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zizo911

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Good Day. I would like to know if this is possible with any of the banks.. I Currently bank mainly with capitec, but I am willing to switch if it is possible other banks could do this.
I will be receiving a lump sum of money next month, I would like to basically 'pay myself' every month from this money, in other words divided it into 12 monthly payments. I also do not want to be able to access the entire amount at any time, it should basically at the end of each month transfer an amount automatically to my main account which I could use. I was thinking of Capitec fixed savings account that is locked, but I'm not sure if it could be done with that account.

Thanks in advanced.
 
How about some self discipline?

Put it in an account and pay yourself 1/12th on the 1st? Pretty simple.

Can even setup an Auto Payment for the exact amount if you really want.
 
Fine line between locking yourself out of your own funds so you don't blow it and needing it in an emergency.
 
SauRoNZA said:
How about some self discipline?

Put it in an account and pay yourself 1/12th on the 1st? Pretty simple.

Can even setup an Auto Payment for the exact amount if you really want.
Click to expand...
Couldn't agree more. This is a problem so many people struggle with, what are you supposed to do when you get more money?

I would use this as the opportunity to exercise some self discipline.

Take it one step further and don't tou h unless you actually need it.
 
Depending on how much put it in a Tyme Bank account.

Setup the auto payment for every month and then put the card away and don’t login to check the balance.

At the end of the 12th month you have some spare chance in interest.
 
SauRoNZA said:
Depending on how much put it in a Tyme Bank account.

Setup the auto payment for every month and then put the card away and don’t login to check the balance.

At the end of the 12th month you have some spare chance in interest.
Click to expand...
This but if you don't actually need the money don't pull and use for the sake of there being extra money.

Actually first question. Do you have any debt?

If yes settle that asap.

If you have a bond esp flexi bond dump there. That is always what you do first
 
Snyper564 said:
This but if you don't actually need the money don't pull and use for the sake of there being extra money.

Actually first question. Do you have any debt?

If yes settle that asap.

If you have a bond esp flexi bond dump there. That is always what you do first
Click to expand...

Correct if there is a bond ignore all the above and put it in there.

Then pay yourself from that if and when you need to.

Everything I save is in my bond.

MSA
Bonus
Vehicle Finance I long since paid off.
Tax Money
Etc.
 
SauRoNZA said:
Correct if there is a bond ignore all the above and put it in there.

Then pay yourself from that if and when you need to.

Everything I save is in my bond.

MSA
Bonus
Vehicle Finance I long since paid off.
Tax Money
Etc.
Click to expand...
100% this all my accounts are zero. Except the cc money comes in settle cc on a monthly basis dump extra in the bond. Millions saved like this in interest already. Just need self discipline
 
I only have a car payment , no other debt.
I’ve really struggled with self discipline, hence if I have access to the money I will spend it.
That’s why I need it to be inaccessible to me.
 
zizo911 said:
I only have a car payment , no other debt.
I’ve really struggled with self discipline, hence if I have access to the money I will spend it.
That’s why I need it to be inaccessible to me.
Click to expand...
Maybe see if you can kill the car ealry then...

I don't know what else to say but you going to struggle with true financial freedom if you spend like that. Might even be best then to just dump into reitement and forget abt it altogether

Maybe add solar to your house if you can and haven't already
 
Discovery bank,

32-day, 60-day, and 90 day notice accounts.

Open them all and then give notice, you'll get payouts for three months.
 
RedViking said:
Remember to sort out SARS first if it is taxable. Government needs to eat first.


With Absa I can schedule a payment every month.
Click to expand...
By the sounds of it I think bonus and then likely paye already sorted. But good tip if it's not the case.
 
zizo911 said:
I only have a car payment , no other debt.
I’ve really struggled with self discipline, hence if I have access to the money I will spend it.
That’s why I need it to be inaccessible to me.
Click to expand...

What's the interest rate on the car payment? Paying off the car debt might be your best option.
 
cr@zydude said:
What's the interest rate on the car payment? Paying off the car debt might be your best option.
Click to expand...
It's unlikely that any fix dep for 12 months interest would exceed the car loan. So may as well settle that.
 
zizo911 said:
I only have a car payment , no other debt.
I’ve really struggled with self discipline, hence if I have access to the money I will spend it.
That’s why I need it to be inaccessible to me.
Click to expand...

Do you *need* the money? Or would you simply spend it on frivolous kak?

Take half and put it into your RA (make one with 10x if you don’t have) and forget about it until retirement.

Tax man will give you a little bonus for it next year too.

Take the other half and put it in a TymeBank account and take from it as you need/want.
 
Fedgroup allow you to invest for a fixed 5-year period and get paid monthly
Interest is about 9.5% p.a.
 
As many others have said, do you really need the money?

I would understand the fixed income, if you've lost your job and receiving the lump sump as a package hence "paying yourself", but if this is not the case and it is just extra money over an above your currently salary then rather not do this.

Since you'll be living "above" your current salary, what happens after the 12 months? If you'll survive after the 12 months then you'll surely survive now.

The worst thing is hindsight and looking back and telling yourself you should have done something else with the money.
 
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