How one man's saving strategy earned him R70,000 at the end 2020!

How one man's saving strategy earned him R70,000 at the end 2020!

Analyst and portfolio manager Bright Khumalo's saving's challenge has his Twitter followers smiling all the way to the bank. 

Savings Jar
iStock -The woman hand is putting a coin in a glass bottle and a pile of coins on a brown wooden table,Investment business, retirement, finance and saving money for future concept.

Meet Bright Khumalo, the man who saved more than R7,000 in 2019 and jumped to R70,000 in 2020 with a simple strategy of starting small, but thinking big. 

READ MORE: Take-home pay in South Africa dropped over December: Here is how to boost your income

How was this achieved, you may ask? According to Business Insider South Africa, in 2019 he began by saving 10c on 1 January and every day he just added 10c to the amount he saved the previous day - that is 10c on one day, 20c the next day, and so on. On 31 January 2019, he set aside R36.50. 

In 2020, he decided to up the ante by beginning with R1 on January 1st, R2 on January 2nd - concluding the year with R70,000 (including interest) in the bank. Now we know how difficult 2020 was, but if there was one lesson to be learned, we have to always plan for a rainy day or a pandemic or two. 

READ MORE: Money talks: Negotiating money with your employer

This year, Khumalo began 2021 with an even bigger plan, #SaveWithBright #R70Challenge. According to his Twitter account, @briteless, the goal is to save R100k+ for 2021. Check out how it works below:

And people are in:

Listen to Carol Ofori's chat with Bright Khumalo about how you can save R 70 000 in 365 days. 

For more unmissable Carol Ofori moments, listen here:

Main image courtesy of iStock

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