mollyfamwatAlthough many South Africans face financial problems, they are usually as ambitious as most people in the world. High wages, nice cars and many properties are on the wish list of many South Africans. Despite the challenges faced by many people, there are several steps that South Africa can take to improve their financial security and well-being. This series of financial recommendations comes from the credit brand Wong:
Financing of daily needs
Once a person is financially ready, he or she can make more progress in life and be sure that his or her daily needs will be met. Some people see financial well-being and the willingness to deal with it as an escape from poverty, while others define it as an opportunity to afford finer and more luxurious things in life.
Financial health in South Africa
A survey by the financier shows that many South Africans are not receiving the training they need to achieve their goals due to a lack of resources. The majority of South Africans who have completed tertiary education are among the top 15% of the country’s workforce. However, 58% of the respondents indicated that they did not have access to higher education. Nearly 90 percent of respondents tried to earn at least 10 percent of the country’s best wages. 99 percent of respondents said they wanted to own real estate, most said they would like to buy at least two. Almost two-thirds of people said they’d rent their second apartment. However, most people kept renting their house. Only half of those questioned said that they were saving for their retirement right now.
Do I need to change my priorities?
Although the majority of those questioned were incredibly ambitious, it seems that they will have to reconsider their priorities if they want to achieve financial comfort in their future lives. Good creditworthiness and good savings are important if they want to become homeowners in the future, even though many respondents say they have limited access to higher education.
Some important tips for improving the financial provision in South Africa.
It may seem incredibly difficult to save money, but even small sacrifices can make a big difference. If you save at least 10% of your pre-tax profits, you can start improving your financial situation in South Africa. Once you start saving and promise not to touch it, it can become much easier. You don’t even have to manually transfer money to your savings account – by setting up a pre-authorized debit, you can automate the process.
Enter your expenses in
Do you know where your money goes? By tracking your expenses, you can reduce these unnecessary purchases. What you consider to be small purchases can easily accumulate over time. Try to prioritize between what you want and what you don’t want. Once you have paid all your bills, including the money you have transferred to your savings account, you can use what is left over for the things you need, not for the things you need.
Buying slightly better than
Can you get better conditions in banking, insurance and medical services? Maybe you’re paying a lot more than you need. It’s always a good idea to check online to see if the best rates are available. If you can’t agree better rates with your service providers, see if there are cheaper options elsewhere. Your phone may cost more than you think. Try turning off the Internet when you are not using it to avoid wasting expensive data. If you are a motorist, do not postpone repair and maintenance work, as this can lead to high bills later on in the journey. These are just some of the steps you can take to improve your financial situation.
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