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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 what you ear

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 while other

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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How to create a budget for beginners in 4 easy steps

Source: Pexel   Saving money is hard. Even harder when you do not know how to. Budgeting is often made out to be a gruesome process that seeks to make you unhappy but that is not the case. In this article, I have covered 4 methods to help you manage your money. But firstly, what is a budget? A budget is, as defined by the Oxford Dictionary, the money that is available to a person or an organization and a plan of how it will be spent over a period of time. It is basically how you’ll spend your money. There are a lot of budgeting tools and apps today that might help you and I have compiled them. Before we get into that, let’s go through the basics. What you need to know/do  before  you set up any budget . 1.     Calculate your after-tax income After-tax income is the amount you are left with after-tax deductions. This amount is before your deductions. Most South Africans receive a net salary, which is the amount after all deductions. These deductions are tax, pension fund, UIF, Medical a