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

valentineIt is Valentine’s Day this Sunday and for those people that celebrate the day it is meant to be a very special occasion filled with gifts, romance and candle lit dinners.

Despite January being a tough month financially for most, a lot of people will splurge on their loved ones in an effort to woo and impress. After some careful consideration you may realise that it is not financially wise to spend large amounts of money in a time of such economic uncertainty. Especially if you are borrowing money from a credit provider.

If you do want to celebrate Valentine’s Day but you have limited funds, there is hope for you. Here are a few things to consider to allow yourself a great Valentine’s Day and also to come out financially well:

Budget and plan Valentines together: Get together as a couple and set limits as to the do’s and don’ts financially for this Valentines.

Be financially honest: Honesty has always been the best policy. One can only keep up the façade of being ‘rich’ for so long. Your dishonesty may cost you more than your credit. This is especially important for the newer relationships

A good gift doesn’t have to be expensive it doesn’t even have to cost money: Whether shopping for Valentine’s, birthday or whatever the case may be. The actual price shouldn’t determine the value of the item. A special home cooked meal by candle light or a home spa could be very special and best of all FREE

Start to save for future holidays and special occasions: Valentine’s, Easter, Birthdays and special holidays all happen once a year. It should be no surprise, start to save and plan for these occasions. You know they are coming so be prepared

Finances need to be discussed on a continual basis. Whether you are dating, newlyweds or have been married for years. The underlying factor is Communication. However difficult it is be financially honest with your partner it needs to be done. Special occasions like Valentine’s Day where the expectation is that money should be spent can often can create tension. So over and above having a special Valentine’s Day take it upon yourself to love yourself and your partner/spouse enough to plan your finances together and to be financially well.

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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Finance on Friday

Personal Financial Coaching with Lesetja Madiba

IMG 3437Lesetja Madiba is a Financial Wellness Consultant and has a B.Comm Statistics.
He discusses Personal Finances live on a Friday during Changing Gear at 17h00.
Podcasts of these talks are also available.
Click HERE  for Lesetja's Profile and contact details.
Click HERE to read Lesetja's latest Financial Advice Blog.

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