Savings Advice

If you are starting off with serious investing or just looking for savings advice to help make your earnings go a little further, then you have come to the right place. This site contains plenty of common sense savings advice and great information on personal finance, which could help you achieve your financial goals.

Here are some savings advice tips to get you started:

• Sit down and draw up a list of your financial goals and a practical plan for achieving them. Saving money is much easier when you have a plan to follow.
• Be careful of financial advisors who make promises of specific returns for investments that are open to fluctuations like stocks and unit trusts. If someone does make these kinds of promises then they are probably not very trustworthy.
• Don't think that you will spend less money when you are retired than you do now. Research has shown that people spend just as much money after retirement as they do before retirement. This means that your savings and investment goals for retirement should provide earnings that match your current income.
• Investments that offer high returns are usually high risk.
• Remember to take into account inflation when choosing long term savings products. If you don’t you might choose an investment that actually loses money.
• If you decide to use the services of a financial planner, check that they are registered with the Financial Services Board (www.fsb.co.za).
• If you are faced with the choice of saving for retirement or saving for your children’s tertiary education, choose to save for your retirement. You won’t have as many financial options available at retirement as your children will when entering university.
• Compare advice from different sources. Request comparative investment advice on sites like InvestmentHound.co.za.

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