General Financial Advice
Debt comes in many forms – credit cards, hire purchase, car loans, personal loans, mortgages & student loans. There’s no shortage of people out there wanting to lend us money! Borrowing money can seem like a quick fix, but carrying debt can end up being a serious drag on our finances.
A few tips for Financial Wellness
Try to see where are you over-spending?
Do an honest expense report for yourself. Where are you spending too much? Rent is a common culprit -experts say this should not be more than 30 percent of your income. Moving to a cheaper place is extremely freeing!
Start saving
Or at least try. This is a trick many financially savvy people know about. Before you spend a single cent – put away at least 10 percent of your income into a savings account. If you can’t manage 10 percent try less.
Limit the entertainment overdose
Eating and drinking out are often the reason your money is tight – Fast food outlets, takeaway dinners, lunches and munchies all add up.
Try no spending for one day a week
Once you do it a few times, you will have achieved a goal. Try a walk outside, making lunch for your partner, playing with the kids, walking the family pet. Avoid shopping malls, Fast food outlets, and places that make you want to spend.
Remember less is more
Need all those tv channels, Sky, Netflix, Google play? Need that gym membership if you only go once a week? Look for cheaper alternatives.
Carry cash
Not only does this make you feel wealthy – you are less likely to want to hand out your cash on rubbish you do not need. Using a plastic card is easy and does not have the same realization as to what you are spending.
Avoid being lured in by 'Offers' of easy loans or fast cash lenders
these loans have huge interest attached to them. Might be okay at the time, but you end up paying these loans off for what seems forever.