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.

During a crisis, there is often a high level of uncertainty caused and this pandemic is no exception. Managing your money, and maintaining your budget is proving to be challenging. People have suffered retrenchment, reduced hours, and wages as well as increased medical expenses. 

You probably have many questions during these trying times...” Will I lose my job?” ...” Will I be able to keep up with my debt repayments without an income” ...? “Will I have enough money to buy necessities at the end of the month” 

While the world faces the COVID-19 pandemic, you need to remember that there are ways you can protect yourself from getting the virus. With the growing number of cases in South Africa reaching 1326, you should know all the options you have when it comes to staying hygienic and protecting yourself from infection. Another growing concern to South Africans is their finances. Due to the lock-down many of us find ourselves in a tough financial situation. Here are some tips on hygiene during COVID-19 both for yourself and your finances.

Here's some of our finance tips to help you during lockdown.

The COVID-19 outbreak has created panic due to the uncertainty we find ourselves in. The pandemic has caused not only emotional stress and uncertainty but financially too. Between the exchange rate from dollar to rand depreciating to 17,75 and dropping oil prices, it is no surprise you find yourself increasingly concerned by your finances.  How should we be navigating through this challenging time and what finance tips should you follow? 

To be able to  start saving you must be reasonable and realistic to yourself. Start with the small things. Be consistent and make it a habit.

Paying off your debts could seem impossible but there are options to help you out and make the process a little easier. It is important to educate yourself about your options so that you can make the right decision. Debt review and administration are commonly misunderstood to be the same thing. Here are the main differences between debt review and administration.

The start of a New Year is the perfect opportunity to get a handle on your financial situation. No doubt you have made some sort of financial resolution. Save for a holiday? Deposit on a car? How about being responsible and increasing your retirement fund Whatever your financial goals for 2020 our tips below should help you get started.

If you are struggling to keep up with your monthly expenses on the salary you are earning, the idea of saving might seem unimaginable. But, you can start somewhere no matter how small. It is worth the effort as it can give you peace of mind and prepare you for unexpected rocky financial times ahead. You can start off small and as time goes on, it will become easier to save and your savings will accumulate.

People tend to spend all their money (and money they don’t have) during the festive season. Gifts and food are the main culprits of this spending! Here’s how to protect your finances this festive season