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.
Reserve Bank Governor Lesetja Kganyago, today announced that the repo rate will remain at 7%, which comes as no surprise to most of the nation especially with the South African Rand (ZAR) strengthening against all currencies. 2016 has been a year full of surprises, from the President paying back the money to the Finance Minister being investigated by the Hawks.
Seasons come and seasons go. Spring is here and it’s time for a fresh start for your finances. You know that old, old debt that you have almost forgotten about but still lingers in the back of your mind? Well, it is important to know that you may not have to pay that debt back anymore. This is due to a legal clause known as prescribed debt.
The management of debt has become increasingly difficult in the modern era. Access to debt is so readily available that we can easily forget the difference between money that is really ours and money that we borrow but have to pay back again. As these two become confused, we can find ourselves in a downward spiral into a seemingly bottomless pit
Naturally, it is easier to spend than to save and more often than not, we spend beyond our means. Although South Africans, in general, find saving extremely challenging, it has fantastic rewards, especially if we show dedication and self-discipline.
As people continue to struggle for cash and are looking for ways to save money; they have become generally open to the idea of changing bank accounts, not only because people are looking for better ways to save and a convenient way of banking but mainly to save on bank charges, which is one of the most ignored household month-to-month expense.
When it comes to personal finances and budgeting most South Africans are in the dark. Do you always wonder were your salary went? With spring fast approaching it’s time to spring clean your finances and get a fresh start.
In South Africa Women’s day marks the day when women took to the streets in their numbers and marched to the Union Building to protest against carrying of a pass book. As we celebrate this historic date let us not get carried away, forgetting to stick to our budgets and overspending.