Here are three top tips to take advantage of the recent repo rate drop:
Pay off your debt faster Continue to pay off your debt as if the interest rate change has not taken place. Paying off a loan faster means that you’ll save on the amount spent on interest. Your future self will thank you for fewer installments, which can be used to invest in your future or for things you actually enjoy.
Pay off credit with higher interest rates first Store and credit cards often have higher interest rates than other loans. Pay these off first to maximise your savings and, where possible, switch to more affordable options. Pay it forward to your future self: use your bank’s app to set up a recurring monthly payment into a savings plan. Putting R166 into a savings plan each month for two years quickly grows to more than R4 000.
Study further. A recent poll conducted shows that 21% of South Africans name furthering their education as a 2019 savings goal. Use the monthly saving towards studying further, which could earn you a promotion or the opportunity to apply for a new exciting job
Click here to read the full article. https://www.iol.co.za/…/use-rate-cut-savings-to-invest-in-y…