Savings Goal Planner
Plan your savings journey to reach your financial goals.
Your Savings Plan
Estimated contributions to reach your goal.
Projected Savings Balance
Smart Savings Tips in SA
Tips to help you reach your savings goals:
- Set SMART Goals: Make your goals Specific, Measurable, Achievable, Relevant, and Time-bound.
- Automate Savings: Set up automatic transfers from your current account to your savings account each payday.
- Reduce Expenses: Identify areas in your budget where you can cut back to free up more money for savings.
- Increase Income: Look for opportunities to earn extra income, even if it's a small amount.
- Review Progress: Regularly check your progress and adjust your plan if needed.
- Choose the Right Account: Select a savings account or investment that offers a good interest rate or return, considering your timeframe and risk tolerance.
Frequently Asked Questions
Common questions about saving in South Africa
How much should I save each month?
The amount you should save depends entirely on your income, expenses, and financial goals. Financial advisors often recommend saving at least 10-15% of your income, but any amount you can consistently save is a good start. This calculator helps you determine the required amount for a specific goal.
Where should I keep my savings?
For short-term goals (less than 1-3 years), a high-yield savings account or money market account is generally suitable as they offer liquidity and low risk. For longer-term goals, you might consider investments like unit trusts or exchange-traded funds (ETFs) for potentially higher returns, but these come with higher risk.
What is the impact of interest/growth on my savings?
Interest or investment growth allows your savings to grow on their own through compounding. The higher the growth rate and the longer your timeframe, the more significant the impact of compounding will be, potentially reducing the amount you need to contribute yourself to reach your goal.