{"id":3288,"date":"2019-08-26T08:00:30","date_gmt":"2019-08-26T06:00:30","guid":{"rendered":"http:\/\/contattoblogs.timslatter.co.za\/?p=3285"},"modified":"2019-08-26T08:00:30","modified_gmt":"2019-08-26T06:00:30","slug":"microsavings-when-a-little-goes-a-long-way","status":"publish","type":"post","link":"https:\/\/contattolive.co.za\/north\/microsavings-when-a-little-goes-a-long-way\/","title":{"rendered":"Microsavings: when a little goes a long way"},"content":{"rendered":"<p style=\"text-align: justify;\">There is a lot of good financial advice out there which goes something like this: \u2018you know that money you don\u2019t use every month? Well, take R50,000 and invest it in X <em>now<\/em>, and you\u2019\u2019 be happy later.\u2019<\/p>\n<p>Sound familiar?<\/p>\n<p>The problem with this advice is that it\u2019s incredibly alienating for the other 92 percent of people out there who a) don\u2019t have money left over at the end of the month and b) would laugh and rub their hands with glee like Scrooge if 50,000 unaccounted-for rands came calling. That\u2019s not real life, for the average Joe. So, where does one find financial advice for people without the silver spoon?<\/p>\n<p>This blog post is for you. It\u2019s about a term which may well answer many of your problems: microsaving.<\/p>\n<p><strong>What is microsaving?<\/strong><\/p>\n<p>Just like the name says, this is putting small bits of money aside. Think of it as the digital equivalent of what your grandparents did with a kitty back in the day, dropping spare coins regularly.<\/p>\n<p>Microsaving is about taking whatever amount of money is small and unnoticeable to you and tucking that away in a place you can\u2019t spend it. So, for instance, you buy a weekly wrap at work that costs R35 and so your microsaving method of choice squirrels away the R5 into a savings pocket, separate account or another wealth preservation vehicle like your RA. If you know that you regularly come out at the end of the month with about R900 aside for your daughter\u2019s ballet things, which often comes to R800 actually, microsavings pockets that extra hundred.<\/p>\n<p>These are by no means big amounts and \u2013 caution \u2013 no microsaving tool will get you the returns that investing R50,000 in a reputable vehicle would, but they are certainly better than <em>not<\/em> using microsavings. Here\u2019s why.<\/p>\n<p><strong>Mindfulness matters<\/strong><\/p>\n<p>For most of the people that can\u2019t afford to save or invest traditionally, it\u2019s not entirely true that they don\u2019t have one single spare cent unaccounted for each month. It\u2019s more a mindfulness issue. Money coming in like salaries are given vague budgets at the beginning of the month and then, like a black hole, it juts vanishes into a million little things and unforeseen expenses. Do you have an emergency fund each month? Do you estimate and account for how much you spend tipping car guards and paying for parking? And because savings and investing are often the last in line, the if-I-have-enough amounts, by the time their turn rolls around there is no money to save or invest.<\/p>\n<p>A microsaving app, banking feature or some other investment vehicle (Liberty\u2019s Stash and FNB\u2019s Bank Your Change are quite good) takes into account this lack of mindfulness by taking off that R5 from the wrap, R100 from the ballet recitals money, knowing you won\u2019t notice. And then you have something like R400 at the end of each month saved away \u2013 certainly not the R2000 you were hoping to save, but better than the zero you were headed for.<\/p>\n<p><strong>From microsaving to microinvesting<\/strong><\/p>\n<p>Of course, it\u2019s not just saving that this approach is good for. Instead of sending your loose change into a savings pocket, what about into an investment vehicle? Or your retirement fund? Or the trust you as a couple set up for the kids\u2019 university fund? The possibilities are endless and, especially when coupled with intentional saving and investment of larger sums, microinvesting can be powerful.<\/p>\n<p>Sometimes it pays big to go small\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"<p>There is a lot of good financial advice out there which goes something like this: \u2018you know that money you don\u2019t use every month? Well, take R50,000 and invest it in X now, and you\u2019\u2019 be happy later.\u2019<\/p>\n<p>Sound familiar?<\/p>\n","protected":false},"author":1,"featured_media":3289,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12,27],"tags":[],"class_list":["post-3288","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-market"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Microsavings: when a little goes a long way - Contatto North<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/contattolive.co.za\/north\/microsavings-when-a-little-goes-a-long-way\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Microsavings: when a little goes a long way - Contatto North\" \/>\n<meta property=\"og:description\" content=\"There is a lot of good financial advice out there which goes something like this: \u2018you know that money you don\u2019t use every month? Well, take R50,000 and invest it in X now, and you\u2019\u2019 be happy later.\u2019 Sound familiar?\" \/>\n<meta property=\"og:url\" content=\"https:\/\/contattolive.co.za\/north\/microsavings-when-a-little-goes-a-long-way\/\" \/>\n<meta property=\"og:site_name\" content=\"Contatto North\" \/>\n<meta property=\"article:published_time\" content=\"2019-08-26T06:00:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/contattolive.co.za\/north\/wp-content\/uploads\/2019\/07\/Microsavings-when-a-little-goes-a-long-way.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"770\" \/>\n\t<meta property=\"og:image:height\" content=\"280\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"anthonyb@timslatter.com\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"anthonyb@timslatter.com\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/contattolive.co.za\\\/north\\\/microsavings-when-a-little-goes-a-long-way\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/contattolive.co.za\\\/north\\\/microsavings-when-a-little-goes-a-long-way\\\/\"},\"author\":{\"name\":\"anthonyb@timslatter.com\",\"@id\":\"https:\\\/\\\/contattolive.co.za\\\/north\\\/#\\\/schema\\\/person\\\/6b55c4b0a6054f79a0f61aa82405b972\"},\"headline\":\"Microsavings: when a little goes a long way\",\"datePublished\":\"2019-08-26T06:00:30+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/contattolive.co.za\\\/north\\\/microsavings-when-a-little-goes-a-long-way\\\/\"},\"wordCount\":601,\"image\":{\"@id\":\"https:\\\/\\\/contattolive.co.za\\\/north\\\/microsavings-when-a-little-goes-a-long-way\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/contattolive.co.za\\\/north\\\/wp-content\\\/uploads\\\/2019\\\/07\\\/Microsavings-when-a-little-goes-a-long-way.jpg\",\"articleSection\":[\"Blog\",\"MARKET\"],\"inLanguage\":\"en-ZA\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/contattolive.co.za\\\/north\\\/microsavings-when-a-little-goes-a-long-way\\\/\",\"url\":\"https:\\\/\\\/contattolive.co.za\\\/north\\\/microsavings-when-a-little-goes-a-long-way\\\/\",\"name\":\"Microsavings: when a little goes a long way - 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