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Don’t delay – take control of your finances today!

by | Apr 28, 2021 | Personal Finance

Everyone says that they want to take control of their finances – but they somehow never do! Let’s be honest, sorting through bills and contracts – and having the true state of your financial situation stare you in the face – isn’t how you want to be spending your free time! But it has to be done. You have to stop procrastinating and just make START!

Become more financially empowered

Knowledge is power. This is especially applicable to your money. When you know what your solutions and options available are – you can make better financial decisions. Use your data wisely. Instead of watching irrelevant videos – rather find websites, videos, articles etc. – that will empower and educate you.

Redo your budget

Drawing up a budget is another thing people don’t like doing. Yet a budget is vital tool in the management of your finances.

Since circumstances change and the cost of living keeps rising – the sensible thing to do would be to regularly revisit your budget and make changes where and when applicable.

Working from home has seen many people alter their spending habits. Transport costs are most likely much lower, but then things like internet, water and electricity costs might be higher.

Make these adjustments to your budget so that you can have a better picture of your overall financial standing

Get your credit report

Every South African has the right to a free credit report from every credit bureau, once a year. Make the effort to go online and get it! Once you know what is reflected on your credit report, you can dispute anything erroneous on there, and work on increasing your credit score.

Get rid of your debt

Covid-19 and subsequent lockdowns have played havoc with the finances of most South Africans – and we are not out of the woods yet. One of the best things we can do is get rid of our debt. If your debt repayments are around 25% of your disposable income and you are paying your monthly installments on time – then you are in a good space. However, if you are struggling to make full timeous payments, or you are using money set aside for necessities to pay your debt – then you could be over-indebted and should make contact with a debt counsellor.

Uncertain times

We are still in uncertain times. More Covid-19 crises could still come our way. Whilst we cannot avoid it – we can prepare for it, and one of the best ways of doing that is to take control of finances – today!

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