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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 what you ear

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 contrasted

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 terms.  Track your spending Do yo

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 be debt-free and achieve

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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