With spring here, it is an excellent time to take a look at your financial situation and make any adjustments now to ensure that you will have a long and sustainable retirement.
Note that you do not need to be well-heeled or to have great assets to start on the path to building and growing your wealth. By following these suggestions, from whatever your base, you will be making a positive difference in your life and that of your family.
1. Spend only after you save.Rather than trying to save what you haven’t spent at the end of the month (let’s face it, who has much left over?), do your budget and decide how much you want to save each month. Then put that aside at the start of the month and live off the rest. Before long, you will have built up a significant capital base.
2. Start saving for your children.Invest a few hundred rand each month into a unit trust, exchange traded fund or something similar in the name of each of your children. You should ideally do this from the day they are born, but if you haven’t done so, at least start now. You will be amazed at how the savings add up.