Written by: Phindile Le Bris Sithole-Spong
With each new decade comes an opportunity to gain some new wisdom. At this junction in my life, as a new mom, business woman, editor and wife, one thing that I (and many of my friends in similar positions think and talk about often), is how to save better. Whilst I will always be a fan of traditional saving methods. Methods such as putting a certain amount of money in a bank account every month. Nowadays I have been searching for other ways to make my money work for me. After talking to a few friends in finance and getting their views. I thought I’d share some of their tips for saving that goes beyond a savings account.
- Tax-free shares account: One thing I realized once I started doing some research was just how many saving options there actually are. Options that are right in front of us, but perhaps not very visible. One of those ways is through a tax free shares account. From my understanding of this type of account, the idea is to save a certain amount of money a month which is then used by investors to buy shares in various companies on the stock exchange. Currently I have one such account that is not only a no brainer but that only invests my money in companies that are safe. Which means I don’t have to worry about losing it. Also when I need it, I can just sell my shares and get the cash out within a couple of days. This may vary depending on your country and bank, but a little research and a chat with a banker could help shed some light.
- Art: Whilst art is not the most common thing to see as an investment. One thing I will always remember from growing up is how much art my more well-off friends parents had around. Whilst it did add style, color and texture to their homes. Since speaking to one of my friends who is an art curator, I see how many of the pieces could have been investments. Its a great way to make your money work for you whilst also serving a purpose (making your home beautiful). Talk to an art curator like Khumo Sebambo who we interviewed here.
- Education: One thing I am a huge fan of is self investment. And this often means investing in my own education and knowledge of certain industries and skills. And whilst formula education is a great investment. You don’t have to commit a few years to learning. You can commit to a few months or weeks through online courses and workshops. Currently I am paying an application for online french classes. A good use of my time, and money as I live in a french speaking country.