Nothile Finance

Improving your finances should always be on top of your to-do list. I have compiled a list of easy habits or ways you can easily adopt today that can guarantee improvement in your finances. Here are: 15 Money Management tips to improve your finances today  Being Conscious with your money How many times have you found yourself wondering where your money went? There is a reason for that. Most people spend most of their time multi-tasking and constantly on the go. It is easy to then spend money mindlessly.  To achieve financial freedom and be on top of your money game, you need to know and mindfully understand where and why you spend your money.  Set Personal Finance Goals Deciding to improve your finances should be a personal choice. The motivation has to be intrinsic. To be successful in improving your finances, you need to set a goal(s). Setting your goals will motivate you and give you a compass.  Your finance goals need to be realistic and specific. You cannot aim...

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 ...

   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 unders...

  Minimalism is a lifestyle centred around living below your means and owning only what you need. While you do not need to be minimalistic to save money, there are minimalistic habits that can help you start saving money. In this article we will explore those habits and how they can help you get started on your money saving lifestyle.  6 EASY minimalistic habits to start saving money 1. Determine your need Often time we get sucked into the habit of buying items that we do not really need. Consumerism is the disease of the society. We get encouraged to spend money at every turn. From our social media ads to our television screens.  You need to make a conscious decision to spend on things that you need and that hold value to you. You have to review your bank statements to evaluate how and where you spend your money. Unnecesarry expenditure lead to brokeness. 2. Budgeting Failing to plan is a plan to fail. Budgeting is taking responsibility for your money. It is accounting f...

  Tax free savings account is a tax-free investment option. It was introduced on 1 Mar 2015. The aim for tax free investments is to encourage household savings. To encourage people to save more. You dont get taxed on this investment. How does tax free savings account work? •You can invest up to R36 000 per annum. •Your lifetime investment limitation is R500000 •Any amount exceeding R36 000 p.a or R500000 in your lifetime will be subjected to 40% tax. •For example, if you invest R38 000 in a year, only R2000 will be taxed. The R36000 will be exempted. •You do not pay income tax, dividend tax, or Capital gains tax (CGT) on a tax free savings account. •You can have more than one TFSA with multiple providers.  •But the amount you invested will be aggregated and should not exceed the annual and lifetime limits. •Interest earned will not be taxed •Money withdrawn cannot be replaced. This means that if you invest R200000 and withdraw it, your lifetime investment will still be R200000...