When it comes to saving money for that proverbial rainy day or fixing a portion of one’s income for the future, when a specific allocation might be needed more then than it is now, there are plenty of practices and habits one can employ.
Ascertaining where these funds could come from, though, is a different story. It’s all well and good earning a stipend, wage or salary week in and week out, but sometimes there is additional income that can be beneficial for future use.
The trick is to take advantage of these streams and ensure longevity by allocating a small or sizeable portion to future savings.
Hustle for your bank balance
Micro-jobbing is one such example, but there are many others. There are a good few platforms around South Africa that enlist help for the completion of legitimate surveys, proof of location and other small gigs that can be completed in a matter of minutes, mostly online, for a decent rand return. For instance, a shoe company might use a third-party service, who in turn invite survey recipients, to talk about shoe size, favourite colour, best design, etc. This data is then collated by the company for their marketing purposes, but best of all you get paid a bit of cash for helping them along.
Invest in interest
When the time is right to invest unexpected income achieved through various entrepreneurial or passive ways, there are few recommended tactics as well. Among these is the opportunity to grow the money with interest by putting it into a simple or more detailed savings account. Some South African banks offer interest as high as the early double figures in interest. This can be really advantageous if the investment is left alone or added to over an extended period. You don’t have to think entirely long-term, though this can be advisable, but at least look medium-term.
Consult the pros
Talking to a professional in the financial field can be helpful, too. They could enlighten you to several options for planning for your financial future. There are many different products available through numerous companies and firms. It can be quite a challenge sifting through the options yourself. If you don’t look to a financial advisor, at least talk to your local bank. They have professionals at hand employed to give you sound advice. For the most part, this advice is free, because you effectively pay for it in your monthly installments for banking with them regardless.
Planning is the overall theme
However you choose to stack up your financial wellbeing, be it modest or flush, it’s important to have at least some sort of plan as you go along. Add to it as you go alone. Make tweaks. Remove what you think is surplus to requirements and put in what you think will be more beneficial than other options. You’ll should begin to see the benefits of this – first in terms of peace of mind and then eventually some monetary rewards for the future. And don’t forget to plan your allocations to the South African Revenue Service as well – that’s a given.
