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Save for your dream holiday in 5 years
Set a realistic goal for that once-in-a-lifetime trip, and open a fixed-deposit account.
Do you have a holiday dream that you’ve never tried to make a reality because you simply assumed it would be too costly, or that you could never save enough to afford it? Have you done some sums to check if that’s really true? The rising cost of living makes it more challenging every month to make ends meet, so finding enough to save towards the getaway of a lifetime might seem impossible. Unfortunately, it will be if you aren’t making better money choices and haven’t accepted that good financial management is a proactive, lifelong commitment.
If, on the other hand, you do understand that your current and future financial well-being depends on accurate budgeting and not spending more than you earn, saving for a dream holiday could become a reality in 5 years. Whether you’re a student, working, or retired, being able to save for the vacation of a lifetime in 60 months is a matter of finding the right savings vehicle to make the most of the amount you have to invest.
Consider a fixed-deposit account
There are many savings and investment options to choose from, but one of the easiest is a fixed deposit. Putting a lump sum away in a fixed-deposit account for a fixed term of between one and 60 months will earn an interest rate determined by the size of your deposit – but you can grow your money faster if you reinvest any interest earned over the 60-month term. If you don’t want to commit to 60 months, consider a one-year fixed deposit. You can reinvest the lump sum and any interest earned at the end of every year to boost your holiday fund. Repeated over 5 years, this could also give you significant growth in your money.
The calculators on this Save and Invest page allow you to explore various Nedbank savings solutions that you can use to make your dream vacation a reality. Play around with the calculators according to what you can afford. If you don’t have a lump sum to invest but you can afford to save at least R250 a month, consider a notice deposit account.
You may end up being able to pay for your dream holiday with the interest alone
However, if you do have a large lump sum, a fixed deposit is an attractive solution that will accrue impressive interest. For example, if you put R20,000 away in the Electronic Fixed Deposit Account today and interest rates perform according to projections, in 5 years your money will have grown to more than R31,000.
Make saving an automatic habit
The key to motivated saving towards a 5-year goal (or any other) is to make saving a habit. Work out how much you need to save every month to achieve the target – and then make that amount one of your essential monthly expenses, like food or insurance. Set up automatic transfers from your main bank account to your dedicated holiday savings account on the day your salary is paid to lock away the amount you need every month without even thinking about it.
Getting started is easy. You can open a savings account and set up automatic payments digitally on the Nedbank Money app or Online Banking. Consider using one of the following for your holiday savings account:
Electronic 32Day Notice Account – A notice investment
- Monthly fee: Zero.
- Annual effective interest rate: 5.95 to 7.80%.
- Opening deposit: R250, but you can make further deposits whenever you want to.
- Access your money: With 32 days’ notice.
Electronic Fixed Deposit – A fixed investment
- Monthly fee: Zero.
- Annual effective interest rate: 2.80 to 12.42%.
- Minimum opening deposit: R1,000, and you can’t make further deposits during the investment term.
- Investment term: 1 to 60 months.
- Access your money: At the end of your chosen investment term.
Platinum Fixed-deposit Account – A hybrid investment
- Monthly fee: Zero.
- Annual effective interest rate: 3.00 to 12.53%.
- Minimum opening deposit: R100,000, and you can’t make further deposits during the investment term.
- Investment term: 1 to 60 months.
- Access your money: At the end of your chosen investment term.
- Available exclusively to Private Clients accountholders and Nedbank Private Wealth clients.
Electronic Optimum Plus Account or Electronic OptimumPlus Fixed-deposit Account – A fixed investment
- Nedbank’s Electronic OptimumPlus solution is a fixed-deposit account exclusive to clients aged 55 or older.
- Monthly fee: Zero.
- Annual effective interest rate: 2.80 to 12.42%.
- Minimum opening deposit: R1,000, and you can’t make further deposits during the investment term.
- Investment term: 1 to 60 months.
- Access your money: At the end of your chosen investment term.
This account is available on Nedbank’s digital banking channels only. You can choose to have your interest paid out monthly, every 3, 6 or 12 months, or on maturity. You can track or manage your account anytime on the Money app or Online Banking, and we offer round-the-clock support from our Live Chat feature or toll-free call centre.
Depending on how large a lump sum you can afford to deposit and the interest rate you earn, you may end up being able to pay for your dream holiday with the interest alone if you reinvest interest into your account for 5 years. Then you could leave your capital invested for another 5 years to pay for another breath-taking getaway!
If you’re struggling to pay all your expenses and just can’t find any spare money to save, you may need to reduce your debt burden or adjust your lifestyle according to your income. The discipline to create a financial plan and stick to it is the first step towards an unforgettable holiday – or any other dream.
