If you’re saving for a wedding, a down payment on a car or the December holidays, you might have considered stashing your cash under your mattress or simply keeping it in your primary banking account until you need it.

But before you start hiding R100 notes in a shoebox, consider using a savings account or a money market fund to save towards your short-term goals. Here’s the difference between the two.

Savings account

A savings account allows you to deposit money and earn interest on it. The interest rate on a typical savings account might be lower than the returns…


To celebrate Savings Month, we’ve been talking about ways you can save this July. Today, we’re looking at tax-free savings accounts (TFSAs for short). They were introduced in South Africa in 2015 and offer a tax incentive to encourage people to save. Saving is obviously critically important and something we could all definitely improve on here in SA. The more you have saved, the less you’ll rely on debt if you lose your job or if you’re faced with a large, unexpected expense.

So, what’s this tax incentive then? Well, when you invest in a ‘normal’ investment, you pay tax…


July is National Savings Month, and the focus is on making your money work for you!

Saving and investing are two strategies that you can use to reach your financial goals. The terms are often used interchangeably, but that’s a mistake because there are some key differences between the two.

Saving is putting your money away in a safe place to use for emergencies or for spending in the near future; investing is buying assets or exposing your money to the market over a long period of time, with the expectation that the capital value will grow.

Understanding the difference…


We all know how 22seven works as a budgeting tool, but did you know that it can also help you complete your tax return? Don’t let tax season be a time of angst and admin. Here’s how to use the app to get your return done fast and efficiently.

Set the date range

22seven’s intelligent transaction categorisation helps you track your monthly budget. Take it one step further by using the date range filter in the advanced search feature on the Transactions page to set the dates for the tax year in question. …


The interest rate on home loans is the lowest it’s been in decades, and how many times have you been told that it doesn’t make sense to rent for years and years when all you’re doing is paying off your landlord’s bond?

So, should you take the plunge, buy a home and start paying off what will hopefully be a great investment? Here are some things to consider.

Owning costs more than you think

Ever heard of that luxury villa called Costa Plenty? It’s true! When you buy a house, you start paying before you even turn the key in…


With Father’s Day just behind us and Mother’s Day shortly before it, I thought now would be a great time to unwrap that all-important Gifts category in your 22seven budget.

Now, I don’t know about you, but my budget’s certainly been thrown off once or twice in the past because of an unexpected gift. But, the thing is, oftentimes we do actually have all the special gifting dates available to us…we just fail to plan in advance. …


Debt. The word alone is pretty scary… It conjures a tidal wave of bills that swamps you every month, draining your bank balance and preventing you from moving on with your life.

But did you know that in certain circumstances, debt can actually be a good thing?

The most obvious example is if you take a bank loan to buy a house. It’s good because the money is being used to purchase an asset that is likely to grow in value at a higher rate than the interest rate on the loan. …


A successful investor is not necessarily a person with a team of analysts and all the fanciest prediction tools. No — a successful investor can be someone who makes sensible decisions, and who can control their behaviour when managing their money.

Here’s how to do it.

Define your goals

Success is the accomplishment of a goal. You can’t be successful if you don’t have a goal! Whether you’re saving for retirement, a family holiday or your wedding, having a clearly defined goal will help you stay the course.

Your goal will also help determine what kind of investment you’ll need…


Raise your hand if you belong to a benefit programme linked to your medical aid or other insurance. You’re not alone — thousands of South Africans have elected to share their medical information in order to stay on track with their health goals and get rewarded for doing so.

Open finance is a new way of thinking about how you choose to use and share your personal data. Soon, you’ll be able to maximise the potential of the data you’re already sharing with your bank, your insurance company and the supermarket where you do your monthly shop. By sharing that…


At the moment, all of your personal financial information is kept under lock and key by your bank and maybe one or two other financial institutions. Open finance is set to change that. It’s a new concept that will give consumers — that’s you! — the right to choose who you share your financial data with. It also enables safe and easy sharing through the use of clever technology.

Who, what and how?

Every person has the right, under law, to share their data with consent. Every person also has the right to be informed if someone is collecting or…

22seven

Thoughts, observations and insights. About money, life and 22seven. Visit 22seven.com

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