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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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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...
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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 contr...
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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 w...
Read more