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.
Access to credit is relatively easy. Your bank is quick to provide you with a credit card pretty much as soon as you leave school. It’s no wonder so many South Africans get used to buying things they want on credit. That’s often where the debt spiral begins.
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.
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?
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.
Healthy finances are regarded as the state of stability of one’s person’s finances. It can be hard to gain financial stability in today’s world but there are steps you can take to get onto the right path towards healthy finances. Here are a few tips and tricks to guide you towards gaining healthy finances.
Many South African families have had to adjust to living on a single income due to job loss or a reduction in income during the nationwide lock-down. School fees, food, electricity costs and other essential expenses remain, and you may find that your income no longer stretches far enough. Here are some tips to on how to make the most of one salary.
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.
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 its needed. It needs self-discipline but with focus it can soon become a habit. Here we look to provide an overview of the national savings problem in South Africa, incorporating the latest statistics. It also highlights the importance of saving, building up resilience through an emergency fund as well as a guideline on how you can start saving for your future.
Many banks in South Africa are now offering payment holidays. Standard Bank, FNB and Absa to name a few. This has been put in place to allow consumers that are low on cash during these uncertain times to have a break from their debt payments.
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