Unlocking financial success

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Unlocking financial success

By Stienemarié Bonsma-Potgieter, CFP® – Financial Planner

Saving and investing can seem like an intimidating task, especially when life is continuously throwing curveballs. There are a lot of challenges that can keep us from starting the journey to financial freedom. Let’s look at some obstacles and identify practical ways to overcome them.

Common barriers to savings:

Lack of a budget or no control over your budget: Many people struggle with a lack of financial control or, in some cases, the absence of a budget altogether. Without a budget, you cannot take ownership of your finances. If you do not control your money, your money will control you.

Absence of goals: Without clearly defined financial goals, you may go in circles when managing your finances. Without a clear idea of your goal, your motivation and discipline to save may not follow.

Knowledge Gap: Facing the complexities of savings and investments can be overwhelming and confusing. Not knowing where to start can leave you stuck in the financial starting blocks.

Tips to get you started:

Set up a budget: Meet your new best friend—your budget. Set it up, understand it, review it and identify where you can cut back on unnecessary expenses. Knowing your financial situation is the first step on the road to saving.

Start, even if it is small: Don’t be afraid to start with a baby step. Every Rand saved puts you closer to your goals. Getting into the habit of saving is the key and once the habit is formed, more significant commitments can follow.

Beat temptation: Reduce spending temptations by setting up debit orders to investments at the start of the month rather than saving whatever is left in your account at the end of the month. There can still be room to spend money on things you enjoy, but knowing you are also taking care of your future financial goals.

Keep It Simple: Don’t overcomplicate things. Start small, build from there and if things get too tricky, there’s no shame in seeking help from a professional.

So, set those goals, crack down on that budget, and watch your investments grow!

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