Personal finance 101: Three easy ways to protect your savings
For nearly two weeks, Greeks haven't been able to withdraw more than €60 (R832) a day from their bank accounts.
Banks have remained closed since last Monday as the Greek government tries to come to a resolution over a bailout with its European partners. The country is on the verge of bankruptcy.
So what if a similar thing ended up happening here? How can you prepare for a financial crisis?
Read on to find out…
The impact of the Greek financial crisis
Since talks broke down in Greece with its creditors two weeks ago, the Greek government imposed strict control measures on its banks.
The government is most likely trying to protect its financial institutions from mass withdrawals as Greeks descend on their banks demanding all their money out.
As much as South Africa has debt, the chances of something like this happening here at the moment is remote. But this doesn’t mean that you shouldn’t have a plan in action in the event of financial crisis so you can access your savings
So how can you prepare for something like this?
Your three step financial crisis plan
Here are three things you can do, Jeff Clark in The Crux
Step #1: Hold cash
Whilst many consumers rely on debit and credit cards to pay for things, it makes sense to hold some cash. You should have enough to last you a week.
Step #2: Spread your deposits
If you have a lot of cash in the bank, it makes sense to spread this amongst different banks. This means in the event the government imposed a restriction on withdrawals, you have more than one source and can still access ample cash.
Step #3: Own gold
Physical gold is another monetary form and it is worthwhile holding some. Plus, gold is the perfect insurance against financial crisis. Should disaster hit, gold should soar in value.
So there you have it. Three easy ways to protect your savings.
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