Savings Plans in South Africa

Make Savings Plans a priority – Be disciplined, let your money grow and enjoy the returns

 Reap rewards in the future by making sacrifices now
Reap rewards in the future by making sacrifices now

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  See Savings Plans News:

• Weighing in on tax-free savings accounts and retirement annuities (May 24, 2018)
• How to start saving from your first pay cheque (Apr 08, 2018)

Just because people earn more money, does not always mean that they save more. Some people are simply in the habit to spend more than what they earn...

Most individuals find it very hard to adopt a disciplined financial lifestyle. Saving money means you will reap the rewards in the future by making sacrifices now. The sooner you adopt a financial plan built around your budget, medium and long term goals, the better.

A good qualified financial advisor would design a financial plan and has the knowledge of the various products, instruments and fund options.

Your age, budget, goals and needs will influence the best savings plan or savings or investment instruments suggested by the advisor. They would also take in consideration current market conditions, political outlook and volatility.

For example saving for retirement, lifestyle or education, may bring about different advice – given the nature of the saving need.

There are a host of saving plan options available...

We therefore recommend that the smartest thing you can do is -- Appoint a Certified Financial Planner or Professional Advisor!

Getting the best value for your money is important. Always consider the following:

  • Are you allowed to make lump sum contributions and monthly contributions?
  • Consider tax allowances or efficiencies that may apply. A tax free savings plan or retirement annuities, are considered as good tax savings instruments.
  • Consider the interest that you would earn.
  • Flexibility of the product – Some products even allow you to “skip” contributions if you experience a tight budget for a month or two.
  • The fees that you may be required to pay.
  • The period you are willing to commit.
  • Some saving products are linked to investment funds – so you may even select the fund, or the fund manage,r to be used.
  • One should always consider those options that best beats inflation.
  • It would be wise to appoint a Certified Financial Planner or Professional Advisor to assist you.
  • Also refer to the Financial Planning Insurance article for guidance, should you need a Financial Advisor.
 Be disciplined - Make saving plans a priority
Be disciplined - Make saving plans a priority
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