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Showing posts from June, 2022

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 w...
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The BEST 32-day Notice Account in South Africa

  This is a one-stop article where all the South African banks are compared. We will save you the time of searching for information on different sites. There are a lot of banks offering the 32-day notice account and we will cover everything you need to know about them all. Although I recommend comparing all the banks (to get the best offer), You can use the table of contents to take you to the bank you are interested in. FNB 32-DAY Flexi notice account(individual and business) The First National Bank offers the 32-day Flexi notice account for both individuals and businesses on the same terms. You have to invest a minimum of R5000 into the account and can make regular deposits.  It has up to a 3.70 nominal interest rate over a period of 12 months. You can choose to have the interest reinvested (into the same 32-day notice account) or transferred into your account.  The FNB 32-Flexi notice account has no admin fees, however, you will pay a fee if you withdraw sooner than ...
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5 easy steps to build an emergency fund

If there is one thing the past year has taught us is how unpredictable life can be. Emergencies are imminent. You never know when they’ll arise so it is better prepared. Having an emergency fund reduces the stress surrounding the unknown. What is an emergency fund? An emergency fund, or as I call it the “Oh Sh*t,” refers to money put aside in case of unexpected expenses arise. Its purpose is to cover unavoidable and unexpected costs that arise.  The aim is to build financial security so that even if the worst (like losing a job or having unexpected medical expenses) happens, you will still be able to cover all your fundamental expenses. It is definitely not for the pair of sneakers you just saw at your favorite shop. Or the lovely sundress that fits your figure perfectly.   How big should my emergency fund be? Most personal finance gurus advise that it should be equivalent to your 3 monthly expenses. However, I believe six to nine months is better and safer. While we alw...
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4 Effective ways to be a Mindful Spender

In a struggling economy with prices sky-rocking, we are left with no choice but to be very mindful of our spending. There are effective ways one can be a mindful spender by adopting.  Take inventory of what you have before shopping Before you go shopping, you need to take inventory of what you already have. This will ensure you do not buy the stuff you already have, ergo saving you money.  It will also offer insights into your consumption. You will learn more about what you utilize and what you don’t. Therefore it will eliminate the chance of cluttering your pantry or closet with the same stuff that you never use.  Pause before you buy To be a mindful spender you need to get into the habit of looking into your shopping cart and asking yourself: Do I need this?  It is easy to fall into the routine of buying certain things out of habit. Things that you don't need but are very familiar with seem like a need.  For instance, buying jerseys because it is wintertime. N...
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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...
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8 Easy to start side hustles in South Africa

 08 side hustles you can do in South Africa in 2022 to earn extra income With the standard of living continuously increasing in South Africa and the unemployment rate skyrocketing, it is not shocking that most of us are looking for alternative ways to earn income.  1. Freelancing There is a huge market for freelancers on the web. Ranging from freelance writers, web developers, social media managers, virtual assistants, etc. You can use your skills and knowledge to earn income online without being permanently employed as a norm. Platforms such as Fiverr, Upwork, and freelance.com offers you a chance to meet international customers. These platforms are easy to use and free too, so you do not need start-up capital.    2. Uber or Bolt Driver Do you have a car and a few minutes (or hours) a day or on weekends to spare? You can create another stream of income by becoming a driver for Bolt and Uber. You can create your own schedule and choose how long you ...
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How to repay debt faster- a detailed plan

Paying off your debts is one of ways to achieve financial freedom according to personal finance gurus such as Dave Ramsey and Suze Orman. To achieve financial freedom, your assets must exceed your liabilities. As such, paying debt gets you closer to the goal of financial freedom.  In this article we will explore ways in which you can repay debt faster and the methods you can use to repay it.  7 Effective ways to pay off debt fast 1. focus on one debt at a time  Focusing on one debt at a time will keep you motivated as you will see results faster. You do not ignore the other debts. You have to make minimum payments on all your debts and then put the leftover money towards one debt at a time.  2. Pay more than the minimum Building on the previous point, you have to make more than the required/minimum payments to get out of debt faster. Paying only the required amounts means you will have to pay into a full term. Thus not paying off your debt faster. 3. Get on a budget ...
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