Growing your money

It’s not magic. It’s investing.

Your thoughts (19)

What if we told you that if you miss out on buying a top for R100 you can grow that money? It’s called investing. This is when you put money away so it grows by earning interest. Interest is the money earned by the person you borrowed money from. In this case, the bank will pay you since they will be using your money.

Saving matters

Saving is a great way to achieve financial goals. When you save money, you learn to work with focus and discipline, which as skills you’ll use in other areas of your life. Let’s say get R250 for your birthday. You invest R200 and keep adding R60 from your weekend hustle every month, you’ll have R979 after 12 months. The simplest way to start investing is through a bank. Try the following accounts, which are available for people under 18.

ABSA’s Target Save. You open it with R100 to earn 4.65% interest every year. You also get bonus interest every six months if you don’t withdraw your savings.

FNB’s My First Savings needs a minimum of R100 and earns 6.50% over 12 months. Nedbank has three accounts you can open with R50. Save4me earns 5.75%, Nedbank4me gets 3% and Justsave gives you 2.90% per annum. The interest you earn on your savings will be affected by inflation. This is when the rand’s value goes down, which causes prices to go up.

To open a savings account, go to the bank with the following:

  • ID
  • Proof of residence
  • A parent or guardian and they must also bring their ID

You can also start a stokvel with your friends. If there’s six of your saving R30 each every month, you’ll have R2160 saved at the end of the year, and each member will get R360.

Side hustles are boss.

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Your thoughts

Angelique

Great you've just given me an idea

Aug. 17, 2022, 11:14 a.m.

ZoeZoZo

Wow!! Amazing ideas, yoh chomis I'm tryna save up money till I'm 20 to move outta Durban to New York🗽🗽💵💵

July 9, 2022, 8:11 p.m.

yah hey i'm going to be a side hustler awe

March 20, 2022, 9:01 p.m.

Latest Reply

So

Yeh me too guyz

March 20, 2022, 9:01 p.m.

Yho it hard to save cn u help plssssssssssssss!! I really need help pretty please?!

March 20, 2022, 9:01 p.m.

Latest Reply

It easy Mumu u can just get experience to others by trying to make a stokvel group with people u trust or maybe your frnds anf find one person u trust in that group to be leader who willl keep yoir money safe ,it will be easy to save for a month untill the end of the year than you spilt it at the end of the year.

Yaaa it so hard to save cash if you have alot of money you fell to use it at the same time

March 20, 2022, 9:01 p.m.

saving is great it's worth it at the end

March 20, 2022, 9:01 p.m.

Hey ladies... well I have a problem about money. I'm not that good when it comes to saving , yes I have a bank account but do not use it that much to save, I use it for people to send me money. Now my problem is that at this point we are not so financially stable at home. I just got a job and starting on the 1st of next month BUT.... my pay is already finished before its even in my bank....my mom is telling me of the things I must pay , her accounts, but food and all that. I mean I already feel strained and stressed that I'm going to be in debt trying to fox my mums financial issues and I also have things I want to do with the money....please advice...please advice.

March 20, 2022, 9:01 p.m.

Latest Reply

Hey Springster. The beginning of your career can feel very straining financially. It will feel as though the more money you earn the more expenses you start having. My advise is to write down a budget and add everything to it. Transport, food, your contribution at home, and any extra cash you spend. Explain to your mother that you will only be able to make a contribution and that you cannot take on expenses or else you won't be able to save. Communication is key and you have to speak up. Good luck

That's very nice

March 20, 2022, 9:01 p.m.

That's good!

March 20, 2022, 9:01 p.m.

I think this platform mst be make known in each and every school so it can reach a huge number and change the life of the youth

March 20, 2022, 9 p.m.

My mother don't want me to open a account

March 20, 2022, 8:57 p.m.

Latest Reply

Greetings Springsteen's try finding out what is the reason your mother doesn't want you to have an account ...try making her visualise all the good things you could do with your money during the December holidays you won't be nagging anyone anything you want you get unless you drink alcohol that's the reason she won't allow(TIP:do it far from where you live where nobody knows you with people that know the place of course &never get drunk just be tipsy you are a teen after all) you or maybe ask an individual who's family to accompany you

My mom also didn't want me to but I begged until she say yes

Thanks for the tip 👌👊

March 20, 2022, 8:54 p.m.

Thanks for the useful information.

March 20, 2022, 8:54 p.m.