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Savings

  • Why you have to embrace compounding with your savings and let it work its magic
  • Managing your monthly income can be a difficult task. There are so many expenses and bills to pay. But you have to allocate a certain amount of money to put into savings so that you can start to build a nest egg. Having savings in the bank gives you financial security. And importantly, it means you can let compounding work. Let's take a closer look… What are your financial priorit... ››› more
  • [27 October 2015]
  • How to put your tax-free savings account to use for retirement
  • There isn't an easy way to prepare for retirement. You'll have to make a lot of choices along the way. If you're contributing to a pension or a retirement annuity, it's good to add some diversification by looking at other ways of saving for your retirement. And you could do this by using your tax-free savings account. Read on to find out more… Investing for retirement with a tax ... ››› more
  • [22 October 2015]
  • If you're still paying tax on your investments you're losing out big-time!
  • Do you own unit trusts, ETFs or shares? If you do, you're paying 15% tax on all the dividends you receive. You also pay 13.33% capital gains tax once you sell any of these. In fact, if you held them for less than three years you will end up paying up to 40% in income tax on them… But you don't have to. Stop paying tax on your investments today The National Treasury introduced Tax... ››› more
  • [23 September 2015]
  • How to manage your cash
  • It's prudent to have a cash emergency fund to tide you over if something unexpected happens. It's also a good idea to hold some cash as part of your investment portfolio. So where should you keep your cash? You need to weigh up the returns… Keeping your cash in the bank Keeping your cash in the bank is one of the safest ways to store it, but it’s also likely to give you the poo... ››› more
  • [08 September 2015]
  • How best to prepare for retirement
  • It's probably not a surprise to learn that many South Africans haven't adequately prepared for retirement and have little or no savings. Saving for retirement is something that you need to do. How else are you going to support yourself when you're older? You may think you don't have enough money to save towards retirement, but chances are you do. Read on to find out more… Stop was... ››› more
  • [03 September 2015]
  • The tax implications of buying government retail bonds
  • Government retail bonds (or RSA Retail Bonds) can be a useful savings vehicle. But like all other sources of interest and income, you may have to pay tax on your gains. So when are you liable to pay tax on the interest you receive from government retail bonds? And is there anyway round it? Read on to find out… How government retail bonds work From just R1,000 you can invest in govern... ››› more
  • [27 August 2015]
  • How to pick the right government retail bonds for you
  • Government retail bonds, or RSA Retail Savings Bonds to give them their formal name, are a way of investing your money for the long-term. By lending the government money by buying these bonds, you receive interest payments twice a year for the term of the bond. When the bond matures, you receive your initial investment back. If you want to buy government retail bonds, you need to decide whic... ››› more
  • [25 August 2015]
  • Retirement savings: When it's ok to start spending your principal
  • When you're saving for retirement (or other goal), the one rule you should never break is never touch your principal amount. If you touch your principal amount, you're going to damage your future gains. But once you get a bit older, there will come a time when you can break this rule. So how do you know when it's time? Read on to find out… If you’re nearing or in retirement W... ››› more
  • [21 August 2015]
  • Preparing for retirement: How to attain financial freedom by saving R1,900
  • Your financial aspirations may differ from your friends or family. But one thing you'll no doubt have in common is you want to build a solid financial backing, especially by the time you reach retirement. Having a solid financial backing gives you independence and peace of mind. So how can you achieve financial freedom by the time you retire? Read on to find out… How much you need... ››› more
  • [06 August 2015]
  • Why high charges erode the benefits of tax-free savings accounts
  • In March this year, the National Treasury introduced tax-free savings accounts. The main reason behind the treasury introducing these accounts was to encourage South Africans to save, especially those on lower incomes. Saving is something many South Africans aren't good at. So what exactly are tax-free savings accounts? And what should you need to watch out for? Read on to find out… ... ››› more
  • [05 August 2015]
  • Financial planning 101: Putting your money to work
  • From the moment you begin working, you should start to implement a plan for your money over the long-term. This can include money in the bank, cash to trade with over the short-term, long-term investments and retirement savings. Let's take a closer look at what you need to think about when it comes to putting your money to work… Start financial planning as early as you can With th... ››› more
  • [30 July 2015]
  • 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... ››› more
  • [10 July 2015]
  • Four risks you need to be aware of with your retirement investments
  • When you put money to work for your retirement, you face investment risk. This investment risk will depend on what assets you invest in. It's easy to ignore risk and focus on how much your investments for retirement could return. For example, if you invest in a unit trusts that's shown good performance over the years, there's no guarantee this will continue. So what risks face your retire... ››› more
  • [01 July 2015]
  • Are you on track to meet your retirement savings goals?
  • Once you know how much money you need in your retirement savings when you stop work, have you checked if you're going to achieve it? And what is the best way of checking? Read on to find out… Are you saving enough for retirement? Once you know how much money you need in your retirement savings (read this article if you don’t), it’s vital to check you’ll achieve this goal. ... ››› more
  • [17 June 2015]
  • How to calculate how much money you need in your retirement savings pot
  • If you don't spend time now calculating how much money you'll need when you retire, you may end up living a poorer retirement than you thought. It's worth taking the time now to see how much you need so you can work towards having enough money when you get to retirement age. The longer you leave it, the harder it will be to achieve. So how can you calculate how much money you need in your... ››› more
  • [15 June 2015]
  • What to consider before tying your money up in RSA Retail Savings Bonds
  • One popular way to invest your money at low risk is RSA Retail Savings Bonds. You can choose between buying fixed-rate bonds and inflation-linked bonds over various terms. Whilst these bonds can be a good way to earn interest on your cash, they have their drawbacks. Read on to find out more… What are RSA Retail Savings Bonds? When you buy RSA Retail Savings Bonds, you’re len... ››› more
  • [28 May 2015]
  • Why you must keep your savings separate from your investments
  • When it comes to your finances, from your earnings you need to spend some of it to cover necessities and expenses. You can then put the money you have left into your savings and investments. But what is the difference between your savings and investments? Are they not just the same thing? Read on to find out… The difference between savings and investments Whilst savings and invest... ››› more
  • [28 May 2015]
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