If you save R2 750 a month for the next 15 years, it could grow to R1.1 million. Is it possible to reach the same target by tripling the amount and saving over the next five years? mayaonmoney answers
I am 30 years old and based in Gauteng. I graduated with a degree in 2014 but I am struggling to get a job in my profession. This led me to go out and hustle for any kind of job so I could get paid and meet my needs.
I want to buy a second-hand car but am struggling to adjust my budget. What can I do to stick to my goals? Can I buy a car and still afford to save?First, congratulations on your savings to date. You are better off than most 30-year-olds. Then you need to start focusing on improving your income so that you can reach your goal of your farming business. If you have been working for a while and developed a good track record with your employer, is it possible to get an increase? You have work experience now, so always keep looking for other, better-paid jobs.
What you want to avoid at this stage is debt. You should only consider a car if you can buy it with cash because car finance will become a huge burden if your contract ends. It is worth spending time doing some calculations on what you need to live. It may be better to take the Government Employees’ Pension Fund retirement option and guarantee yourself an income for life. This would include a 50% pension to your wife if you die before her.
Then look at the emotional side – a home is not an asset in the true sense, it is somewhere to live and raise your family – so different factors need to be considered. Do you like living where you are now? Are there conveniences like a school/family nearby?
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