Need to save some money for a year.

C

CyberDemon

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Hi all,

I've got about R80k cash and want to put it in some type of interest earning account for 1 year. Want to use it as a deposit next year to buy a weekend car. Will also be saving some money monthly until then but not sure what kind of amounts. Do you have any recommendations on where or what type of account to put it in?

TIA
 
jman

jman

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If it's a short term investment like 1 year - then a flexi-fixed 32day notice account is probably best. You can make deposits and I think the interest rate is about 7.2%. This is from FNB.

Or just yolo and buy bitcoin with the 80k and see what happens - could turn into 160k by this time next year :D (but probably don't do this)
 
Thor

Thor

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1 year

32 day notice or money market.

1 year is too short for the JSE and the likes imo.
 
Tomtomtom

Tomtomtom

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CyberDemon said:
Want to use it as a deposit next year to buy a weekend car.
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Well no offence if the weekend car is a serious life goal, but to me that would fall into the category of play money. (Health, food, education, shelter = money to live; everything else = money to play)

For me, play money must be at risk. It's half the fun. If the 80k becomes 160k next year, go get a ***** you car. If it's R0 next year... well someone else got it instead.
 
Idiosyncratic

Idiosyncratic

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Tomtomtom said:
Well no offence if the weekend car is a serious life goal, but to me that would fall into the category of play money. (Health, food, education, shelter = money to live; everything else = money to play)

For me, play money must be at risk. It's half the fun. If the 80k becomes 160k next year, go get a ***** you car. If it's R0 next year... well someone else got it instead.
Click to expand...
I agree with this - it's for a weekend car after all. What I don't get is the "deposit" part... OP, do you really want to make debt to get a weekend car? Saw a luxury 2002~2005 V6 Nissan sedan for sale for R30k the other day - pristine condition, but the owner had a problem with the fuel consumption of a V6 and didn't have space anymore. It would make for a fantastic weekend car (just an example).
 
Tomtomtom

Tomtomtom

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Idiosyncratic said:
I agree with this - it's for a weekend car after all. What I don't get is the "deposit" part... OP, do you really want to make debt to get a weekend car?
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Yeah I missed the implication of that. How about making it a goal that whatever the 80k has grown to next year, that's the value of the car you'll get, 100% cash.

It's a bonus that the depreciation on this kind of car has a good chance of meeting you half way!
 
Thor

Thor

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Tomtomtom said:
Yeah I missed the implication of that. How about making it a goal that whatever the 80k has grown to next year, that's the value of the car you'll get, 100% cash.

It's a bonus that the depreciation on this kind of car has a good chance of meeting you half way!
Click to expand...

in that case 70% Bitcoin 10% Etheruem 10% dash 10% Monero :D
 
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Weblord

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I agree, if you want to save for a year, do not go to the markets on the JSE. Since investors started withdrawing investments from South African markets, the markets have been running sideways the past three years. It is about to become worse. Rather take your money to the bank in invest it in a 30-day notice account.
 
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