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Yoga for your financial plan

Whether or not yoga is your thing, you’re probably familiar with it. The practice of yoga has become popular enough that most people know what it is, but I bet you didn’t ever associate it with financial planning. Here are some core principles of yoga that relate to a disciplined financial plan: Balance Is central How is your financial posture looking? Are you on tip-toes or do you have a stable foot on the ground? Balance […]

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Good habits to help you out of bad debt

You need to earn a lot to be well-off, right? Not so. Wealth is as much about controlling debt and spending as it is about income. If you earn a moderate salary and are free of short-term debt then you’re probably in a better financial position than someone who earns more, but spends it all on serving short-term debt. Essentially, good money habits boil down to three simplified points. Spend less than you earn and invest […]

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Save or Service Debt?

Saving is important, but if you have a credit card debt or an overdraft to pay off does it still make sense to save? It is always a good idea to be saving IF you are in a position to put some money away. Due to the accessibility and convenience, credit card and overdraft facilities, in general, have higher interest and monthly account charges. So how do you know if you are in the position to […]

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Common financial mistakes in your thirties

Saving in your thirties becomes increasingly difficult as your financial responsibilities increase. However, sound financial decisions during this phase of life can have profound benefits at a later stage. Here are some common financial mistakes to avoid: The first is failing to draw up a budget. A proper budget is the starting point of all financial discipline and should be physically written down for later reference. Include your partner in this process as it is important […]

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PAYMENT PITFALLS AND DEBT DOWNFALLS – PART 2

Last week we discussed a lack of financial management, signing surety, sudden expenses and worrying about social status. This week we compound on that list with some more points to consider to prevent you from being put in a position that is vulnerable to accumulating debt: Lacking financial understanding Formal education doesn’t prepare people well enough for the financial acumen of the ‘real world’. You should know how a budget works, what interest is and the […]

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PAYMENT PITFALLS AND DEBT DOWNFALLS – PART 1

No one ever plans to fall into a spiral of debt, but sometimes challenges arise that cause the debt to build up around you before you have even realised how bad it is. This puts you in a debilitating position that can be difficult to emerge from. So, here are some points to consider to prevent you from being put in that position in the first place: Lack of financial management If you aren’t working with […]

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TEACHING YOUR CHILDREN TO WORK WITH MONEY

Every parent wants the best for their children, and the best we can give them is a sure footing in life. One of these areas is intrinsically linked to how they will perceive value in others, value in themselves and the value of things around them. It is hard for children to understand the concept of value for money when they have not worked to earn the money for themselves. When a younger child goes shopping […]

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PAYING OFF CREDIT CARD DEBT

With festive season celebrations now a distant memory and all of the leftovers hopefully eaten, something still remains for the majority of South Africans – a looming credit card debt! It doesn’t have to linger for long but getting out of credit card debt requires a realistic goal and a firm resolve. You will have to monitor your progress regularly to minimize your pitfalls and motivate yourself to keep on track. Fight the temptation The first […]

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A FRESH START, TO YOUR CREDIT RECORD

Having an impaired credit record is an affliction suffered by almost half of the 21 million consumers in South Africa. This ranges from consumers with defaults, judgements, administration orders and consumers who were three months or more in arrears with account payments. Recently, between 1 April and 31 May 2014, the South African government implemented a credit information amnesty that benefitted at least 3.1 million consumers. This is great news if you struggle with poor credit […]

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DON’T FALL INTO THE DEBT PIT IN THE NEW YEAR

UNNECESSARY LOANS IN JANUARY At the start of a brand new year many South Africans face a long wait for salaries at month-end and overspending during the festive season leads to borrowing to cover small shortfalls, which may quickly snowball into a bigger problem. “Many people think that borrowing money to help them get through the first few months of the year will be a quick fix solution, however, taking out a loan or using credit […]

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