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Showing posts from August, 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...

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...

How to get out of debt with a low income

Getting out of debt is challenging on any income level. It is especially harder when you have limited means and only earning minimum income.  However, you can still lead a debt free life by following these steps. 8 Effective ways you can payoff debt on low income  Stop taking on new debt To get out of debt, you should first stop taking on more debt. Taking out more debt will sink you further into the pitfall that is debt.  You must learn to stop borrowing money. And that means no more loans. You must learn to live off what you gave. And nothing more.  Your views about money, attitude towards debt, behaviour, and finances as a whole needs to be evaluated.  Determine how much you owe Before you start paying off your debt, you should know the exact amount you owe. Knowing exactly how much you owe will enable you to create a debt payment plan that is best suitable.  You need to know the balance on your debts, the minimum payments, interest charged, and the term...

9 Intentional ways to spend less: A Helpful guide to overcome consumerism

Consumerism is, according to Google dictionary, a society's preoccupation with the acquisition of consumer goods in ever increasing amounts. Meaning continuously buying stuff for the sake of buying even if it leads to debt. Excessive consumerism is when your earnings come in one hand and go out the other. When you are earning good income but still living paycheck to paycheck without any savings.  The Symptoms/signs of excessive consumerism  1. Buying more than you planned Constantly buying more than what you planned to is a sign that you  2. You run out of storage Buying more than you need will definitely lead to low storage capacity. You will find yourself not having enoght space to house all your items.   3. You buy things on credit  Debt is not bad. You can actually use debt to acquire wealth. It is over utilisation of debt with little to no repayments that's an issue.  Over utilising debt will keep you in debt and never afford you an opportunity to...

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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...

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 ...

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 ...