitec savings account getting 4% interest on it.
Then I was playing around with this inflation calculator and it says we average 5.1% or 28% since 2017.

So I'm retarded. My annual interest is less than inflation.

Where do I store my money to at least be above inflation

Do you have a bond? or any other debt?

 

[InternetSwag]

Do you have a bond? or any other debt?

No bond.
Car is only debt I have.

 

[3WA]

No bond.
Car is only debt I have.

1.) Save up so that you have enough money to cover 3 to 6 months of living expenses. Your saving account is 4%, which isn’t great, but it's fine for your emergency fund.

2.) All the other money goes to your car loan until that’s settled.

You can divide up your monthly discretionary budget to work towards 1.) and 2.) simultaneously.

After you've sorted out the two things above, you can draw up other goals (save for a house, buy shares, YOLO bitcoin).

 

[randomcat]

It's always nice to see someone "discover" that you can't save to become rich