 And welcome to episode 307 of the Private Property Podcast. I'm your host, Ozamantouma Kumalo. It's the Wednesday edition of the Private Property Podcast. If you're joining us for the first time, welcome to the early daily property talk show in South Africa that helps you on all things relating to property. Make sure that you go to our Facebook and our YouTube page to catch up with all the great episodes that you have already missed out on. And to all our regular viewers, whether you're watching us on Facebook or on Instagram or even YouTube, welcome to it. You know how we do every single weekday. You and I have an appointment where we're always in conversation with a property expert who helps us make better property decisions. Certainly here to share great insights, tips and tricks that can enable you to make better property decisions. And talking about making property decisions, we, of course, also have a whole host of other shows that you can tune into across private properties, social media pages. As it is a Wednesday, you can catch a estate class on the First Time Homebuy Show, which is always in conversation with people who've not only worked that First Time Homebuying journey, but have gone on to grow their property portfolio from strength to strength. So if you want to find out how they did it, how they do it and continue to not only build, but certainly grow their property portfolio, then that is a show that you can tune into. And every Tuesdays and Thursdays, we get our green fingers on with a warden and farmer, Umbalino Agua, who helps us on all things agriculture, from commercial, bake scale farming to, of course, working on our very own backyards if you want to start growing our own food. That is a show that you want to make sure you do not miss out on for all of your agricultural needs. And every Mondays and Fridays, Chad gives us an amazing, amazing tour of incredible properties that you can find on www.privateproperty.co.za. So do make sure that you tune into that. Some of them are up beyond what most of us can probably afford, but if anything, it's hashtag property goals. And that's one of the reasons why I love that show. It's like, you know what? These spinachers are beautiful. Maybe I can take a little bit of what they've got in the program at my own home until I can, of course, afford some of those homes. Well, those are the great shows that you can look forward to every single weekday at 8 p.m. Do make sure that you set your alarms and, of course, tune in to them. Of course, also follow us across our social media pages with its Facebook, Instagram, YouTube, Twitter. We're also on TikTok to catch up on all property-related content. You can follow myself at as I'm going to do my underscore, okay? On Twitter as well as on Instagram, always talking about things about our team. But this evening, it is a Wednesday. It's the second Wednesday. We always have somebody from the Apsar team, or the Apsar Home Loans team. And I'm quite excited about this conversation. This evening, if you follow me on Instagram, you'll have seen the poll that I ran last night. I think parts of it are probably still up. And I even shared the results. And one of the questions was around whether you're saving for a deposit and the related costs of home ownership. And I think the response was either a yes or what related costs. And it made me realize that so many people don't know about the related costs. So they might start saving for the deposit, but they don't know that there are actually other costs associated with home ownership that they need to also be factoring in as they are saving. It is, of course, savings month this evening. I want to make sure that we help you certainly be able to get into a culture of saving because part of being in the property game, whether you just want to buy your home to live in or, of course, living to invest in property is being able to save diligently and as regularly as possible for your property goals because you want to be able to have your deposit and have the fees for attorneys so that when you find that property, you're not being held back because of lack of fees. And that's exactly what we're going to be exploring this evening. We're going to be looking at ways to develop savings culture. I want to find out from your home before we start unpacking our conversation this evening. I want to find out from your home, if you're a saver, my first confession this evening, I'm not a headache saver and I only say this because there's an automated saving thing that I have. It's not even that big to be quite honest. I'm typically able to put large sums of money aside and as opposed to just regularly saying this is the fixed amount and we don't dip into our savings. So I also want to find out how I can be better at saving and automating some of these things. Are you a saver? And what have been some of your saving tips and tricks? I'll share with you how I've managed to save slightly larger sums of money that has helped me later on on the show. So do you share with us down below? Are you a saver and how do you do it? Because I know so many of us struggle with this one. You sometimes even dip into your savings when you know you probably shouldn't. And to help us get a better sense of how we can develop a savings culture. I'm joined this evening by Tammi Krele, who's the head of savings and investments at Absa Everyday Banking. Tammi, good evening and thank you so much for joining us on the show. I'm Tom, I have a good evening. Good evening to everyone who's listening wherever they are. Thanks for having me. It's such a pleasure to have you, Tammi. And you know what, I have to confess to this conversation when I was even located, I was like, it's almost as though is it to me personally? Because I've been looking at, okay, you certainly need to be saving more, saving better, making different saving and investment decisions. Especially because I mean, I'm in property. So I also know the value of having cash for certain property things. But I want to find out from you, and this is probably one of those questions that seem like such an obvious one, right? Is when we look at sort of long-term saving and short-term saving, what becomes the differentiating factor? Because as I was saying in the intro that sometimes I have that automated one and I can easily just dip into it. And not dip into it because there's an emergency per se, but there's this thing in Yifunayo and now I'm dipping into it. So how do we differentiate saving for short-term and the kinds of things that would probably be for short-term savings versus, okay, this is now a long-term saving. That's the thing we don't dip into at all. Well, firstly, you got me thinking about the spinach. I have to be honest. I think that's my focus at that point. But I think, you know, Zama, you're not supposed to be dipping in it, unless there's a really a need for you to dip into that saving. As soon as you are in a position to do it so willy-nilly, then I think we are starting to get into a point where it's, is it really saving for things that you need at a later stage? Or is it for goals? Especially if you just take it out in any time you feel like doing it all. Or actually having the edges to take it out and then there's no control to hold yourself back. And I think that really will be the starting point for me, is that when we talk about saving, we're talking about short-term needs, of course, but it's needs that usually would be things, firstly, that are unforeseen, and that's why we call it the emergency fund that you put aside. There's a lot of those. I mean, we can go into the examples what those look like and what they are. And then, of course, there's certain specific goals that you would save for. I mean, I think if you wanna travel somewhere, and I know that the borders are starting to get opened up globally, so if you are saving to travel somewhere, that's very important that you put money aside. Imagine utilizing your normal cash flow from your day to day to use for traveling purposes. And I think that will put you in a very difficult situation. And also avoiding to borrow for the sake of traveling. So I think main thing is you need to plan it because it's a thing that gets planned. That's one of the examples that you could be saving for a short-term goal. You also could be saving for things that we talk about deposits as we spoke about deposit for your house. Because I think if you put skin in the game, I think any credit provider will look at you with a very keen eye naturally. So if you're gonna put a deposit of your own, then also you have a sense of ownership for yourself. And they could also be for educational purposes. You know that you're gonna register next year for some course that you really have been planning on. You put money aside for those things. So it is short-term in that sense, but not short-term in a sense that you can take it out anytime you do one. Talk about long-term saving or investing. This is where as an individual, you're saying I have enough savings for my short-term needs. I have enough savings for situations that I may not have control over. Some things that are not insurable. Those that are insurable, of course, you can take insurance for it because that's also a way of protecting yourself. But those things that just attire just burst and you need to make sure it gets replaced and you need to go and get it done. You need to do that. So and something just happened in the house that really has an emergency fixing as a result of that or a medical situation that you might find yourself in. You don't wanna find yourself scrambling and not being able to fulfill those things as well. So once you've taken care of that and you've got enough savings buffer to be able to cover your immediate, call them essential day-to-day. So when we talk around that, we're talking things like grocery, things like rent, things like insurance because I think it's important to be insured. And once you've got enough to cover and we usually talk about at least three months of that, to be able for you to cover. And the reason why we say that is generally because when we say have a savings buffer, it's really about covering you or a situation where you suddenly lose a job. Last 18 months have taught us that these things can happen at any time and with anyone. And then to find a new employment, it takes a bit of time. And we usually say, in order for you to find, it takes about three months to six months to even longer these days, right? And you wanna make sure that the essentials get taken care of in the meantime. So once you've got that savings buffer, you now have an opportunity to be able to go and invest for a longer period of time. So now you're looking at things like equities, like unit trusts, where you actually have long-term ambitions and you look at things like tax-free savings. Well, you now know that this is either to top up for my retirement or this is either to really save me up for the future or future family that I'm planning. And other things that might be long-term that you might be looking at or to build wealth. And I think we talk about wealth legacy these days. And if you look at social media, everybody's talking about financial well-being and financial wellness. This is where you start investing for long-term. And when you talk long-term from a time horizon point of view, you're talking things like two, three, four, five years or even longer as a planning for yourself. And that's what the differentiator comes into being. So short-term, probably the next 12 months, long-term, beyond 12 months, longer than two years, three years and beyond. And you know what I mean? As you're talking about one of the things, two things that you're highlighted that I wanna pick up on is when we say for things like traveling. As you were saying that part of me thought, and it's another confusion because the viewers at home know how I also share the upside as much as I'll share goals and milestones and everything going well. But the bad habit side, I think with so many of us myself included when it comes to certain travel trips is when you know that you haven't saved for it or even haven't saved adequately. Maybe you kind of just started or sometimes a last minute trip can come up that you think, let me yolo and go is that you either dip into your credit card, for example, if you know that you're going to spend more than what's in your check account. I've done this especially for trips abroad where you're like, nope, I'm from Canberra and I'm not gonna spend eight months putting additional funds aside so I can live my best life. And we know how we get when we're traveling whether it's within our borders and certainly when we ask out of our borders, it's also a different currency. And when the currency is stronger than the rent by probably the eight hour you're in that country like I'm gonna stop doing the conversion in my head. I'm just going to swipe, swipe, swipe. Zutile, I'm not saying if I die, if I die, I die. And I know a lot of us certainly in my age group and I'm the one, a lot of us in our age group have those and I'll see it to the end. I think that's one of the things that we tend to not think about. And more often than not, it really does end up putting you in a difficult financial position, especially if you've either had to extend your credit facility or if you've got an overdraft facility, maybe take a bigger one for small things like that that aren't even an emergency. And I think the second one is the tax-free savings. I wish I got serious about it the year it came out and just maxed it out from year one. And I know it's only now where I'm like, okay, actually this should be a thing. It must just be maxed out every year. And hopefully at some point, government will increase the lifetime limit from half a million to slightly more because when you look at the numbers and the compound interest and the potential growth of that facility, it's actually quite a lucrative one. So I certainly think it's not being explained well. And so I'm almost also throwing this back at you. It's just not being explained well. And this is coming from somebody who is relatively good at it, I read up on these things and it's only been recently where I'm like, oh, okay. So this is actually the fundamental benefit of it. So financial institutions, hashtag everyone has not been explaining this well enough for it to be a thing that you actually do and stick to. So I'll put that back to you and the team that a better job needs to be done with that particular facility. And- So we can take advantage of that, right? We can take advantage of explaining to those that are listening, right? So at least they can then go and share it with other people and more. And the next thing you know, a lot of communities are way around it. But I think- I think it's probably a separate conversation altogether because it's quite a lot to unpack. I mean, I did a whole exercise where it came to sort of finances, investments, doing all kinds of comparisons and even running all types of different scenarios where it's concerned. So I think I'll promise the viewers that we'll see how we can best pick that one up. Yeah, no, perfect. And I think touching on that, Tammi, one of the things that is that that tends to be said quite a lot, especially right now, it's July and savings month is obviously around our savings culture and how we don't have the greatest savings culture and all kinds of statistics are out there in terms of how much we save. And I think when we just suppose that with also probably people's income figures and even the amount of debt that ends up getting being serviced and obviously we're probably thinking but how do I then even start saving if there are all these other responsibilities? Perhaps just some light in terms of our savings culture as a country because this is one of those things every single July we have this conversation and talk about the low savings culture and across NSM. So it's not even one of those things where higher NSM save more, they're also living sort of overdraft and credit card facility debt. So they're not necessarily better off to people who earn slightly lower. Yeah, I think that's an important point, right? It's an important conversation. And one for me that I think with savings month, it's not meant to be a conversation that happens once a year in July. I think it just July, it just happens to be a period where we believe I think it's worth a while to have this conversation as a reminder for some that might have fallen by the wayside because saving is not an easy thing to do. I mean, I think we gotta have to face it, right? But I think the rewards behind it are really worth the journey. And actually the outcomes that you are looking for as an individual, including the ambitions, the goals that you have for yourself, for your family. So it is important for us to, as a community of an industry in a financial services environment to talk about it, but also to support the government in the initiatives that they've already started and that they started years ago to continue around that. Because savings month effectively is a South African savings institutes initiative. They start with that and we sponsored them. We've been sponsoring them for the last five years. And I think the reason for it is because of the value of the narrative that they talk about saving, the fact that it becomes quite a focal point around a certain period. We really hope that we can do this on a man-to-man basis almost every day because we believe that a lot of people are eager to save. They just don't know how to start. Whereas it's actually as easy as just starting wherever you are. Whatever amount that you have. I was actually listening or seeing on social media, the one person talking about when they go to these pharmacies without mentioning the pharmacist's names, right? And when they go in knowing very well that the script was clear. It was clear that I was going to get something, one thing, one item only. And when I come out 45 minutes later or an hour later, I'm coming out with a whole grocery. And again, that's just, it might look smallish. It might feel like it's something that I'm able to. But that's not what you plan for. And that's when your budget gets blown out and you suddenly are realizing down the months, down the weeks that actually I'm now short on something else that I should have maybe kept the funds for. But I think it's just, that's the one form of making sure that you keep control over your finances. But I think saving time for us, we've been really doing some great stuff with Sassi. And we just had a last webinar today where we were talking about women and saving as an investing, as well as how to bounce back from financial difficulty. I think we can't shy away from talking around COVID and lockdowns, the amount of impact it's had on ordinary South Africa. And I think it set back a lot of people. Imagine if you had traveled and you had spent money that you had borrowed just before lockdown started. And then suddenly all of these expenses that have come up, now you need to make sure that you are taking care of those and you can't. You go ask for credits and you're no longer good for it, as an example. And that's one of the reasons why the planning aspect of it becomes fairly important. I think that's the conversation that we've been having for the last four weeks, started out with of course the stock files, the youth student and students, how to save stock files, how to be a stock file savvy. And then we spoke about businesses, small businesses, how to navigate around the expenses that are skyrocketing whilst the income is not coming in at the same pace, including the money management tips that could come in from an entrepreneur who's starting out or someone who's saying I'm trying to find an additional revenue stream or income stream. How do I go about that? And then today was the last of those series and we had to close it with the women's month theme, clearly because that women are the ones that generally would save a lot more because they're always thinking, not just for the immediate family where I am, if you are a married individual, where I have a family, next of kin, but they will also be interested in making sure that the people they left at home are also taking care of. How do you make sure you equip those people to make sure that they actually have a financial journey that sustains themselves as well as others? But it's been a very beneficial one. I think it's been a very beneficial one. Thousands of people registered for them and we saw them actually logging in and going to Zoom and listening in and commenting. And I think we can see that there's a lot of yearning for this learning to save and invest. And I'm hoping today we're also gonna cover those, thanks. No, definitely Tamine. I think one of the things I've actually loved those webinars, I watched the one on Stockfell's, by the latest, of course, the author of Stockfell's who we've also had on the show a couple of times was one of the speakers. Stockfella was also on the panel. And there was just such great data and insights that were shared in that particular webinar. And I really did enjoy that one. I missed today's one, I'm going to hopefully catch up with it. And I think it's been such a great resource to be able to get a sense of finances from different perspectives. And you already touched on something that I want us to explore that we're also living in the reality of COVID and the financial effects and financial implications of COVID that a lot of people are unfortunately having to navigate in the event. And this is something that I know that viewers at home are also probably thinking that times are financially tough. Some people have either gotten retrenched and others have had to take pay cuts because companies have said the only way we can weather this economic climate is if we cut salaries. Given the current environment and the stage of your finances and the economy, how can then people start on their savings journey? Especially some who've probably already dipped into their savings and even investments because I've seen people sometimes even cashing in certain investments before they mature and being like, I'll take the penalty. But right now it's just very cash strapped. So how do we then navigate saving in times of crisis? Whether you're somebody who's just never really saved and you're now thinking, you're actually I need to cultivate that skill. And then secondly, of course, for people who've been very hard hit by the economic effects of COVID and have had to dip into the very same savings that we keep saving, you must have them. And now they're just no savings left. How can they best navigate? And what sort of systems can they put in place to assist them when it comes to their savings goals? Well, I think this is probably one of those tough situations that I think any country can tell you that their citizens are really facing a tough time, right? And I think it's a global challenge. That impacts people in different ways. And I think to your point, it could be people who were already on a journey of saving. I think those had an opportunity to dip into their savings in order to cover some unforeseen expenses or costs, but they are those who were not in a savings journey. But I think what actually would have happened is it made them realize that, hang on, I need to actually make sure that in future, I don't find myself exposed the way that I was exposed, especially being asked to cut your salary or even to lose your job. I mean, I think it's a difficulty because you've got these fixed costs that you need to take care of. There's a livelihood impact that's at play there. But I think the main thing here is that, going forward from here on, if there will be people who really, we can't do anything, they can't do anything right up because they don't have an income. So it's difficult for them to save anything. But if you are employed and you've got some level of income, even if not employed, but you've got some income that you're generating, I think it is important that we become intentional about putting money aside for those emergency situations. As I indicated, in a minimum of three months, at least you need to work out to what? But you obviously need to save as much as you can and for as long as you can because you just never know. And this has lasted 18 months and we're still counting. I don't know a lot of people who could tell you that I had enough buffer to cover me for that 18 months. That's just the reality, right? But I think what you do is you do everything that you can. And everything that you can is being honest with yourself that you have to be intentional. You have to decide that you're gonna put some money aside for yourself and then do it. But also the main thing is you gotta have to give yourself time to plan. Because if you don't plan, then it becomes a thing that's easy to go and dip into again, right? Because if you plan and you exercise a lot of control in making sure that you don't go back and dip into that money because you're putting it aside for specific purposes. And then once you've done that, then the money management aspect of it is about also making sure that every cent comes. When you say every cent comes, do I really, really need to spend this thing to date, can I survive without it? If you can, I think you need to consider in terms of what to do. We're not saying a person must leave a boring life. And I think it's important to leave comfortably and enjoy because you work very hard, right? But you gotta have to be realistic in terms of saying, look, at some point I'm gonna have to put money aside. And the one misconception also that's out there is that I need to have enough money to save. It could be any amount. I think what's nice about saving is that once you've gotten into that habit, it becomes such an ingrained thing in your behavior that you actually, it is very difficult for you to stop. I think that difficulty is very difficult. But with anything that has to do with change, it's difficult, even gym, you know? Exercise, once you're starting out, it's very difficult. But at some point, it becomes so nice. It's become such a lifestyle for you that you actually feel withdrawal if you haven't gone to gym for a day or a couple of days. I think saving also takes the same shape in my mind. I think you can do that. And then one of the key things also is making sure that you automate the saving. If you're gonna continuously go in and say, I'm gonna do it manually and move the funds to my savings account, the challenge with that is, you're gonna be tempted not to do it at some point. So what you must do is automate it. And when you automate it, also you pay yourself first. You've worked hard for a full month. Yes, we know your employer has paid you or you've paid yourself because you're self-employed. But then pay you, pay Zama for the job well done, you know? And then you do that as not as a last thing that you do with whatever is left at the end of the month. It has to be the first thing that you do. And I think once you've got those and you continuously do it, I think the habits will just kick in and it will become a very inherent behavior for you. You know, Tame, I love that you've actually just pointed out the automation aspect of it. Because I think it's one of those things that I also realized there's a part of me that's like, ah, I'll do the lump sums manually, right? Because I did say earlier in the show, there's an amount that is automated, but it's so small that a part of me doesn't even count it as an amount. And then the slightly bigger amounts, I'll do it after everything manually. And as if you pointed out, we don't always do it. Sometimes you're like, ah, I'd rather do this. Whereas when it's automated, like you're going to debit orders, you know that it's done, you don't need to think about it. It goes off on that particular day and you can even give yourself that timeframe of for the next 12 months, this amount is going off. I'm not even touching it. I want to point out from your home how you best save your money or some of the tips that you've used to best save, but also, of course, maybe what you're even saving for. Because I think one of the things that Tami has also mentioned is, it also helps when you're saving for a goal. I know that sometimes you do not have certain amounts assigned for those respective things. And to go to your questions and comments at home, you've got a comment coming through on Facebook from happiness Martina Malika, who's saying, I'm saving for my one year old child. I save 500 rands or more each month. And after three years, I will invest the money for his education. And I absolutely love that. I think a lot of parents now are also thinking through, how can I save for my child? Because we also want our kids to have a better financial footing than what we had. So you're almost trying to set them up as much as you can. And one of our top fan gang members, Umata Shenang, is saying, I read somewhere this week where someone was saying that they saved over 2,000 rands for not going to the pharmacy that Putami mentioned, to buy deodorant, stop making unnecessary and unplanned trips to the shops. You end up spending more. And I know there was a time when I was also guilty of this, because when you get into that store, you are there just for your scruff. Gigi, you're coming out and you've spent 1,000 rands. One of the things that I've done is save with a group of people. So I found that when it's for a stock fell type set up, I'm amazing in that I will not miss a stock fall payment. It will be paid largely on time. If there's a minor delay, I'll communicate it. I'll set you up into day time. I'll pay it, then it's paid. Whereas when I save alone, it's easier to come up with all kinds of excuses. And I think that's testimony to what Putami was saying that we find that women tend to save more. And it's also because more women are in stock falls and more often than not, they're the ones who are then able to put that money aside. And no missing those people, they're in minus stock failure for that. That's just something that even in Gigi, we say I was guilty. Minus stock fell mainly for that way. It doesn't matter who should be this month or not. That's certainly a payment that is always made. We've got happiness coming back, saying and advising Puti in our address on our Facebook chat. So you can certainly see that the conversation is going on here on Facebook. So you're trying to do a stock order where they take certain amounts from your savings account in a certain date. And that's such a great, quick, automated way where you set it. Like 500 grams, I would govern, we govern, it goes off like any other stock order that you have. Tell me, I can already say, we definitely need to bring you back on the show because there's not a bit that we haven't gone through. The one that I want to find out from you and before I let you go, because there's still quite a few things, actually I want us to unpack on the savings or especially for those of us who are into property, probably might want to save for a deposit, want to save for costs associated with buying a home, is then when we look at, for example, some of the apps or products that people at home can make use of, what are some of the savings instruments that they can use and be able to put that stock order in and make sure that they're not thinking about it. Because as you say, you don't want to put yourself in a situation where you're doing it manually. You might do it the first two months but after that, you're more likely not to actually on that savings payment. Yeah, look, I think thanks for that. I mean, I think, firstly, to your point earlier on, people are not just saving for deposits. Then you got to have to save, you leave somewhere and you're buying a house somewhere else. You got to have to move. There's also a movement cost, right? For you that you need to make sure, because I think the emotions of buying a house, it gets so exciting. That's people to plan for the things, the little things that are gonna require a few of you to take out some cash and provide. The fact that you're gonna have to clean the yard where you're leaving and also clean the yard where you're going. There's a big cleaning exercise and it's basics. It's small things. Someone might think, oh, that's like a thousand bucks in here. Those things do not only just the transfer cost, not only just the deposit, but also some of those expenses. And I think for me, if you say for those, then you make your experience of moving a lot better, the experience of owning a home and much more fulfilling as well. So you ask the question around the product. And I think we've got a product called TrueSafe. That product, effectively, you can start from any amount to open that account. You can do it. You can get it on the app. You can get it on apps or online. You can even call us and we can create that product for you. I mean, obviously as a last choice, especially in this time, you can even go to a branch if you must go to a branch. But if you've got it on the app, I mean, I think you might as well utilize that comfort of your home whilst you're doing that. What's nice is you can start at any amount. You can even contribute to this product on a regular basis. And then you actually get to, for maintaining a sizable balance and also continuing to contribute, we actually give you rewards for it. So your rewards gets to benefit from that particular view as well, which is really great. It's not only just the interest that you're getting, but you also get to potentially influence where you stand in the tiering of your rewards. That's the one product that we can think of. And I think there's other people who are saying to your point, this is not the difficulty that I have. I need something to restrict me from having access to the funds, because I'm the easy guy who will get just go in on the app and just swipe the money out again. So we've got 32 day notice accounts. So we call them notice select and it gives you options for you. In all of these instances, you can place notice to have access to those funds, but there are certain instances where you might say, look, I do wanna have some money immediately available. So we do allow you to have access to it between zero, I guess, if you decide you don't wanna have access, but maybe from 10% to 50% of the funds being immediately available. What starts with notice select and notice type of product is that it restricts you large, but also it awards you because it gives you better returns as well, because you're keeping the money a bit longer. Of course, if you've got a lump sum, that you're saying, maybe got lucky this time around, one of the few people that got bonuses, and then try and make sure you'll pay yourself first piece, go and put something in a fixed deposit. And then don't forget, and I think there was a listener that indicated around tax-free savings, and you also indicated that piece. You can do tax-free savings for yourself and for your child. Can you imagine helping your child to have a head start in their financial life? That for me, if it doesn't fulfill any parent, I think that's the one motivation that I always have in saying, if anything for your own child, out every year or for whatever the period to get to the 500,000 of lifetime contribution. And you don't have to match it to 36,000 every year, if you don't have it, if you don't afford it, but make every effort to put it in there. Can you imagine your child when they get older and they get to university, they actually are able to do some kind of a head start for them? And I think it's a wonderful thing. We never experienced that, but we have an opportunity to influence it with our own kids. Final comments from our viewers at home. We've got semi-majlats are saying, what I learned from the pandemic is we must at times enjoy our hard-earned money as dying was something we didn't think of till COVID hit us. We must balance between saving and also taking care of our needs. Dana Edwin is coming back saying, I've tried doing it madly and did it for the first few months and stopped. So I'll definitely consider the stop order. Happiness saying, my saving tip is, I teach my kids saving while they're still young. I took a two liter bottle and they put 50 cents every day, makes 800 rounds when it's full. And that's a great way, of course, for parents to already instill the culture of saving and their children understanding money from a young age. So my Vatibactella, 50 rounds, understanding how much really is 50 rounds, how long it takes them to make that 50 rounds. I know some parents, for example, will say, these types of chores will get this amount of money. So when something costs 100 rounds, they know that that actually means cleaning the dishes, for example, every day or every weekend, for the next eight weekends. So they also understand that there's value and there's time and really instilling in them that understanding as much as possible. We have a lot of time and we're going to have you back. Before we close, I just want to find out from you any last tips for our viewers at home, because we're going to have an encore on this one. It's one of those crucial things that many of us, as you said even earlier, we need to keep having this conversation and finding different and creative ways that firstly, we as adults can learn and relearn, but also, of course, pass on those lessons to our children and even loved ones at home. You know, the pandemic is one of those that we could call it one in 100 years, right? You know, that could happen in this situation, but it doesn't mean that another situation can't happen in a year's time again. You know, that is unique to this. You know, I think what's important is people to be aware that if it has happened now, something else could potentially happen. It's important to get into that as soon as you can. The second thing and probably the last thing for me is around what happiness is indicated. You know, your children, it is important that we actually educate them into not just saving alone, but also money management. And I think, you know, with the Mega U product that we have where it's free banking, you actually are teaching your child, even when they swap, because we're not saying people mustn't now spend, you know, you gotta spend, right? So you gotta have to teach them to manage the money as they spend. You know, so giving them their own account, making them, I do that with my own kids. You know, I give them the money once they've done the chores, because they know that I need to do work and then I get paid, right? And then when I spend it, it gets finished, you know? So they need to know that, right? And so you wanna train them and educate them at a very young age to start that habit, you know, as well. And I think that way, you know, you are actually, you are investing in the future financial wellness of your own child, you know, in addition to putting money for them as well. But thank you, thank you for having me as well. Thank you. Yeah, that's actually just such a great note to leave it on time. I already promised the views at home. We're going to definitely have you back on the show. Thank you for joining us this evening. Thank you so much. Good evening. And that is Uta Mitello, who's the head of savings and investments at ATSA Everyday Banking. Wrapping up a really great conversation around savings. I think one of the big things is better understanding what some of the things we probably want to save for, because it does help to have the goal. And also just identifying your weaknesses. I mean, as I was saying earlier, I know that I will dip into it if it's in my own bank account and I can access it quickly. And one of the systems that I put in place is to just not have it in an account where I can access it easily. I found that sometimes, even with the notice accounts, the, you know, the penalty amount is so small that I'm like, ah, I can afford that. And how do you best solve for them? Well, that wraps up the Wednesday edition of the private property podcast with myself, Uzaman Tuma Kumalo. Thank you very much for tuning in and engaging us on social media. The conversation certainly continues in the comments section, especially on Facebook. I see that many of you are also sharing some of your tips and tricks and how you are, you're better saving and instilling that culture of saving, not just for yourselves, but also to your kids. That's a wrap for me. I'll be back on your screens tomorrow evening at 7 p.m. It is of course a Wednesday, so you can catch the First Time Homebuyer Show with Esti Klassen at 8 p.m. Until then, hope you're staying home and staying safe. Good evening, my name is Esti Klassen. As you know, on the First Time Homebuyer Show, we bring you amazing stories and amazing guests who share their property journey with us. And this week is no different. We're chatting to Peter Mutlala, an optometrist, and we get to see things through his eyes. See what I did there? Get's alive on Instagram, Facebook, and YouTube at 8 p.m. We'll see you there, don't be late.