Most short-term debt is simply a lack of planning. So, this year, instead of taking on more debt, plan for those money moments by saving in a high interest savings or money market account.
Tag - emergency fund
An emergency fund is what will stop you going back into debt.
South African households appear to have a better handle on debt levels, but this could be at the expense of savings, especially for emergencies.
Here are some financial resolutions that you should aim to achieve this year.
Research finds that many people still do not fully understand how the tax-free savings account works or what it is meant for.
Advice on savings for contract workers who don't earn a set salary each month.
When you are hit by unexpected expenses, an having an emergency fund is crucial to avoid going into debt.
Watch Episode 3 of the Change In your Pocket series for advice on setting up an emergency fund.
Our parents’ experiences can teach us a great deal about how we should be making plans for our own futures. My mother, who is now 75 years old and relies on a pension, has seen her food bill increase from R500 per month to R1 200 in just six years – that is a 140% increase or an average of 15% a year. In comparison, over the same period, her...
“I have R100 000 I want to invest. The only debt I have is vehicles and school fees. Where should I invest my money?” writes Simon. Maya replies: Where to invest depends on your personal circumstances and it is always a good idea to get good financial advice. There are however four questions to ask when you have a lump sum to invest: Do I have...