Thursday, April 15, 2021
Opinion

Smart money tips for Money Smart Week 2021

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Khwezi Jackson, an investment consultant at 10X Investments, shares five key tips to make your money work for you this Money Smart Week.

As we approach the second quarter of the year, South Africans are feeling the pinch of rising prices even as economists predict that the economic rebound will start to gather steam soon. This week, 22-28 March, is Money Smart Week in South Africa – here are some smart money management tips to set you up for a life of financial health.

  1. Can’t work out where your money is going? You’re not alone. Take a deep-dive into your basic expenses to find where you can save smartly.

  2. Start saving for retirement from your first paycheque and reap the rewards of compound interest. But even if you have been working for years, there is no better time to start than now.

  3. The South African Revenue Services (SARS) will give you money back if you save for retirement. So, max out on the tax allowances and don’t say no to the taxman’s offer to refund some of your taxes.

  1. Don’t cash in your pension fund savings when you change jobs. Even if it seems like a great idea to use the money to pay off debts or buy a new car, cashing in means you lose a lot more than the money you spend. Not convinced? Read how R38,029 cashed out would have been R987,000 at retirement!

  1. Lucky enough to receive a bonus? Don’t just blow it. If you use the extra cash to boost your retirement savings, you’ll receive a tax benefit and a whole lot more as the money grows over the years.

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