One of the biggest challenges when managing your finances is to spend responsibly and spend less. Self-control may be hard to practice but it will help you manage your money so much better. 1. Store Hacks Resist impulse buying. Ask yourself these questions: Do I need it? Do I need it today? Can I get…
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You work too hard, you work long hours and still lose money instead of saving up? How come? We live in a culture that has a habit of making you feel guilty if you are not spending half your time at work. Yet have you ever stopped to think, whether working too hard makes you…
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“Why can’t I save money?” is probably one of the most asked questions to date. What is holding you back? Let’s break it down, shall we? Reason #1 You do not live on a budget. Without tracking where your money is going, you will end up dry by the end of the month with no…
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The difference between needs and wants may seem quite straightforward to adults but to the younger generations, the lines may be blurred. Prioritise your budget and take charge of your money. How do you do that? First things first. Identify where your money is going on a day-to-day basis. Once you start doing that, you…
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Finance may be the LAST thing on your mind. That is, until you get your first job and start thinking about buying that car you had your eyes on for a while, and, eventually, getting a place of your own. So, let’s start with some basic Rules of Thumb of money management that, we promise,…
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Living within your means is the key to good financial management. This requires a balancing act between your monthly income and monthly expenditure. Adjusting your income may be difficult in the short term when this is driven by your fixed salary. This would be your take home pay, that is, your salary once taxes and…
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It has long been apparent that additional streams of income over and above one’s state retirement pension are needed to maintain one’s quality of life following retirement. Research conducted by ĠEMMA last year showed that 44% of respondents worry about their financial future but only 21% had some type of retirement pension plan. The enabling…
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Good money management requires an ability to plan ahead. Your spending is affordable as long as the stream of future incomes allows you to repay the debt which is incurred. Taking a loan makes sense when one is purchasing an asset whose useful life extends over a number of years. In this manner even the…
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Cost of living increase, and in its abbreviated terms, COLA, adjusted yearly according to the yearly budget, is an increase in income to mitigate rising prices and to maintain a specific standard of living. The adjustment to the cost of living comes into effect in January of the following year. A full-time employee is entitled to the full increase,…
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As an individual, what is affordable depends exclusively on your own income. First your needs have to be prioritised, and then the remaining income can be shared between spending on wants, maintaining a buffer for unexpected costs, and saving for old age. Additional considerations come into play when two persons form a couple. In this…
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