Category: Money

Hi Tribe,

Last week Friday, I did a one-on-one coaching with a very money savvy lady who just needed a bit of direction in terms of the different investments available in the market. What struck me about her was her determination and astuteness in managing her money.

She’s young, earns an income between R10K-R15K, for some, this does not sound like it’s a lot, but what she has managed to do with her income is astounding!

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Having kids can be an amazing and fulfilling experience, but believe me, it comes with a lot more than just the beautiful nursery and the cute clothes; having a baby comes with many costs and decisions that impact your overall finances, and often we underestimate these costs and decisions.

  • EDUCATION

Education is one of the biggest expenses for parents. The cost of education year on year normally exceeds inflation.

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If you battle with budgeting, you are probably thinking: “ I’ve tried budgeting, it just doesn’t seem to work!” To tell you the truth, I have had my fair share of struggles with budgeting.

Let’s be frank, very few people get a kick out of creating a budget. But a budget is the cornerstone of a healthy financial life. A budget is telling your money where to go and what it should do.

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Part of a sound financial plan must include an emergency fund, because without it, your financial plan can be derailed should an emergency arise. An emergency fund is an account where money is set aside for any unexpected events of life. These events can be stressful and costly.

A tyre burst, paying medical bills that were not covered by your medical aid, losing a job, paying for the funeral of a family member who did not have a funeral benefit or not getting paid on time as a freelancer are just some of the events that can catch you by surprise,

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Last week, I did a radio interview on how to deal with financially abusive relationships, and I realized that a majority of people get into relationships but hardly ever talk about how they will manage their finances as a unit.

From the time you say ‘yes’, the next question should be what marriage contract will you enter into. Unfortunately, many couples don’t discuss all the options available to them.

I think it’s difficult to have this type of conversation because essentially,

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Black Tax: When a young person shares their income not only with their immediate family but with extended family as well, this means that they financially support their own kids, their parents and oftentimes aunts and cousins as well. It is the sandwich generation.

In my personal experience, black tax has not been burdensome, I give my parents money from time to time to help out with just a few things. My oldest sister might have a different recollection!

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To Celebrate International Women’s day, I talked to Kirshni Totaram, Global Head of Institutional Business at Coronation and boy is she a powerhouse! She is a CFA charter holder and a qualified Actuary.

 

Kirshni’s background

Kirshni grew up with a single mom and money was always tight, but thankfully, she was very good at Maths. Her guidance counsellor advised her to further her studies in Actuarial Science…because naturally that’s what you study when you are good with Maths,

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Whether you want to start saving, investing or to pay off debt, it might seem impossible with your budget. Well, that’s what most people feel when approaching their finances; that there isn’t enough money to start with. But I want to show you a couple of places to look in your current budget to find the extra fat!

DSTV

You knew this was coming. Your DStv subscription is easily one of the things you can do without.

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Much has been written about Tax-Free Savings Accounts (TFSA) since they launched but in light of the tax year coming to an end, it is always good to remind ourselves of the benefits of investing in one.

I must say, I have always frowned upon the name Tax-Free Savings Account as I feel that for many people it can be misleading and one might end up thinking of it as just another bank account where you save,

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This year, I will be giving away more downloadable resources to help you on your financial journey. My whole aim is that each and every one of the Tribe becomes confident about their personal finances, no matter where in the journey they are. I want to show you how easy and (possibly fun) having control of your money can be.

Today, I have the Net Worth template for you to download. I often say that this is one of my favourite calculations because it reflects how my financial decisions are impacting my net worth.

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