Guiding consumers since 2009

Your personal finance in 2010 and beyond

By Staff Writer

It is a new year, a new start and a great opportunity for you to review the last decade, take a long hard look at your personal finances and decide what you would like them to be in 2010 and the decade to come. The last ten years were marked by a consumer boom fuelled by credit, but the next ten years are not likely to follow this route. So what can you do?

 

 

The first thing is to plan a realistic budget. If your budget is more wishful thinking than actual planning, then you won't be able to meet your personal financial goals. Set aside a portion for savings so that come 2020 you will have built up a sizeable fund for you to blast off into the next decade beyond with. In South Africa we do not have much of a savings culture, but savings are essential for financial fitness, so getting into the habit of saving is a great way to start the New Year.

Manage your debts by paying off what you owe as quickly as you can. Do not just pay the minimum on your bond or your credit card. Paying more than the minimum will save you thousands in interest charges. If you feel that you can't get on top of your debt, contact a professional debt management firm to help you go into the future debt free and on the path to realising your personal financial goals, this year and in the years ahead.

 

Recent Articles

Featured It’s possible to change your marriage regime

Many people wed before they sign an antenuptial contract (ANC). This is especially practiced by people in customary marriages and those not clued up about the ANC. The law says if there’s no ANC before the wedding takes place, the marriage will automatically be in Community of Property. 

Keep this in mind when taking out new financial products

Adding a product to your personal finance portfolio, such as insurance or an investment, is a big decision. We found out what you should keep in mind before taking out a new product, how you can assess the products you already have, and how you can generally improve your financial position.

Are you in debt denial?

With debt levels increasing at 13% more than income levels, South Africans are more debt-stressed now than arguably ever before. This is iterated by the National Credit Regulator’s (NCR) report that nearly half of credit-active consumers in South Africa have damaged credit records. However, only a few seek the necessary help.

Why should you invest in a mutual bank?

Often when people think about banking, they always think about commercial banks. Mutual banks hardly come to mind, but these banks offer investment opportunities that are often overlooked.

 

Deals

Aurora Spa 100-minute Treatment Special

Price: R449
When: Until 31 March
Where: Century City

Woodstock Grill and Tap Steak Thursdays

Price: R100
When: Thursdays
Where: Woodstock

KFC 5+5 Special

Price: R65
When: Until 25 February 2020
Where: Nationwide