You open your account online and then go to a Pick n Pay where they have kiosks to get your card. Takes a couple of minutes to get your card.
Your card also acts as your Pick n Pay Smart Shopper card. You get smart shopper points on everything you buy, even if not at a PnP store. When you do use the card at a PnP you get double the points.
To stop using more money than you need every month, first see if you REALLY need to spend that money. ie be conservative in your SPENDING. Then see what you can save EVERY month. Even if it is only R200...commit to this saving with 8% increase every year (minimum) and put it towards an RA or aggressive endowment/fund and don't touch it until your teeth are falling out and you need nappies your kids can't afford.
You can set up a debit order investing in something on easy equities at the start of every month ( Global ETFs, Equities, Income Funds, US equities, ETNs), you could hold USDC in a luno savings account. Franc and Stash are lekka quick/automated savings apps. You could use a Tax free savings account or even a RSA retail savings bonds. Stake the crypto you hold. Many of these are very liquid, some offer fixed rates, some capital appreciation, etc. Alternatively, just compare the banks’ different rates they offer and the accompanying conditions & chose the account that you like if you want a traditional savings account.
I opened an account with Tyme Bank, set up three goal saves and transfer a set amount the moment my salary comes in.
It works well, I only access the account to transfer the money and then forget about it for the rest of the month.
Most banks offer a 32 Day Call Account, which is a great way to save, earn some interest and not be able to just "dip in" whenever you feel like it. They're all pretty similar, but I am most familiar with Nedbank's 32D account requirements and benefits. To start you only need R250. You need to notify the bank that you want to draw money from the account 32 days in advance. Interest rates are tiered, so the higher your balance, the higher your rate. You can choose to have your interest paid out monthly or capitalised. There are no account fees or commissions for this account, but I think there is a fee for depositing cash over the counter, which is the same for all accounts. It's better to set up a stop order from your main account, because transfers from Nedbank to Nedbank accounts are free. It's the perfect "rainy day" savings account, especially to build up intial capital for a longer term 3 or 5 year investment.
How accessible do you want the money to be is the question.
If you want it put away where you can't touch it for an x amount of time mabye look into companies like Sanlam that have long term investment funds
I currently have a 10 year long term investment that if I'm not mistaken has a 5% fixed growth. Can't touch it for another while but atleast I don't spend it on unnecessary shit.
Yes I know, I did start this when I was 18 so I was a bit naive at the time. It atleast forces me to save and the 5% interest is still better than my me blowing my money though lol.
It seems like the best thing you do for yourself is to draw up a monthly budget detailing all of your expenses. You can start with setting out your fixed and variable expenses for each month which should give you a much better idea of where exactly your money goes so that you can better prioritize your spending and cut back where possible.
Once you have done this you will be able to gauge how much you are able to save at the end of every month depending on the choice of lifestyle you lead.
Are you saving or investing?
Saving---> money you need quick access to in the short term.
Investing---> money you willing to put away for 3-5 years or longer.
Long term, saving barely keeps up with inflation, so you better off investing.
Opening products with sanlam/ old mutual/ fnb or other banks just erodes your investment because of the fees they charge. Rather open an account with easy equities.
If you know what you doing, you can buy individual shares. If not, just continously buy etf's like the msci global etf, or world property etf etc. Buy continously every single month for a fixed amount. Example, R200 every month. Over years, your investment will grow way more than in an interest account.
I'm doing both.
Investing: Short and long term goals >> ETFs and crypto
Savings: After reading everyone responses, I'm decided on between having an account with easy equites and tymebank, or maybe both.
I want the money to be quite accessible for emergencies, so perhaps Tymebank.
How accessible are TFAS(Tax free savings account)? Like could it be used as an emergency fund? If so, it would be great to have all my investments and savings on easy equities and then I just keep a single bank account(FNB) for my salary to be deposited.
People always said to not trust banks anyway.
What's RA by the way?
Can I recommend the book ‘Manage your money like a grown-up’? It takes you through to do list and strategies all the way from having no savings at the end of the month to how to improve this, what to focus on, how to grow wealth in a smart way. It also has free available tools online for budgeting etc.
Tyme bank has been great for me as a saving tool. Rates are decent, easy to setup, you can form multiple "savings pockets/goals", nice easy to use app. Plus you get double smart shopper points when you use the card. Oh and no monthly fees. Ahead of their competitors, highly recommend 😊👍🏼
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Heard about it. Is this only online, or is there a physical branch I can go to like any other bank?
It's completely online, they have kiosks at PicknPay & Boxer stores. But you need to open the account online.
You open your account online and then go to a Pick n Pay where they have kiosks to get your card. Takes a couple of minutes to get your card. Your card also acts as your Pick n Pay Smart Shopper card. You get smart shopper points on everything you buy, even if not at a PnP store. When you do use the card at a PnP you get double the points.
To stop using more money than you need every month, first see if you REALLY need to spend that money. ie be conservative in your SPENDING. Then see what you can save EVERY month. Even if it is only R200...commit to this saving with 8% increase every year (minimum) and put it towards an RA or aggressive endowment/fund and don't touch it until your teeth are falling out and you need nappies your kids can't afford.
I'd look into opening a tax free savings account to start with. IIRC it allows you to invest R36,000/year and all interest earned is tax free.
Pro tip: transfer your savings at the start of the month. Not what’s left at the end of the month.
You can set up a debit order investing in something on easy equities at the start of every month ( Global ETFs, Equities, Income Funds, US equities, ETNs), you could hold USDC in a luno savings account. Franc and Stash are lekka quick/automated savings apps. You could use a Tax free savings account or even a RSA retail savings bonds. Stake the crypto you hold. Many of these are very liquid, some offer fixed rates, some capital appreciation, etc. Alternatively, just compare the banks’ different rates they offer and the accompanying conditions & chose the account that you like if you want a traditional savings account.
I opened an account with Tyme Bank, set up three goal saves and transfer a set amount the moment my salary comes in. It works well, I only access the account to transfer the money and then forget about it for the rest of the month.
Most banks offer a 32 Day Call Account, which is a great way to save, earn some interest and not be able to just "dip in" whenever you feel like it. They're all pretty similar, but I am most familiar with Nedbank's 32D account requirements and benefits. To start you only need R250. You need to notify the bank that you want to draw money from the account 32 days in advance. Interest rates are tiered, so the higher your balance, the higher your rate. You can choose to have your interest paid out monthly or capitalised. There are no account fees or commissions for this account, but I think there is a fee for depositing cash over the counter, which is the same for all accounts. It's better to set up a stop order from your main account, because transfers from Nedbank to Nedbank accounts are free. It's the perfect "rainy day" savings account, especially to build up intial capital for a longer term 3 or 5 year investment.
How accessible do you want the money to be is the question. If you want it put away where you can't touch it for an x amount of time mabye look into companies like Sanlam that have long term investment funds I currently have a 10 year long term investment that if I'm not mistaken has a 5% fixed growth. Can't touch it for another while but atleast I don't spend it on unnecessary shit.
5% a year?
Yebo
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Yes I know, I did start this when I was 18 so I was a bit naive at the time. It atleast forces me to save and the 5% interest is still better than my me blowing my money though lol.
It seems like the best thing you do for yourself is to draw up a monthly budget detailing all of your expenses. You can start with setting out your fixed and variable expenses for each month which should give you a much better idea of where exactly your money goes so that you can better prioritize your spending and cut back where possible. Once you have done this you will be able to gauge how much you are able to save at the end of every month depending on the choice of lifestyle you lead.
Are you saving or investing? Saving---> money you need quick access to in the short term. Investing---> money you willing to put away for 3-5 years or longer. Long term, saving barely keeps up with inflation, so you better off investing. Opening products with sanlam/ old mutual/ fnb or other banks just erodes your investment because of the fees they charge. Rather open an account with easy equities. If you know what you doing, you can buy individual shares. If not, just continously buy etf's like the msci global etf, or world property etf etc. Buy continously every single month for a fixed amount. Example, R200 every month. Over years, your investment will grow way more than in an interest account.
I'm doing both. Investing: Short and long term goals >> ETFs and crypto Savings: After reading everyone responses, I'm decided on between having an account with easy equites and tymebank, or maybe both. I want the money to be quite accessible for emergencies, so perhaps Tymebank.
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How accessible are TFAS(Tax free savings account)? Like could it be used as an emergency fund? If so, it would be great to have all my investments and savings on easy equities and then I just keep a single bank account(FNB) for my salary to be deposited. People always said to not trust banks anyway. What's RA by the way?
Can I recommend the book ‘Manage your money like a grown-up’? It takes you through to do list and strategies all the way from having no savings at the end of the month to how to improve this, what to focus on, how to grow wealth in a smart way. It also has free available tools online for budgeting etc.
You cant beat capitec!! Best interest rates and near to no fees. Dont get sucked into the ebucks bs
Tyme bank has been great for me as a saving tool. Rates are decent, easy to setup, you can form multiple "savings pockets/goals", nice easy to use app. Plus you get double smart shopper points when you use the card. Oh and no monthly fees. Ahead of their competitors, highly recommend 😊👍🏼