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Follow these tips and be well on your way to building wealth

27 November 2017 4:07 PM
Tags:
Savings
Eunice Sibiya
#BeFinanciallySmart
wealth creation

FNB's Eunice Sibiya looks at transacting techniques that you can implement to turn your focus to building your wealth in 2018.

We're coming to the end of the year. This is the time of the year most of us have been waiting for. If you look back on the year, are you satisfied that you managed your money properly in 2017?

This Monday, Eunice Sibiya, Head of FNB’s Consumer Education Program at FNB today looks at smart transacting techniques that you can start implementing today and really turn your focus on building your wealth in 2018 and beyond.

Sibiya says this time of the year financial management tends to fall away and people get consumed in festivities and the hype around the holiday season.

Only 6% of South African's will retire comfortably. One of seven South Africans live in extreme poverty.

Eunice Sibiya, Head of FNB’s Consumer Education Program

With these stats in mind, we need to ponder on these figures and determine how they affect you directly explains Sibiya.

We need to maximise the income we are earning today so that we start building the type of wealth that can get us through tough economic times

Eunice Sibiya, Head of FNB’s Consumer Education Program

Also read: Unlearn those bad childhood money habits and #BeFinanciallySmart

If we don't take stock of where we are now, we can't take positive action. We could end up paying off creditors for the rest of our lives and that's not how we build wealth.

Eunice Sibiya, Head of FNB’s Consumer Education Program

Here are some financially smart transactions you should be making in 2018.

  1. Automate your transactions wherever possible

  2. Save your spare change

  3. Track your spending closely every month

  4. Put a solid debt reduction plan in place

Once the debts are paid, take all the money that you were allocating to your debts and put it aside for savings and investments says Sibiya.

#BeFinanciallySmart with more tips in the clip below:


This article first appeared on 702 : Follow these tips and be well on your way to building wealth


27 November 2017 4:07 PM
Tags:
Savings
Eunice Sibiya
#BeFinanciallySmart
wealth creation

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