Debt consolidation is a loan that you would take out to consolidate several smaller loans into one loan. Basically, paying off the balances of all the other loans. The goal of a consolidation loan is to reduce monthly instalments usually by means of lower interest rates and extended payment terms.
The New Year is right around the corner and you are probably planning a number of resolutions that you are hoping to adhere to in 2017. The New Year is not only a time to review your personal goals, but also a fresh start for your financial goals.
The festive season is a time of great spending. Whether a result of the unconscious effects of advertising or salary bonuses, December brings out the conspicuous consumer in many people.
Be realistic – writing down a groceries list is the same way you would write down a budget. It might be a good idea to set your budget tight for festive spending as a way to curb over-spending. It would be necessary to shop around for better deals targeting discounted festive prices. While sticking to a budget, it is important to not get carried away when doing your shopping. Shopping lists come in handy and should be a guideline of what you need.
Reserve Bank Governor Lesetja Kganyago has given the last repo rate announcement of the year and the rate has remained unchanged. The year ends on a very interesting note given the abundance of local and international shock and scandal, from Zuma and his allies being exposed in the State Capture report and the infamous business mogul Donald Trump winning the US presidency.
It is easy to get carried away with our spending habits during the festive season, and it is often only at the end of the holidays that we realise the extent of all the extra expenses we incurred as well as the damage that our shopping impulses have done to our bank accounts, adding to the financial baggage.
Arriving at the festive season is both gratifying and daunting. On the one hand all the glare and glitter around the festivities are really exciting. But on the other there is that dreary feeling that all these things comes at a price, one that might just be out of reach.
Overspending is a big problem in many households with living expenses skyrocketing and the constant pressure you feel to “keep up with the Joneses”. These pressures you are experiencing are being amplified by the increasing exposure you are getting from social media platforms.
According to Dave Ramsey, an American financial advice enthusiast, “A budget is telling your money where to go instead of wondering where it went’’. In order to achieve financial freedom, successful planning, budgeting and spend tracking is required. Without implementing an appropriate budgeting and saving strategy, your risk of financial failure increases.
It is easy to lose the meaning and value of Heritage Day in South Africa. Many see it as a day to stay at home and have a good ol’ braai with family and friends. Let me take you back to the reason this day is honoured in this country.