Set up your savings goals

Once you've worked out how much more money you need to save for emergencies it's time to set some contribution goals so you can get there as soon as possible.

Overview

Getting your emergency savings in place should be your first priority. If you're putting money into other savings or investments and you hit a bump in the road then you may be forced to cash those out at a bad time which can destroy all your hard work.

Once you've started to build up a decent emergency fund you could start diverting some of your savings to other priorities like your TFSA.

Following the 50 /30/ 20 rule of budgeting we suggest you set aside 20% of your after-tax income for saving and investing and that you dedicate all of that to building your emergency savings fund until it's at least 75% full.

Setting contribution goals

Once you've worked out how much you will be contributing to your savings and investments each month you can set up some contribution goals on Fynbos and we'll check in with you each month to help you stay on track.