What kind of money manager are you?
How to financially empower yourself
Good money managers:
Pay themselves first i.e. 10%-15% of their salary is saved/invested and they live within the balance of the remainder.
Save up and pay cash for depreciating assets such as cars, fridges, TV’s., and all other electronic/technological devices. These should be purchased at lowest possible prices and maintained to prolong their life span.
Pay off their bond as soon as possible so that they live rent free
Work to a budget
Do not abuse credit facilities.
Make it a goal to pay off any credit card charges on a monthly basis so no interest will be charged. Only then will the credit card be a convenient and beneficial form of making purchases (such as accumulating E-bucks, travel miles) and not a source of loans;
Which leads us to what all good money managers know
the dangers of borrowing:
A loan is not a substitute for an income.
When to borrow, and that is for clever costs only– which means paying now so that you can make money or profit later i.e. education/business, home loan.
If you have already borrowed too much and you are over indebted, the new National Credit Act allows for an accredited debt counsellor to restructure over indebted borrower’s debt instalments to affordable amounts. Financial well-being consultants are registered debt counsellors and can perform free debt review on your behalf and can be contacted toll free on 0800 205 214.
CKCS will be facilitating a budgeting skills group in October. For more info, contact Hilary on 011 532 9713
Upcoming Chev/CAJE ‘Enrich your life’ talk “Money Matter; Getting the basics right”, with financial experts David Shapiro and Lauren Haynes, Wed, 25th June. Sydenham Shul Hall. 7 45pm. R30. Refreshments served. For more info: Sharon 011 532 9616