Women’s Month has come and gone. It’s time to take control of your finances – not only is it empowering but you will be building a financial roadmap for your future. To become financially independent is to have the knowledge of what is going on in the financial market, and also what to do should you experience financial difficulties.
The first step towards financial freedom is to start with a budget. It will give you a very good overall view of how much money is coming into your household and what is left once all the bills are paid. You can now allocate a certain amount every month towards your savings goals, whether it is for a well-earned holiday, that one thing you always dreamt of and never had the means to buy, or even for retirement. The most important step is to start saving. Don’t wait for next month. Start immediately, even if the initial amount is small – the main thing is to start so that it can become a habit.
The last 20 months have, without doubt, increased the uncertainty of life. Are you protected in all aspects, namely life cover, protection of your income for dread disease and, yes, have you drawn up a will? And last but not the least, have you got a funeral policy? We say ’I’ll do it later because I still have a lot of time’. We all know that this is not our call.
To make debt is not difficult, especially in these trying times. We are bombarded with advertisements of goods and services we don’t really need but think it might be nice to have. The problem is that too much debt causes ‘over-indebtedness’.
A few points to ponder before you get into this position:
- Pay your premiums regularly. If difficult, at least the minimum amount.
- Establish which accounts have the highest interest. Make sure to pay them first.
- Should an account become dormant, close it in order to curb further spending on it.
- Lower your limits on your cheque and credit card if not needed.
- Pay your accounts before the due date. If paid late, you pay excessive penalties.
- Don’t ignore letters of demand. Immediately contact the creditor to make alternative payments.
The bottom line is that you can take complete control of your money. It is not necessary to go for debt reconciliation; you can do it yourself. It will cost you nothing and you will still be able to get credit.
Feel free to contact our Finbond website for all our products available at very good interest rates at www.finbondlimited.co.za
