Stay Afloat to Get Ahead Financially
Month too long for your money? Reach out for help when the cost of living is on the rise.
Are you wondering how you can stay afloat financially – or attempt to get ahead in your financial life? Does it feel like your month is simply too long for your money, Recently statistics indicate that mid income earners people spend 80% of their salaries within 5 days of earning it!
We often find ourselves wishing we could earn more, especially now as expenses have increased. Interest rates are rising, meaning our debt commitments have increased, along with the cost of petrol and groceries- this means financial stress are on the rise. Ever heard the saying get ‘ahead of the pack’? This saying refers to a person who starts doing something before others do, and this head start gives them an advantage or a lead over others. By getting started early or sooner than others, you can put yourself ahead of the rest and boost your chances of success, even in difficult times. When it comes to financial matters, getting ahead of the pack is easier than you may think. There are many tried and tested money lessons that apply all throughout life and under all circumstances.
Implementing these money lessons will certainly put you ahead of millions of other South Africans who have yet to get started.
Five money lessons to get ahead
Know your numbers
Make an inventory of your finances: list all your income and expenses; as well as your assets and liabilities – including all loans, credit cards and store accounts, noting for each loan, credit or store account: how much is still outstanding; how much interest you are paying, now that rates have increased; and how much longer you need to pay.
Spend less than you earn
Whatever you earn, spend less! Living below your means by spending less each month than you earn is a crucial step to getting ahead financially.
Pay your debt
Debt – especially short-term debt like credit cards, store accounts and quick loans – is very expensive and a certain way to keep yourself stuck financially. Avoid making new short-term debt at all costs, and start paying off your existing debt as a matter of priority, beginning with the debt with the highest interest. Ensure you stay on top of debt commitments – and reach out if you need help
Save on Expenses – Make Saving a Habit
Review all your expenses, saving is a habit. In tough times even if you save a small amount you create a savings culture in your financial life. Before you spend a Rand of the Income you receive – try and put some of it away in a savings account. Review every line item of your expenses and see if you can save on your debit orders or variable or fixed expenses.
Write down just one short-term goal for the next 1 to 5 years and one long-term financial goal for the next 5 to 20 years, making sure they are both achievable and motivating. Even if your initial goal is to stay afloat during these tough times.
These tried and tested savings and money-management habits can be used by anyone, and no matter what your financial situation looks like right now, you can start at any time. Of course, there is no better time than right now!
“The secret of getting ahead is getting started.” – Mark Twain
Stay Afloat and Get Ahead
– we are here to help.
The easiest way to get started is to reach out for friendly, professional help from your financial coach, who is ready to help you get ahead today.