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Showing posts from March, 2023

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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5 financial mistakes to avoid in your 20s

Your 20s are full of decisions to be made. From your career choice, to whether you want to be married or not. From having kids (or not) to buying your first home. There is always a life-changing decision to be made. It can be overwhelming.  There is a lot of pressure to get everything done while keeping up with the Joneses. This can lead to a few financial mishaps. There are, however, mistakes that you can avoid. Not being honest about your finances No matter how much you earn, you can always spend more than that and be technically poor. If you are not honest with yourself about your financial situation, you'll definitely make mistakes that will cost you a lot later on.  You need to know exactly how much you earn; and how and where you spend your money. That is the only way you can plan and not live above your means.  Getting into unnecessary debt When it comes to debt there is no right way to go about it. Debt is a two-way sword. Some people leverage it to build wealth w...
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How to take care of your finances in 2023

Taking care of your finances can be overwhelming and strenuous. In this blog, we break down a few basics on how you can kick-start your healthy finance journey.  Tracking your spending Keeping track of how you utilize your resources(aka money) will offer insights into some habits you might not even be aware of. You are probably aware of the major spending such as a mortgage, car insurance and so forth but it is the smaller changes here and there that are most impactful.  As they say 'numbers don't lie Lifestyle inflation  A few years ago, while watching "house hunters international" I learnt of the term "downsize to upgrade'. What these house hunters would do was to move to smaller homes and live way below their means in order to buy their dream homes.  It was such an unfamiliar phenomenon for me as I was taught, through culture, that as you make more money your lifestyle should reflect it. Got a promotion? Get a fancier car. Have a side hustle with substanti...
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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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