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Showing posts from June, 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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15 Money Management tips to Improve Your Finances in 2025

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...
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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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7 Frugal Mistakes to Avoid

   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...
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6 EASY minimalistic habits to start saving money

  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...
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8 Best TAX FREE SAVINGS ACCOUNT IN SOUTH AFRICA

  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...
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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 ...
Read more