Financial times are difficult currently. South Africans in Gauteng have just been hit with e-tolls, which take a chunk out of their budget. Petrol Prices are increasing, Food Prices are going up, Interest Rates have just been raised. Many people are over indebted or are becoming so fast There must be things that one can do to manage your finances.
Tackle those debts
To put yourself in a better financial position, find all of the products that you have lying around the house, which you do not need. Sort these items and sell them on online classifieds/auction sites. This is an quick solution to firts of all clean up and declutter as well a fantastic means for making money with items that you do not use anymore. If possible use the proceeds to pay of your debt.
Pay off your high interest debts before saving. If you are saving in an account that pays 5%, but owe money on a card that charges 10%, you are losing money by not paying off that debt. Make it a priority to pay your high interest cards off and then stop using them. Saving will become easier and more beneficial as well.
Lifestyle Changes
If at all possible consider public transport/lift clubs, or take a walk/bicycle to work or to the shops. This will reduce you petrol costs/ maintenance cost and you might even negotiate better rates with your insurance company. If you drive less you might have to replace your car less as well.
Attempting to stay as healthy as possible and curing any minor sicknesses at home will prevent one from making trips to the hospital that are not necessary. These trips that are avoided will save one large amounts out of their personal finances. Any trip that is avoided will surely save one money.
Cut down on the entertainment/alcohol and smoking. When shopping plan your meals around current specials and in season produce.
Do your best to control your emotions. Do not let greed or stress dictate your actions. Always take your time before you make a financial decision, and if you are not sure, perhaps you should not do it. If you notice that you are getting particularly stressed, you should take a break.
Now that you have a deeper insight on the things you want to do to handle your personal finances, you should start forming strategies that are going to help you change your lifestyle. Remember to be on the lookout for new information and implement it whenever possible. If you do this, success should come before you know it. Lets toast on your healthy finances
