As we approach Human Rights month in March, there may be no more appropriate time to reflect on the things we want, not only for ourselves, but for our loved ones and children in future.
Over the last few months, South African consumers have had the opportunity to vote for their favourite debt counsellor. The voting concluded at the end of last week and debt counsellors across South Africa waited in anticipation for the results to be released early this week.
February has been dubbed the month of love as we prepare to dazzle our Valentine’s day dates. However, it is important for consumers to be vigilant with their finances as we are greeted with another fuel increase this month. South African consumers will have to incorporate a 29c/l and 21c/l increase in petrol and diesel, respectively, into their budgets.
The transition from a very relaxed holiday period to school or work means that many people tend to feel the financial pinch from their festive spending. The latest repo rate announcement from Reserve Bank Governor, Lesetja Kganyago, suggests that the future may be very bumpy as the rate remains unchanged at 7% and the economy remains unstable.
Going into the New Year we are naturally more optimistic about our future and the prospects it holds. This new found optimism usually fades away as the year goes on and we realise that we find ourselves in the same financial position that we were in at the end of last year. And we remember that back then, we were not so optimistic.
Debt is all the same, in the sense that we borrow money now and pay it off later. What sets good debt apart from bad debt are the positive or negative consequences that arise from the particular type of debt that is taken out.
One of the best resolutions you can make for 2017, or any year for that matter, is to manage your finances better. Not only is this a good resolution to make, but it’s not complicated. Financial freedom, stability, and even wealth generation, can be developed over time by following a few easy maxims.
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.