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Let's get your finances back on track: a #THREAD.
#1 DEBT: If you have debt, you have a few ways to tackle it. You can pay the smallest one first, or the one with the biggest interest rate.
Make a point to pay people what you owe them, This is a sign of integrity.
#1 DEBT: If you have debt, you have a few ways to tackle it. You can pay the smallest one first, or the one with the biggest interest rate.
Make a point to pay people what you owe them, This is a sign of integrity.
#2 BUDGETING: I hate the word. I like to call it "know where your money is going". If you have an issue with this, why not spy on your money for a few months using @22seven ?
Start by spying.
And action can follow once you stop vomiting.
Read more here: https://frugallocal.co.za/2019/03/20/divorce-your-budget/
Start by spying.
And action can follow once you stop vomiting.
Read more here: https://frugallocal.co.za/2019/03/20/divorce-your-budget/
#3 Investing and Saving: Investing is for the long run, whereas saving is for short term goals. Don't have billions in savings accounts at your bank unless you have a goal for the money for the short term.
#4 Choosing investments: Please don't ask personal finance Twitter what to invest in.
Don't be lazy.
Do your own research.
Read my article https://frugallocal.co.za/2020/06/29/i-want-to-invest-where-do-i-start/
Don't be lazy.
Do your own research.
Read my article https://frugallocal.co.za/2020/06/29/i-want-to-invest-where-do-i-start/
#5 Overspending: If you have a problem with overspending, then consider avoiding shops.
Don't buy a chocolate cake for the smell if you are diabetic! Strategically make it difficult for you to spend money.
Don't buy a chocolate cake for the smell if you are diabetic! Strategically make it difficult for you to spend money.
#6 Specials: Selectively choose specials.
If you don't need it, it's not a special.
It's a rip off.
If you don't need it, it's not a special.
It's a rip off.
#7 Know your number. The number you need to retire is calculated like this:
monthly expenses x 12 x 25 = your number.
This is a short version of the 4% rule used by financial peeps.
monthly expenses x 12 x 25 = your number.
This is a short version of the 4% rule used by financial peeps.
#8 Don't deprive yourself of the things you love but don't spend money on the things you don't love.
#9 Insurance: Only insure things that you will not be able to pay from your emergency fund.
If you can afford to die, don't have a funeral policy.
If your family will be taken care of by your investments, then don't have life cover.
If you can buy your laptop cash, don't insure.
If you can afford to die, don't have a funeral policy.
If your family will be taken care of by your investments, then don't have life cover.
If you can buy your laptop cash, don't insure.
#10 Drink more coffee.
