wealtheaterWe previously spoke about how after the budget speech it was time to tighten our financial belts. We then spoke about how wealth is accumulated. Most of us have some habits that eat away at our wealth. We often find in life that people want to cut expenses because we know that even a small leak can sink a large ship. Some of the smaller and more frequent expense can empty out our wallets without our realising.

If you are old enough to spend money, whether it is your own or you receive pocket money, you should be saving and cutting back on unnecessary expense. Here are a few from the very many that eat away at our wealth:

  • Food (Groceries) – Use your coupo’s and bank rewards, store reward cards! Time your shopping, don’t be in that store a second longer than you have to be. Cook extra and freeze, for days where you don’t feel like cooking, instead of having take-outs.
  • Insurance – Don’t cancel your short term insurance, have it reviewed then shop around for a more affordable and appropriate one. Don’t pay for unnecessary cover e.g. “seat cover insurance”, “Car rental for a 4x4”
  • Credit Purchases - Avoid credit as far as possible .When making credit purchases shop around, 1% interest makes a huge difference.
  • Entertainment doesn’t have to be expensive – Over and above spending less on entertainment, couple it with exercise. Hiking or taking a walk with loved ones. This will be better for your wallet, body and relationships!
  • Cell phones – Often we don’t consider this as a cost but it can be. Most of us pay for a contract but we still by additional data and airtime. Cut down on the time you spend on your phone.

The Bible in James 1:5 says:

“If any of you lacks wisdom, let him ask God, who gives generously to all without reproach, and it will be given him.” Should you find that you are failing to manage your finances successfully, ask for wisdom to do so from The Lord. Learn to cherish the money you work hard for and learn to use it wisely. Realise that you need to gain control of your finances now or the lack of it might control you forever

 

Lesetja Madiba
Financial Wellness Consultant at Consolidated Financial Wellness

*** Consolidated is a national financial planning and financial wellness practice with offices in Western Cape, Johannesburg, Tshwane, Eastern Cape and KwaZulu-Natal. For more information visit www.consolidated.co.za

pigsFebruary is the month of love. Valentine’s has come and gone but moving forward there still needs to be harmony between partners about all things that concern their relationship, including finances. We know that finances are difficult to navigate and can be the source of a lot of tension. What we should however know by now is that the conversations need to be had and honestly so.

In ending off this wonderful month of love, what are some of the factors that we need to focus on to ensure harmony moving forward? Here they are:

  • Attaching a monetary value to your relationship, gifts and material possessions is a recipe for disaster: Money doesn’t buy happiness and so the joy and happiness we feel should come from within and shouldn’t come from the amount of money you may have as a couple 
  • Relationships are a partnership: Decide together who needs to pay for what. Stick to the guidelines and limits that you have both agreed on
  • Joint Or Separate banking: Different folks, different strokes. Some people can do it and others may feel it takes away from their independence. Have the discussion and again make sure you are both in agreement. Whatever the decision there should always be accountability
  • Don’t hide any purchases/spending habits/expenses: Quite simply put your dishonesty may cost you more than your money

Money arguments or relationship arguments: In times of conflict make sure that you separate the issues at hand. Don’t make relationship conflict about finances and vice versa
Finances can really cause a lot but they do not have to. The bible in Proverbs 21:5 says: “The plans of the diligent lead surely to plenty. But those of everyone who is hasty, surely to poverty”. Be diligent in your finances and in your relationship. Your biggest advantage will be to look at your finances logically and factually rather than emotionally, in order to ensure harmony and peace

Lesetja Madiba
Financial Wellness Consultant at Consolidated Financial Wellness

*** Consolidated is a national financial planning and financial wellness practice with offices in Western Cape, Johannesburg, Tshwane, Eastern Cape and KwaZulu-Natal. For more information visit www.consolidated.co.za

scamI would like to follow up on the budget speech where the very prominent theme was ‘tighten your belts’, with a warning against falling for "get rich quick" schemes.

A lot of people, both well of and struggling, are looking for ways to increase their incomes, make more money and invest their money. Some people will look for shortcuts. However, more often than not people will fall for schemes of people who say they can make us rich quickly. People prey on vulnerability and at times desperation for a better financial situation.

There are quite a few “scamsters” trying to get your hard earned money from you and one should always be weary. There are a few things to know and look out for and a somethings for you to do in order to make sure that you don’t fall victim to a ‘get rich quick schemes’:

  •  Nothing is instant - Wealth is generated by proper and consistent effort and good investment over a longer period
  • The “tell tell” sign of a scam is the promise of an unrealistic return - the promise of high guaranteed returns should be a red flag. All investments carry a risk, there are no guarantees
  • Verify the financial credentials of any company, broker, financial advisor or investor before giving them your money – The Financial Services Board of South Africa will be able to help you confirm their validity and the licence of those you are dealing with. The South African Reserve Bank investigate certain financial scams familiarise yourself with these organisations and stay up to date
  • Be extremely wary if someone can’t answer your questions, or claims that it is too complicated to explain – Yes investments can be very tricky but they are not are not impossible. Take the time to educate yourself and have prior knowledge before speaking to an ‘expert’. It’s your money if you don’t understand don’t give them your money

The Bible in Proverbs 13:11 says “Wealth gained hastily will dwindle, but whoever gathers little by little will increase it”. The Bible is very clear and as the saying goes “There are no shortcuts in life”. A steady and consistent effort will put you where you need to be. Again gathering and accumulating wealth should be preceded by sound financial and expense management. Take care of what you have today, tend to your finances and grow them so that your finances can take care of you tomorrow.

Lesetja Madiba
Financial Wellness Consultant at Consolidated Financial Wellness

*** Consolidated is a national financial planning and financial wellness practice with offices in Western Cape, Johannesburg, Tshwane, Eastern Cape and KwaZulu-Natal. For more information visit www.consolidated.co.za

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IMG 20170801 WA0002Yena Khuboni is a Financial Wellness Consultant and has a B.Comm triple major in Information Systems, Internal Auditing, Finance & Management Accounting.
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