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To making saving and investing fun and tax free with Stash - KasipreneurMag

To making saving and investing fun and tax free with Stash

Stash

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Spend money. Stash your spare change.
It is incredibly easy to save and invest with the new Liberty application popularly known as Stash – no overwhelming paperwork, no taxes and no fuss whatsoever.

Opening a new investment account largely remains a very complex and paperwork-based process requiring among other things, multiple identification verification. “It is not hard to see why young people do not invest” says Juan Labuschagne, an actuary with long-term insurer Liberty and the Head of Development at Stash. Launched in May 2017, Stash is an application which invests your digital spare change.

Every time you swipe your card, it is able to detect the transaction and then it rounds it up to the nearest R10 or R20 depending on which plan suits you. It then invests your spare change into some of South Africa’s Top 40 companies. Now, if a Stash user decides that their limit per transaction is R10 and they happen to make a transaction for R75, this would be rounded up to R80 instead. The R5 in change is then stashed for them.

There are a couple of other great features which come with this product and they allow users to have more fun when saving. The ‘sunny money’ feature allows Stash to check the weather in your area every morning. If it is sunny, you stash R5 by default but you can also choose to stash R10, or any other amount according to the maximum temperature of that particular day.

The second available feature is called ‘sweat to Stash’. This feature allows the user to invest while on the move by using a built-in step counter to work out how many steps you take in a day. ‘Boost your Stash’ is the third feature which can eventually add up to R1 000 to your Stash at the end of every month. All of your spare change accumulates without interfering with your day-to- day life.

Stash is the first application in South Africa where you can unleash the true power of the stock market. You can divest whenever you need to, and the best part is that you do not pay any taxes on the money that you have stashed. To further sweeten the deal, Liberty is offering R50 to anyone who downloads the application and begins to stash their money. They will also throw in an additional R10 with every person you refer to the application. I bet you are as ready as I am to get stashed at this point.