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Savings hero Conrad Herion writes:
I teach economics and accounting at Linkside High School in Port Elizabeth.
I realised from a young age that I did not want to live like my grandparents one day. I have all the respect in the world for them, but to live in a small space off your measly pension after working your backside off your whole life was not going to work for me.
But here lay the problem. I come from a modest middle-income family. Yes, I had clothing, food, shelter and love. My parents did everything they could for me with the resources they had. They themselves could not save though.
So when I finished high school, I was on my own - still living at home, but it was up to me to decide the next step.
There were no bursaries in line for me, being an average student (I prefer to say a late bloomer when it comes to studies).
Living in SA with job opportunities being so scarce, I decided to go and study something which would almost ensure employment: teaching.
When I obtained my degree with a student loan, I might add I came to a shocking realisation. My salary sucks. Don't get me wrong, millions of people will kill for my paycheque. But I could almost see myself living in a granny flat collecting my R1 000 pension.
I did not say: oh well, I will just enjoy my life now and worry about retirement in 40 years when I get there.
The first thing I did was draw up an Excel budget. Some advice: drawing up a budget is the easiest thing in the world. Sticking to it... crap difficult!
I spent my first year finishing paying off my student loan, making double the required instalments.
My second year working I bought my first property. Nothing luxurious like the places some of my friends and family were RENTING. Something within my means, close to work that still left room for savings.
Then I waited patiently for four years, watching as inflation and salary increases made my debit order on my flat seem a little smaller every year.
I also checked property websites every month, waiting for a bargain.
In my sixth year of teaching it came. I saw a property that stayed on the market for about a year. During that year the price fell by about R60 000. So I went to the bank to see if I qualified, then I put my offer in.
Seeing the finish line
I am renting my flat out and should start making additional income there in about four years, so my retirement is looking up.
The only sad thing is that coming from a family that has no history of investing and saving, they think I am some stingy millionaire that never wants to share my wealth! What the hell! In any case, that is a story for another time.
Bottom line: I am not going overseas anytime soon, I won't buy myself a brand new car until I retire. I am however living a life within my means. I'm married, have a beautiful one-month old daughter (I am opening her savings account this week) and I will do all the things that I want to do when I retire at the age of 55 (I hope).
All accomplished through financial discipline and being able to see the finish line. Even though this is 30 years away.
- Fin24
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* Share a personal story
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I teach economics and accounting at Linkside High School in Port Elizabeth.
I realised from a young age that I did not want to live like my grandparents one day. I have all the respect in the world for them, but to live in a small space off your measly pension after working your backside off your whole life was not going to work for me.
But here lay the problem. I come from a modest middle-income family. Yes, I had clothing, food, shelter and love. My parents did everything they could for me with the resources they had. They themselves could not save though.
So when I finished high school, I was on my own - still living at home, but it was up to me to decide the next step.
There were no bursaries in line for me, being an average student (I prefer to say a late bloomer when it comes to studies).
Living in SA with job opportunities being so scarce, I decided to go and study something which would almost ensure employment: teaching.
When I obtained my degree with a student loan, I might add I came to a shocking realisation. My salary sucks. Don't get me wrong, millions of people will kill for my paycheque. But I could almost see myself living in a granny flat collecting my R1 000 pension.
I did not say: oh well, I will just enjoy my life now and worry about retirement in 40 years when I get there.
The first thing I did was draw up an Excel budget. Some advice: drawing up a budget is the easiest thing in the world. Sticking to it... crap difficult!
I spent my first year finishing paying off my student loan, making double the required instalments.
My second year working I bought my first property. Nothing luxurious like the places some of my friends and family were RENTING. Something within my means, close to work that still left room for savings.
Then I waited patiently for four years, watching as inflation and salary increases made my debit order on my flat seem a little smaller every year.
I also checked property websites every month, waiting for a bargain.
In my sixth year of teaching it came. I saw a property that stayed on the market for about a year. During that year the price fell by about R60 000. So I went to the bank to see if I qualified, then I put my offer in.
Seeing the finish line
I am renting my flat out and should start making additional income there in about four years, so my retirement is looking up.
The only sad thing is that coming from a family that has no history of investing and saving, they think I am some stingy millionaire that never wants to share my wealth! What the hell! In any case, that is a story for another time.
Bottom line: I am not going overseas anytime soon, I won't buy myself a brand new car until I retire. I am however living a life within my means. I'm married, have a beautiful one-month old daughter (I am opening her savings account this week) and I will do all the things that I want to do when I retire at the age of 55 (I hope).
All accomplished through financial discipline and being able to see the finish line. Even though this is 30 years away.
- Fin24
Are you a savings hero? Or do you just have something on your mind? Add your voice to our Savings Issue:
* Write a guest post
* Share a personal story
* Ask the experts
