Short and Long-term Saving goals Last month we spoke about saving a portion of your earnings each month so that you can buy the things you want. It is always tough in the beginning to start saving, but once you see that bank balance grow, you will be compelled to save more. This month we look at saving for short- or long-term goals, and which Standard Bank product is best suited to those saving needs. Short-term goals are easily achievable and can take a few days or weeks to reach. Short-term goals can be anything from the latest Gossip Girl DVD set to those sexy heels (Yes we love shoes!). The first step is to look at how much pocket money you get and put away a percentage of it each month. If you do not already have a savings account, now is the time to open one. A PureSave account will be perfect for you as it allows you to save spare cash, has minimal fees and pays competitive interest from the first rand you save. The minimum opening deposit is R50 and there are no account management fees. A PureSave account steps up the interest as the account balance increases. So make sure that you save what you decided on each month and watch the money grow fast. Long-term goals are harder but not impossible to reach, but they can take months or even years to achieve. Long-term goals could be a desire to go to a top university or to buy a new car, and these goals need a monthly savings plan. Depending on how much money you get each month, you may want to get a part-time job so that you can reach your goal faster. The next step in effectively saving is to open a ContractSave account; it allows you save over a certain period, during which you cannot touch the money. You will need to set up a monthly debit order to deposit a set amount (minimum R100) into the account for a set period (at least 12 months). In addition to the normal monthly interest, you will get bonus interest rates after the account’s first four anniversaries. So the longer you save, the higher interest you will earn. Saving for the things you want is always tough but the sooner you start the sooner you will see the rewards.