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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The key components of financial literacy

Financial literacy refers to a basic understanding of money and its four pillars: debt, budgeting, saving, and investing. It's knowing how to use the power of these foundations to create wealth over the course of one's life.

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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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Is debt review a good idea?

If you are struggling with paying off your debts, you may be considering debt review and may hear differing opinions on the advantages and disadvantages of debt review. Let's look at the comment opinions.

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Save effectively to keep you debt free

In an over-indebted country such as South Africa, learning how to save effectively can be just the secret weapon you need to stay out of debt. Yes; it is challenging having to choose between saving for an emergency and paying off debt, but it is important that you do both.

When you have high-interest consumer debt, paying it off first can help you solve ongoing problems with managing and saving your money. To many South Africans, a debt-free life seems like a dream, not a reality. But, it can be done with just the right level of commitment and discipline.  

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Should you take a personal loan when under debt review?

National Credit Act (NCA)

Simply put; you need to avoid loans at all costs when you are under debt review. Taking a personal loan when you are under debt review can cost you everything you’ve worked very hard for.

When the National Credit Act (NCA) introduced debt review in 2007; many South Africans have since been assisted and prevented from being blacklisted, having their assets repossessed, or living with a heavy burden of debt.

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Debt counselling explained

Debt counselling is a regulated process by the NCR. The process protects consumers from their creditors as no legal action can be taken once the proposed repayment plan has been accepted. It provides an opportunity to regain financial control to avoid future over-indebtedness and at the end of the process a clearance certificate is issued, and the credit record is cleared

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Tips on improving your credit score.

You probably know that your credit score is a big factor in getting a loan, but you may not realise just how much of an impact it can have on all aspects of your financial life. Your credit score can influence everything from interest rates and insurance premiums to apartment rentals and even job eligibility.

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If I miss a debt review payment what will happen?

As hard as it may be during challenging times, do not miss a debt review payment.   Debt review is a legal process, and your payment plan has been accepted by all your creditors. A court order has also been granted.

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Don't dip into your retirement savings to cover your debt.

Tapping into your retirement savings early can have a long-term devasting impact. If you find yourself changing jobs with the option to cash out your fund to pay off your debt. Don’t. You will accumulate more debt when you stop working to fund your retirement.

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