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)
Fully accessible
Taxed on interest & growth, taking tax exemptions into consideration.
A good start to investing & assists in building a safety net fund.
ENDOWMENT
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.
TAX-FREE SAVINGS
Fully accessible.
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.
We grow your wealth by combining active and passive management in an innovative matrix. GIB has been able to continues to deliver while reducing costs and increasing efficiency. Grow you wealth today
Learn more