Saving Cash for a New Home

bobbyampm

Member
Joined
Jun 18, 2008
Messages
10
Should I save in cash for a new house or open a saving account? What type of account with Interest and which bank?
 

3WA

Executive Member
Joined
Sep 25, 2012
Messages
7,405
Should I save in cash for a new house or open a saving account? What type of account with Interest and which bank?
What do you mean by cash? Like bank notes under the mattress?

My understanding of cash savings is any liquid, guaranteed-interest saving account (e.g. money market, 32-day etc.) This is as opposed to share or ETF investments.
 

backstreetboy

Honorary Master
Joined
Jun 15, 2011
Messages
14,533
How long are you looking to save and how much? Why do people always leave out the most important information and expect help still?
 

bobbyampm

Member
Joined
Jun 18, 2008
Messages
10
How long are you looking to save and how much? Why do people always leave out the most important information and expect help still?
I am able to save R100k to R150k per month and the house I am looking to buy is around R1,500,000. So in 10 months, I should be able to afford it. Should I keep saving in cash( yes cash under the mattress)?
 

3WA

Executive Member
Joined
Sep 25, 2012
Messages
7,405
For ten months, yeah, stash it under your mattress.

Also, post your address here, for reasons.
 

Snyper564

Expert Member
Joined
Oct 1, 2008
Messages
4,011
you can save R100-150k per month and you are asking for silly financial advice? go fsck right off with the bs
was thinking the same if you asking this kinda question you shouldnt be earning that kind of cash
 

Steamy Tom

Expert Member
Joined
Jan 23, 2019
Messages
4,115
was thinking the same if you asking this kinda question you shouldnt be earning that kind of cash
Same as seeing certain people driving the lastest greatest cars but have 3 brain cells and can seem to understand this driving thing.
 

3WA

Executive Member
Joined
Sep 25, 2012
Messages
7,405
When did you guys lose your faith in humanity? OP is not necessarily lying on the internet; there could be a perfectly valid explanation. Maybe he loots government funds?
 

cguy

Executive Member
Joined
Jan 2, 2013
Messages
5,466
He’s been doing 100 pushups a day for 12 years, and can now pay off a house with one punch.
 
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