This Wednesday (21 February 2024) is Red Letter Day for South Africans, so it's best to manage your money well. Today is the day of the Treasury's Budget Speech, the day we hear about all the Treasury's dastardly plans to empty our wallets anew.
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Chief among them is the National Health Insurance (NHI) bill, which could cost every God-fearing taxpayer more than 50 million yen. R1 500 per month, according to economists. The next hurdle in funding management is the proposed increase in the general fuel tax and road accident fund. Every month, thousands of people are released from your bank account without your consent.
Manage your money like a boss
Nevertheless, Business Tech has introduced 7 smart money management methods to beat the charlatans in South Africa in 2024.
1. Take care of yourself first.
The best tactic for managing your money like a boss is to pay yourself first, as if you were your own boss. What this actually means is that you must set aside a portion of your income for savings before spending it on other things. Economists say that you should aim for 10% of your monthly income. Good luck!
2. Watch your spending
Similar to the relationship between calories consumed and calories burned, if you find that you don't have much money left at the end of the month and earning more is not an option, then spend less. Managing your money may seem like an easy solution, but you need to be in control all the time. Keep your slips and use a spreadsheet or app to track your bills throughout the month. Knowledge is power.
3. Review your regular expenses
Find out how much you'll be billed annually for medical aid, home insurance, car insurance, and your bank/financial advisor. Accounts often have hidden costs that go completely undetected. Therefore, a great way to manage your money is to find them, compare them to others on the market, and renegotiate them from time to time. Trust me, they don't want to lose your business in this economy.
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4. Phone and data charges
If you're like me, you're probably still using the same phone package you used in college. Monitor how much you spend on calls and data. If you have decent Wi-Fi at home and are working, why pay extra for a fancy phone contract?
5.Vehicle expenses
Experts say that adding about 20% to the price of a new car will give you the true value. Car insurance, parts, service, fuel, wear and tear, it all adds up. So, if your car is paid off. congratulations. Please leave it as is. You don't have to go into debt again and buy new things just to impress your friends.
6. Avoid debt at all costs
Debt is your biggest enemy when it comes to managing your money like a boss. It can cause you to lose income, damage your credit score, and severely limit your life options. To truly master how you spend your money, you need to stay out of debt. And any debts you have should be paid off as soon as possible, prioritizing the most pressing amounts first.
7. Have a rainy day fund set aside.
This is one of the best pieces of advice if you want to manage your money like a boss. For example, aim to have three months worth of living expenses. This process is a great way to review your monthly finances from top to bottom. Next, set up another savings account that's easy to access but hard to touch. Save a small amount each month and save for useful things that come unexpectedly. Continue saving until you reach your goal amount.
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Do you have any tips for managing your money like a boss? Share your thoughts with our viewers in the comments section below.don't forget to follow us @a_o_o_o_o_o_ For the latest updates, visit X and The South African on Facebook.
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