1. Credit card
Did you know if your credit card has a positive balance, you will accrue more interest than if it is in a savings account? This takes some discipline but it’s worth doing.
2. Saving with a goal
This is a simple and disciplined savings plan that can help you to achieve your goals. All you have to do is set up a monthly debit order of at least R100 for at least 12 months and, after that, you decide how much you want to save and for how long. This option is ideal for saving for a goal like varsity fees, a holiday or a new car.
3. Saving with terms
A fixed deposit account will not permit you to withdraw cash until the money has been in the account for an agreed amount of time. This is so the money accrues maximum interest. You can’t make any additional deposits or withdrawals during the period. The minimum amount to open a fixed deposit is R1 000 and you can choose a fixed term ranging from 33 days to 60 months.
A notice deposit is an account that helps you become more disciplined in your saving habits. You can make additional deposits as and when you want, at a minimum of R250. However, you can only access your funds once your 32-day notice period expires.