7 Simple ways to save money

There is always a reason to start saving you just need one that resonates with you. Deciding when to start saving could make a huge difference in your financial future. Savings are defined as a portion of income that is not spent on current expenditures and put aside for when it's needed.

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Learn how to do more with your money

Learning how to manage your finances at a young age may seem hard but it will set the foundation for your future finances. Saving for your retirement may seem daunting t at a young age but to enjoy your retirement, you need to start saving while you are young.

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2020 - forever remembered as the year of the pandemic.

Lessons learnt from our strategist Sandisiwe Yengeni

As the year draws to a close (thank goodness), I have found myself reflecting on what 2020 has done to my financial plans. I came into the year with big goals of saving, especially towards retirement, travelling, and making sure I build up that safety net for rainy days. I was doing quite well, then the pandemic hit, and my well-laid plans went out the window.

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Take control of your emotional spending

Shopping has become a huge part of today’s society. Advertising has taken over with the technological advancements that have become a part of our daily lives.  Whenever you turn on the TV or simply open your smartphone, adverts trying to convince you to buy their products pop up constantly. No wonder emotional spending has become such a huge problem in many of our lives.   Do you know what your spending habits are?

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The global pandemic has not only changed our lives as we know it, but it has drastically changed the South African economy and in turn, our finances. South Africans have had to change their way of living to suit their new financial situation. Many have been left without any income for months, and are not able to afford the things they are used to, leaving us to make tough financial decisions that will affect our lives for years to come. Here are some ways to keep your finances going in our changed world.  

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Struggling with debt during COVID-19 

Are you struggling with debt during COVID-19? Since South Africa announced its nationwide lock-down back in March, many have been left without jobs or receive a reduced salary and are generally in a bad financial situation. Although the government has provided some financial relief through temporary relief funds, this has proven to not be enough to help the average South African sustain their everyday lives. It may be best for you to take control of the situation yourself. Use this time to review your financial situation and reach out for help where you need it 

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Can I take out credit after debt review?

Are you wondering if you can take out credit whilst undergoing debt counselling?  The answer is no, but for a good reason. If you are making reduced payments on your existing debt, the last thing you want to do is take on  further credit that will make your situation considerably worse. But what about after the debt review process, when all your debt is paid off?

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Want to consolidate your debt into one single repayment?

There are a few options to choose from when looking to consolidate your debt. Some people look to get a consolidation loan but the interest rates can be high meaning you pay off more for your debt overall. If you are already behind on your repayments you are unlikely to qualify for a loan to consolidate your debts and you may want to explore debt review.

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Repossessing my car under debt review

The main concern of people in debt is repossession of their assets, like their car. This leads to the popular question of “Can I lose my car if I go under debt review?” The simple answer is no. This is because when you enter under debt review, your assets are protected under the NCA (national credit act).

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Are you in debt and struggling to pay it off? Are your assets in danger of repossession? Debt counselling may be the right path for you to take. Debt counselling can reduce your debt repayments to an affordable rate so that you can pay off your debt and have money left over to pay for everyday expenses.

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