HomeHome SearchSearch MenuMenu Our productsOur products

“Francois, How do I start investing if I don't have R10,000?”

by , 16 February 2016

I see this question often. If you've been wondering how you can get your investment portfolio started quickly if you don't have R10,000, this guide is for you!
 
A solution that could help you save up R10,000 in as little as four months!
 
I recently had a chat with my colleague Aiden Sookdin.
 
He told me about a programme he’s running to help people free up as much as R2,640 a month!
 
He calls it his 8 Days to a Richer Life Challenge, and by following his ideas, you could easily save up to R10,000 within four months.
 
It all comes down to simply looking at your budget in a different way. You see, Aiden believes he can help you save this money without you even needing to forego the luxuries you’re used to every day!
 
Five ways to get started saving up your R10,000 today
 
Aiden gave me permission to share five of his favourite ways to get star ted saving, so you can build up R10,000 to invest in penny shares as fast as possible:
 
1. Save up to R400 a month on insurance! – Many of us spend more on insurance than we should. You see, every year your insurer hikes your premiums even though your car is wor th less. Most of us, me included, just never think about getting another quote. But it goes further than this. If you get a second quote and its better than your insurer currently offers, you should forward the quote to your current insurer. Playing them off against each other, can get you a great premium with minimum hassle.
 
2. Save up to R200 a month from things you don’t need! – All you need to do is go through your bank statements and look for debit order payments going off for things you don’t need. I tried this and discovered I was paying R95 a month for a property listing service I no longer used… It took me f ifteen minutes and saved me about R1,200 a year!
 
3. Pay off your credit card immediately and get accelerated savings! – The cost of credit card debt is as high as 20%, even 30% a year. So don’t put any money in the market, or even a savings account until you’ve paid off your credit card debt. On R20,000 credit card debt you save R4,000 to R6,000 in interest per year by paying it off instead of saving the same money in a fixed deposit that’ll gives you at most R1,000 a year in interest. After you’ve paid off your credit card you can start saving money and investing in penny shares!
 
4. Get your bank to pay you for banking with them! – This is a really easy one – use bank loyalty programmes like the FNB EBucks and Nedbank greenback programmes to your advantage. Did you know you could actually cash out your EBucks as real hold in your hand money instead of spending it on rubbish you really don’t need? Well, I’ve been doing this for six months and I’ve saved up R2,000 this way!
 
5. If you’re healthy, you could save up R1,300 a month this way! – Changing your medical aid plan could save you a for tune. If you’re healthy and paying for a top plan where you don’t use all the benef its, switching to a cheaper option can save you a fortune. I had a look into my plan and found that dropping down to a cheaper plan saved my wife and I R1,300 a month and we still had 90% of the benef its we had before! So make sure you’re actually using your medical aid plan optimally. If you’re not, a cheaper plan might not be a bad choice…
 
Following these five tips should make it easy for you to save up as much as R10,000 or more this year, and possibly as quickly as in four months!
 
If you want to accelerate your savings and get investing quickly have a look at Aiden’s 8 Days to a Richer Life Challenge. It’s completely free and could help you not only live a richer life but save up more money to start investing and make even more money fast!

Here's to unleashing real wealth,


Francois Joubert,
Editor, Red Hot Penny Shares


“Francois, How do I start investing if I don't have R10,000?”
Rate this article    
Note: 5 of 1 vote

Related articles



Related articles




Trending Topics