saving
Avoid using your salary increase as a reason to live a more expensive lifestyle. While you may be tempted to buy a more expensive car or live a more lavish lifestyle, consider the lost opportunity costs of not investing the
Take intentional steps to ensure that you have your own financial profile independent from your spouse’s. To achieve this, ensure that you have a well-managed bank account in your own name and at least one credit facility in your name,
As an investor, it is essential to understand the relationship between risk and reward. The higher the relative risk of an investment, the larger the possible returns may be. For instance, cash is considered a low risk investment while equities
Debt is a mantel that can burden you daily. Being overly-indebted can be a dark place to be and a difficult place from which to escape. While you’re servicing expensive debt, such as credit card and retail debt, it is
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,
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
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
If your parents are fortunate enough to still have each other, it’s important to have conversations about what would happen in the event of one of them passing. Depending on the nature of their retirement income, the death of the
With July being National Savings Month, now is a good time to review your various savings accounts. If you’re contributing towards a tax-free savings account, check your contributions and make sure that they fall within the annual limit of R36
