It is time to start fresh with your 2018 financial goals and let your new year’s resolutions include things like protecting your finances, being financially free and getting rid of your debt woes to become debt-free.
President of the Business Chamber, Andy Goetsch, explains the financial situation in Mokopane as a big worry.
“I think that with the drought and lack of rain we are currently facing we might experience a big difference and financial problems.
“This year might just get more difficult than expected. It is beginning to become to late for growing season and we haven’t had rain to boost it. From a political point of view the year might end up getting better when looking at the government.”
Goetsch tells that when it comes to saving money you have to start at yourself. You have to decide what is most important.
“In life you should not strive to be useful, because to be useful you also have to be successful. To be successful you have to work at your money. It is all about choices you make. You have to realize the full potential in everything you do,” he said.
According to Matthys Potgieter, spokesperson and debt expert at DebtSafe, there are seven significant steps or things that you can incorporate in your 2018’s financial resolutions:
Re-evaluate your monthly expenditures to make room for savings.
It’s easy to miss the small expenditures that all add up.
However, if you calculate and pin down your expenses on a budget sheet, you’ll know exactly what your actual spend per month is and what you can save.
This will also help you to portray an accurate budget that truly reflects income and expenditures, and thereby prevent accidental budget overspending.
Check your credit record and make sure the info on it is correct.
You can download your record once a year for free, visit: TransUnion, XDS or Experian. It is always good to know that your credit record is in check.
Be alert and make sure that if you see something suspicious, sort it out right away by getting in contact with the relevant credit bureaus.
Stop playing victim and put an end to your reckless borrowing.
Only you are responsible for your debt and finance management.
Compare rates and costs from different credit providers by doing the necessary research to see if you can afford the loan(s) or item(s), before applying for any credit.
Catch up on your reading to become ‘financially literate’.
It is about time that you read up on the National Credit Act and regulations, the National Credit Regulator, The Consumer Tribunal and what Alternative Dispute Resolution Agents (like the credit bureaus, debt counsellors, the Ombud for Banking Services or the Credit Information Ombudsman) involves.
You’ll not only broaden your consumer rights knowledge but you’ll also create a money-savvy culture around you by being a financially clued-up person.
Put a dent in your debt.
There is one of two options that you can consider when trying to get rid of your debt.
You can either make use of the so-called snowball effect by paying off your smallest debt first (like a clothing account) or you can use the avalanche method.
This is where you pay off your debt with the highest interest rate first, like your credit card.
Protect your debt.
Life happens and you therefore have to protect what is most important to you. You don’t want to leave your loved ones with a debt mess, do you? Make sure you have credit linked insurance to take care of yourself and your loved ones when unpredicted (or in some cases predicted) things happen like temporary or permanent disability, retrenchment, maternity leave as well as death.
Talk to recommended professionals in the financial field.
Talk to your financial adviser or banker and get the support you deserve.
