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Six tips to financial wellness
These six tips can help you avoid going into the red and onto someone's blacklist.
Heading out of the Christmas season and into the New Year, the last thing you need is more financial woes.
The six tips below can help you avoid going into the red and onto someone’s blacklist:
- Do not ignore debts – list all debts, including family and friends. Get in touch with your creditors and make arrangement to pay them.
- Prioritise your debts – make sure you pay your essential debts first. Pay off debt with higher interest rates first.
- Do not borrow to pay off debt – avoid borrowing more credit to settle your other debts, which will begin a debt cycle. Do not buy food on credit.
- Cut down on expenses – rather focus more on needs than wants. You should also consider early settlement of loans to save on interest.
- Surrender the goods you cannot afford – this you can do by giving written notice to creditors on the intention to terminate an agreement and return purchased goods within five days.
- Start saving – put aside money for unforeseen circumstances and use your bonus to create personal wealth.
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Email: Reveshni Douglas (Editor) at reveshni@caxton.co.za
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