Financial success comes with good money management. The best way to manage your money is with good financial planning. To help kickstart your planning we will share tips, trick and strategies over the next four weeks with this financial plan.
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In our final week, we look at ways that will help you develop healthy habits that will strengthen your finances.
Financial plan week 4: develop financial habits
Cash saving hack
Got your eyes on a special pair of shoes? Calculate their price-per-hour value. In other words, based on your income, figure out how many hours of work
it would take to earn the item and whether the expense feels justified.
Wait and see
Is online shopping one of your unhealthier habits? Try the five-day rule. If you still feel you have to have the item after five days, then see if you can find the budget for it. Keep a running wish list of items you’ve got your eye on online and, when flash sales happen, move them from your wish list into your cart and save when checking out. Many retailers have at least two flash sales a month.
Double Duty
Make money for your car by signing up to WumDrop and taking on delivery jobs. We’re also so impressed by their really affordable rates for the collection and delivery of everything from documents to furniture.
Do you own a smartphone? Go to m4jam.com and do everything from completing surveys to taking photos of merchandise in shops and get paid.
Saving Savvy
Did you know SA government regulations allow you to invest up to R33 000 a year in a tax-free savings account? You can decide whether to make
a lump-sum deposit or monthly deposits up to the R33 000 threshold.
A deposit of R33 000 is likely to yield growth of about eight percent after admin fees and so on. So working on the average yield you are likely to gain about R2 600/annum on a R33 000 deposit.
Image: iStock
ALSO READ:
Your four-week financial plan: week 1
Your four-week financial plan: week 2
Your four-week financial plan: week 3
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