5 Steps you should take to manage your finances
At Libertine Consultants we prefer to look on the bright side – we are in the business of helping people regain control of their finances to live more prosperous lives, after all. However, it’s also important to be realistic, and at the moment South African consumers have to be cognisant of the fact that COVID-19 had a big impact on our economy.
Recent findings by credit bureau TransUnion indicate that more than 80% of respondents are concerned about their ability to pay bills and loans, and more than 50% of households have not recovered from the financial impact that lockdown had on their income.
If you fall into this category, you’ll know that a sudden and unexpected decrease in income can seriously derail your financial trajectory and long-term goals. In fact, it could even affect your family to the point where you need to make difficult decisions about basic expenses like rent, tuition fees and even groceries.
Become extremely wary of get-rich-quick schemes
When times are tough, unscrupulous scammers take advantage of the instability. This is why so-called Ponzi- or pyramid schemes flourish in uncertain times. Similarly, online fraud also skyrockets. So, start by becoming extra vigilant about who you do business with, especially if the deal seems too good to be true.
Also take great care to protect your online financial activity by only transacting on secure platforms and taking head of phishing warnings extended by your bank.
Prioritise saving before all else
The ‘you only live once’ approach to life is all good and well, but it can also lead to reckless spending. Now is a good time to become serious about saving. Sit down with your budget, see where you can adjust and push your savings to the upper limit of what feels comfortable. Then make a point of ‘paying yourself’ as soon as your salary is paid – put away those savings before it gets rerouted elsewhere.
Consider your service providers
Are you getting the best rates possible from your service providers like your bank, medical aid, car insurance, etc? If you are unsure, it might be time to revisit your policies to see if you could get a better deal elsewhere. It may take a little time to do the legwork, but the eventual savings will be worth it.
Draw up a 5-year-plan
Where do you want to be financially in 5 years’ time? Set goals now and enlist the help of a trusted advisor or mentor to break it down into action items that you can implement one at a time. This way you can build towards a sounder financial future.
Contact the Libertine Consultants team to regain control of your debt
Would you like to find out more about getting to grips with your debt? Get in touch with Libertine Consultants today. We are experienced in handling these matters and will be able to provide you with good advice.
Best of all - if you contact us before the end of May 2021, you can take advantage of discounted rates on our credit clearance services. We are also offering family mediation sessions at a discounted rate of R500 per hour, so bear that in mind if you or any of your friends or family members could benefit from this offer.
