emergency fund
A well-constructed financial plan should help you use good debt strategically to increase your net worth. Remember, not all debt is bad – good debt, such as a home loan, can be leveraged to build equity in your property so
Be sure to keep your disability cover up-to-date and appropriate to your needs, paying specific attention to your income protection benefit which is likely to be your financial lifeline should you become incapacitated for an extended period of time. An
Be sure that you are adequately protected against the risk of ill health or disability by putting appropriate disability and dread disease cover in place. If you enjoy group risk cover through your employment, be sure to understand what life
A single-income family naturally faces greater risk when it comes to job loss or retrenchment, and it is important to put plans in place to mitigate the risk as much as possible. An emergency fund sufficient to cover at least
Saving for retirement may feel like an impossibility for a single parent, especially when your children are younger and the continuous stream of expenses seems insurmountable. It may help to remind yourself that saving for retirement is a long-term process
Unless otherwise agreed upon, keep your joint financial affairs private and work hard to protect that privacy. Discussing your financial affairs with friends and family may be perceived as an open invitation for them to become involved in your finances,
The wealth accumulation phase generally requires more robust and strategic financial planning as you intentionally work towards achieving financial freedom. With higher levels of income and a well-crafted financial plan, your financial goals should feel within reach, and you should
As soon as you can, start putting money aside into a baby fund that is earmarked for costs such as baby, clothes, prams, car seats, nappies, formula and toiletries. Use a savings account, money market or fixed deposit to house
Income protection is a form of long-term insurance which is designed to replace your income if an illness or disability renders you unable to earn your income either temporarily or permanently. While many consider this type of cover to be
In the absence of an emergency fund, you may be forced to access debt in order to pay for the unforeseeable expense you are faced with, keeping in mind that short-term debt is normally expensive. Ensure that you always have
