Whereas spring is usually a time for cleaning up the built-up clutter in and around the home, it is also an opportune time to review your budget and create a workable financial action plan.
With the cost of living constantly on the rise, households now have to spend more - in addition to paying a monthly bond/rent - and chip away at once stringent budgets. Another factor is that the differences in salaries are vast, and everyone's financial situations are different.
In addition, living debt-free, especially in the current economic climate, is a good thing. Still, ironically, it can also negatively impact your credit score if you want to buy a car or house, for example.
Gumtree, along with WesBank, the country's leading provider of vehicle and asset solutions, offers some tips on how to go about spring-cleaning your finances and create a path towards financial freedom:
With the cost of living constantly on the rise, households now have to spend more - in addition to paying a monthly bond/rent - and chip away at once stringent budgets. Another factor is that the differences in salaries are vast, and everyone's financial situations are different.
In addition, living debt-free, especially in the current economic climate, is a good thing. Still, ironically, it can also negatively impact your credit score if you want to buy a car or house, for example.
Gumtree, along with WesBank, the country's leading provider of vehicle and asset solutions, offers some tips on how to go about spring-cleaning your finances and create a path towards financial freedom:
Draw up a budget - As the end of the year and the festive season draws nearer, money is often spent more freely than usual, leading to 'JanuWorry' blues. Achieving each goal will require financial discipline on your part, but it is essential to make sure any type of debt is paid first. Your short-term goals may include a much-earned holiday, while your long-term goals might focus on saving up for a deposit on a vehicle, for example.
Declutter your debt - Mounting debt built up throughout the year can be paid off with your annual bonus or tax return, for example. The short-term goal is to clear as much debt as possible and get back on the path to financial freedom.
Track your spending - Managing your finances does give you a realistic understanding of your income and expenses. The first step is to review your recent bank statements and track all the 'nice to haves' spending you've made. The second step is to eliminate any unnecessary expenses, including all those 'hidden' costs such as memberships you aren't using, coffee on the run, Uber rides, and takeaways. It is important to be honest with yourself and include all these costs. Lastly, don't spend more than you have. After eliminating all the needless spending, try and keep your standard of living within your budget.
Now that you've got the knowledge, it's time to shop! Head to gumtree.co.za or your Gumtree app (click for Apple & Android), and don't forget to use your location settings to find local service information close to home.
