4 Simple Ways To Start Saving Money
Time to Save
" Do not save what is left after spending; instead spend what is left after saving. "
- Warren Buffett -
1 - START NOW
You can start saving with any amount. Don’t procrastinate, start now.
2 - PUT YOURSELF FIRST
By putting yourself first in saving every month, you will have the opportunity to be one step ahead of the previous month.
3 - DISCIPLINE
It helps if you set up a regular debit order. This is the foundation of investing.
4 - PROACTIVE
By being a proactive saver you can avoid creating future debt or cash flow issues.
BELOW ARE SOME EXAMPLES OF INVESTMENT VEHICLES ONE COULD CHOOSE FROM:
UNIT TRUST (LISP)
Taxed on interest & growth, taking tax exemptions into consideration.
A good start to investing & assists in building a safety net fund.
Fully accessible after 5 years & partially accessible before 5 years.
Tax within the fund is at a flat rate of 30%.
Before considering this investment, meet with a Financial Planner. It can be a useful tax & estate planning investment but is situation-specific.
RETIREMENT ANNUITY (RA)
As a norm, only accessible from age 55.
Tax deductible. All interest, dividends & growth within the fund are tax free.
Effective tax & estate planning investment. Lack of accessibility would require that this forms part of your long-term investing.
All interest, dividends & growth within the fund are tax free.
A constructive government initiative to encourage saving. Meet with a Financial Planner in order to gain maximum benefit from it.
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