Streaming issues? Report here
Africa Melane 2019 1500 BW
Weekend Breakfast with Africa
06:00 - 10:00
volume_up
volume_mute

Up Next: CapeTalk Classics with Sara-Jayne King
See full line-up
Weekend Breakfast with Africa
06:00 - 10:00
Home
arrow_forward
Local
arrow_forward
Lifestyle

The most common money mistakes people make in their 30s...and how to avoid them

31 October 2018 11:10 AM
by
Tags:
Money
Finance
Money mistakes
money matters
money management
Certified financial planner Kirsty Scully tells us how we can avoid the most common financial gaffs in our thirties.

Our 30’s tend to be a time when we experience some of our most life-changing events.

We get married, have children, buy property and often move ahead in our careers.

But certified financial planner at Core Wealth Kirsty Scully says quite often it's in our thirties that we make financial mistakes that can eventually lead to difficulties.

The first mistake I see is the way many people have excessive spending. It is important to remember that huge fortunes are lost R1 at a time. So, it might not sound like a big deal to you when you spend R25 on a cup of coffee, but when I say to you that a cup of coffee 5 days a week is costing you R34 000 over 5 years, you realise that it is quite a lot of money.

Kirsty Scully, Certified Financial Planner, Core Wealth

The other concern is when I see people continually accessing their access bonds just for normal monthly expenses. If you are continually refinancing or taking cash out, it means that you are giving away ownership to the bank. It also costs you thousands in extra interest and fees.

Kirsty Scully, Certified Financial Planner, Core Wealth

Scully adds that one of the biggest mistakes people make is not planning for retirement.

The earlier you start to put money away for your retirement, the better. Even a little bit is better than nothing. You need to benefit from compound interest.

Kirsty Scully, Certified Financial Planner, Core Wealth

Scully also encourages people to have a stash of cash for emergencies.

An emergency fund is important to have for those unplanned expenses which we all have from time to time. Whether it is an unexpected medical expense in the family, or a repair to your home, or your fridge breaks down or your car needs a new tyre, it is important that you have money that you can easily access.

Kirsty Scully, Certified Financial Planner, Core Wealth

Listen to Kirsty's top tips on avoiding financial trouble in your 30's:

Join Kirsty Scully on Late Nights with Sara-Jayne King every Tuesday at 11:30pm on Cape Talk


31 October 2018 11:10 AM
by
Tags:
Money
Finance
Money mistakes
money matters
money management

More from Local

Pylon, electricity, load shedding

Load shedding continues - Stage 2 for Sunday after Stage 1 overnight

8 December 2019 9:12 AM

Eskom has implemented Stage 2 load shedding until 11 pm on Sunday. It says it is "conserving emergency reserves" for the week ahead.

Share this:
Read More arrow_forward

snail-container-home-pixabaycom

Building a container home? You're welcome to, but follow due process says NHBRC

7 December 2019 4:50 PM

As the National Home Builders Registration Council clarifies red tape queries, there's a flood of complaints about its high fees.

Share this:
Read More arrow_forward

141203Tutu2.jpg

Family 'hopeful' Tutu will leave hospital early next week

7 December 2019 10:38 AM

The Arch's family has expressed gratitude for South Africans' love and prayers since his hospitalisation on Wednesday.

Share this:
Read More arrow_forward

191128powerjpg

Load shedding to continue through Saturday at Stage 2

7 December 2019 9:12 AM

Eskom says continued load shedding is necessary to enable it to replenish water reserves for its pumped storage schemes.

Share this:
Read More arrow_forward

refilwe-and-tarryn-tomlinsonjpeg

Differently abled Tarryn Tomlinson is climbing Kilimanjaro for a worthy cause

6 December 2019 11:14 AM

Tarryn developed rheumatoid arthritis at age 18 and is dedicated to helping create accessible spaces for wheelchair access.

Share this:
Read More arrow_forward

Clifton Beach Cape Town coastline 123rflocal 123rflifestyle 123rf

W Cape Premier Alan Winde says province and city are geared up for the season

6 December 2019 7:30 AM

Safety and security during tourism season in the Cape is everybody's responsibility, says Winde.

Share this:
Read More arrow_forward

Absa-Standard-Bank-Capitec-FNB-Nedbank-banking.jpg

SA banks ARE trying harder to lower fees - Solidarity

5 December 2019 6:38 PM

The Solidarity Research Institute's Monica Mynhardt gives insight into the union's tenth annual Bank Charges Report.

Share this:
Read More arrow_forward

humpback-whales-photographer-dave-hurwitz-simons-town-boat-company-facebookjpg

Humpback super-groups near Saldanha Bay 'look more like salmon than whales'

5 December 2019 5:24 PM

Dave Hurwitz of Simon's Town Boat Company describes the remarkable sight of massive super-groups of whales near Saldanha Bay.

Share this:
Read More arrow_forward

131022 .jpg

Heartlands Angel Campaign: help raise Christmas funds for vulnerable children

5 December 2019 4:22 PM

Heartlands Baby Sanctuary in Somerset West cares for little ones who are ill. abandoned, neglected or have special needs.

Share this:
Read More arrow_forward

relaxation-massage-spa-aromatherapy-686392-960-720jpg

Cape healing centre touching lives with unique massage therapy treatments

5 December 2019 4:16 PM

The centre trains visually impaired people to become massage therapists, impacting both clients and employees in a remarkable way.

Share this:
Read More arrow_forward

More from Lifestyle

snail-container-home-pixabaycom

Building a container home? You're welcome to, but follow due process says NHBRC

7 December 2019 4:50 PM

As the National Home Builders Registration Council clarifies red tape queries, there's a flood of complaints about its high fees.

Share this:
Read More arrow_forward

book-pagesjpg

John Maytham's Weekly Book Review: 06 December 2019

6 December 2019 4:56 PM

Bibliophile and beloved Afternoon Drive presenter John Maytham reviews his latest book picks, including a new read by Stephen King.

Share this:
Read More arrow_forward

val-de-vie-estate-website-imagejpg

Val de Vie ranked SA's top residential estate once again

6 December 2019 12:20 PM

Val de Vie Estate remains number one. Ryk Neethling, the estate's marketing boss, explains what it takes to stay on top.

Share this:
Read More arrow_forward

Nic Harry

Want to start a small business? Lessons from a successful serial entrepreneur...

6 December 2019 11:51 AM

The Money Show’s Bruce Whitfield interviews Nic Haralambous, founder (at the cost of R5000!) of funky sock company Nic Harry.

Share this:
Read More arrow_forward

Airport departure

Considering emigration? Financial planner discusses the affordability of leaving

6 December 2019 11:04 AM

Can you afford to leave South Africa? Certified Financial Planner (CFP) Barry O'Mahony on what to consider before deciding.

Share this:
Read More arrow_forward

140323Earth.jpg

2019 concludes decade of 'exceptional global heat and high-impact weather'

5 December 2019 5:18 PM

The World Meteorological Organization says 2019 is set to be second or third warmest year on record.

Share this:
Read More arrow_forward

emo-adams-michelle-gildenhuysjpg

Celebrity couple Emo Adams and Michelle Gildenhuys on raising 4 kids

5 December 2019 3:10 PM

The singer and the model boss share the secrets of their happy marriage and parenting styles.

Share this:
Read More arrow_forward

son-of-a-son-702-thumbnail-bonganijpg

Bongani Bingwa: You make choices that'll have lasting consequences for your kids

5 December 2019 1:13 PM

Fatherhood is one of the most consequential things you can do in your life and, yet nobody expects you to be prepared for it.

Share this:
Read More arrow_forward

flinders-university-shark-bite-testjpg

Surfer alert! Shark bite-resistant wetsuit one step closer to reality

5 December 2019 12:10 PM

Trials in Australia have shown a new fabric reduces the level of penetration of a shark bite and consequently tissue damage.

Share this:
Read More arrow_forward

merseyside-mounted-police-horse-jake-drinks-teapng

[WATCH] This police horse won't start his day without a nice cuppa tea!

4 December 2019 10:34 AM

Watch Jake the Merseyside Police horse who likes his tea with skim milk and two lumps of sugar.

Share this:
Read More arrow_forward