Knowing how to invest money wisely does not only apply to people with large capital amounts but also to those who may only have a small amount of cash saved. If you are a beginner and looking for tips on investing then start with a small amount and go for low-risk solutions that do not need any long term commitment from you. One of the more common ways to grow your money is to shop around the different savings account options with the lowest interest rates and transfer your cash into one of these bank accounts. Also, some credit card accounts offer great interest rates for positive balances and Standard bank, Absa, Nedbank and FNB all offer higher interest rate accounts.
Think about stocks when learning how to invest money wisely and if you have spare cash that you know you are not going to need for at least about ten years then these ‘higher risk’ investments are worth looking into if you have the time to wait for market fluctuations to change in your favour. Financial service consultants are available at most South African banks and are worth talking to if you want more personalised options explained to you and perhaps some local tips and advice.
It is important to note when learning the ins and outs of getting good returns on your cash that all investments carry some risk, even if it is in the bank, although that risk is extremely low and probably the safest place for certain amounts of capital. The major banks in this country are offering solutions lately that will protect your savings in times of uncertainty within the markets. FNB, Absa, Nedbank and Standard bank all offer accounts that will offer you protection on your capital and speaking to one of their consultants could be one of the first steps in learning how to invest money wisely in South Africa.