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11 reasons you are struggling to save money

There are many reasons  people struggle with saving money. Many factors that we are sometimes are unaware of. In this article we will discuss some of these reasons.  11 reasons you are struggling to save money 1.Cost of living It would be an injustice to talk about saving money without acknowledging the cost of living. The inflation rate keeps rising which means prices are hiking while our income remains the same.  High costs of living, such as housing, healthcare, and education, leave little room for saving after meeting essential needs. 2. You don't Budget (or stick to it) A budget is to your finances what water is to your body. You might survive a day or two without it but in a long term you will feel the effects. Without a clear budget, it's challenging to track income, expenses, and savings. Overspending becomes common, making it difficult to save 3. You live beyond your means Spending more than you earn will leave you with nothing to save.  Spending more than what you ear
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Diversifying Your Investment Portfolio in South Africa: A Comprehensive Guide

Investing in South Africa can offer numerous opportunities for growth and wealth accumulation. However, it's essential to understand that all investments carry some degree of risk. Diversifying your investment portfolio is a crucial strategy to mitigate risks and optimize returns. In this comprehensive guide, we'll delve into the strategies and steps you can take to diversify your investment portfolio in South Africa. Understanding Portfolio Diversification Portfolio diversification is a risk management strategy that involves spreading investments across various assets, industries, and geographic regions. The aim is to reduce exposure to any single asset or risk. Diversification helps balance potential losses in one area with gains in another, ultimately aiming for a more stable and profitable overall portfolio. In South Africa, diversifying your investment portfolio typically involves considering a mix of asset classes, such as equities, bonds, real estate, commodities, and ca

10 Practical Ways to live frugally

Living frugally involves conscious spending, resourcefulness, and smart financial choices to make the most of your resources while maintaining a comfortable lifestyle.   source: pexel Here are some tips to help you live frugally:  1. Budgeting and Tracking Expenses Creating a budget is the foundation of frugal living. Record all sources of income and categorize your expenses. Analyze your spending patterns to identify areas where you can cut back.  2. Minimalism and Decluttering: Adopt a minimalist lifestyle by decluttering your living space. Sell or donate items you no longer need or use. This not only frees up space but can also provide extra funds.  3. Cooking at Home Eating out frequently can significantly impact your finances. Learn to cook simple, nutritious meals at home, and meal-prep to avoid the temptation of dining out.  4. Saving and Investing Develop a habit of saving a portion of your income regularly. Consider opening a savings account or investing in low-risk options t

10 Useful money tips for young adults

 10 Useful Money tips for young adults Navigating personal finance and investments as a young adult can be challenging. No one prepares us for the world after varsity. Where mortgages, car payments, rents, bills, and everything in between sorely depends on you.  A world where money decisions have long term consequences. Young adults are thrusted into the personal finance realm with little to no knowledge of what to expect. In this article we will try to bridge that gap. We will discuss useful money tips for young adults. The do’s and don’ts. While this article might not solve all your financial predicaments, it will surely give you a step into the right direction. So buckle up 10 useful money tips for young adults  1. Don’t use credit for non essential items Having access to a credit card for the very first time is exhilarating. It is also one of those things that can turn into a nightmare pretty quick. Using your credit for miscellaneous things that singular seem like a small amount b

20 creative ways to save money on a tight budget

In this failing economy it is no surprise that you are looking for creative ways to save money. In this article we will cover multiple ways you can cut down costs, from food to self care and so forth. You will be covered.  6 Effective ways to save money on food  1. grow your own food A small vegetable garden will save you money while also encouraging a healthy lifestyle. It is no secret that most produce is over priced. It can be hard to incorporate veges in our meals when we are on a tight budget.  If you have a patch of land where you can plant vegetables, do it. Start with easy to maintain veges such as spinach. It is easy to grow and maintain over a period of time. Remember to check your area's climate and sowing seasons.  2. Know your budget Sticking to a budget will help you to save money on anything, food included. Have a grocery list when shopping and only buy items that are on your list.   3. Check your cupboards Shopping your pantry will save you from buying what you alre

5 Effective Ways to Save on Petrol

  As drivers face steady petrol and diesel cost expands, it's essential to find ways of saving a couple of litres of fuel as the cost of living in South Africa stay raised. South African drivers were hit with another monetary thump this month and are presently paying nearly R23 per litre to top off their vehicles as of 2 August, with the expense of diesel and petroleum moving by around R0.71/72 and R0.37 per litre, separately. The expense of fuel is still underneath R25 per litre however is as yet drifting great above R20 per litre. The individuals who use petroleum will get just about one litre less per tank contrasted with last month, while diesel clients can expect almost two litres less - contingent upon the size of their tank.  Inland 95 octane petroleum and Diesel 0.005% expense R22.83/l and R20.52/l, separately, while at the coast, it costs R22.11/l and R19.81/l, figuring in the record demand and different expenses. Despite the fact that fuel costs have diminished contrasted

How to get out of debt with a low income

Getting out of debt is challenging on any income level. It is especially harder when you have limited means and only earning minimum income.  However, you can still lead a debt free life by following these steps. 8 Effective ways you can payoff debt on low income  Stop taking on new debt To get out of debt, you should first stop taking on more debt. Taking out more debt will sink you further into the pitfall that is debt.  You must learn to stop borrowing money. And that means no more loans. You must learn to live off what you gave. And nothing more.  Your views about money, attitude towards debt, behaviour, and finances as a whole needs to be evaluated.  Determine how much you owe Before you start paying off your debt, you should know the exact amount you owe. Knowing exactly how much you owe will enable you to create a debt payment plan that is best suitable.  You need to know the balance on your debts, the minimum payments, interest charged, and the terms.  Track your spending Do yo

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7 Frugal Mistakes to Avoid

   So, you are considering a frugal lifestyle and wondering what you should avoid doing? Or maybe you are already in the lifestyle but looking to improve on some things? That’s understandable. It is important to know what you are getting into and the obstacles that you might face along the way. When I started living frugally, I made a few mistakes. Mistakes that could have been avoided. Partly because I was naïve and partly because social media created an unrealistic image of what it means to be frugal. I was so damn excited about frugality that I messed up. A lot! I have compiled the list of things NOT do when becoming frugal. Things that I wish I knew when I first started. 1.     Have unrealistic expectations   It is easy to get carried away when starting in frugal life. How could you not? Those Dave Ramsey stories on Instagram about people who saved $100 000.00 in 6 months. The couple that bought a house cash. It is admirable and desirable. I understand why one might have high expec

10 Sites that pay moms to write- Make money Online

Did you know that there are sites that pay moms to share their stories? Yep. Getting paid to share what you already know. These sites pay moms to share their stories. They're a perfect side hustle for stay-at-home moms and working moms too. Some of these sites pay as much as $800 to their contributors.  1. Money Pantry - Pay $150+ Money Pantry is a personal finance blog. They are always looking for writers. You can write about ways you save money in your household. Anything that has to do with finances. Those small (or big) things that improve your finances. 2. Freelance Mom - Freelance Mom allows ‘MOMpreneurs” to share their journey of being a mom and an entrepreneur. You can write about the ups, the downs, and anything in between. Moms can share their coping mechanisms. How they started, and how they keep the balance. Basically anything relevant to being a mom and an entrepreneur.  3. Healthy Living -Pay $150+ Healthy Living is centered around a healthy lifestyle, parenting, p

Financial Planning? All you need to know about 401k

We are always encouraged to plan for the future. Have a retirement plan. But more often than not, people rarely ever explain what a retirement plan is. How to go about it and what options you have. In this issue, we will dive deep into the good, the bad, and the ugly about retirement plans. We will mainly focus on the most common one, 401(k). What is a 401(k)? A 401k is an employer-sponsored retirement plan. It is named after section 401(k) of the U.S  Internal Revenue Code. The employee agrees to contribute a certain percentage of their salary to an investment account for retirement. Employers may match some or all of the amount.  This is a great investment vehicle for ordinary folks who work a 9-5. It is designed to encourage the working class to save and prepare for their retirement. There are primarily two types of IRA; the traditional 401(K) and ROTH 401(k). The main difference is that the traditional 401(k) is made pre-tax and therefore reduces the taxable income and the withdraw