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Debt Situation in South Africa – Personal Finance Management

The debt situation in South Africa is not very bright. It is estimated that over 7 million South Africans are under the crushing pressure of debts. You’ll be surprised to know that a majority of the South Africans are in possession of assets that they can hardly afford. The lack of proper personal finance management is the reason why debt free life is still a dream for the people of South Africa.

The subject of personal finance management is not something that you come across in your text books. It is something that you learn afterwards. The earlier you learn it the better. This article is going to help you learn about the basics of personal finance management. You’ll hardly have any financial troubles if you can follow the personal finance management tips mentioned below.

•  Make saving a habit – You should never wait to save. Put aside a portion of your salary every month. Open an account and go for the scheme wherein a portion of salary (decided by you) will be transferred to a savings account.

•  Prefer borrowing over buying – Don’t buy stuff when you can always borrow them. For example, books and videos are readily available for borrowing. Make use of the facilities available and save your hard-earned money.

•  Focus on down payments – Making a high down payment may not seem to be a good idea to many people. You must know that high down payments will lower your monthly installments and make sure you don’t have nightmares.

•  Get proper insurance – If you’re well covered with insurance, it is very unlikely that you’ll ever face a situation where you’ll need to borrow money. Borrowing a large sum of money during an emergency can bring troubles unless you pay off the loan on time.

•  Use credit cards wisely – It is important to have credit cards, but you must not overlook your responsibility. Credit cards can be very helpful if you know how to use it responsibly. This will help you build credit without becoming a victim of debts.

•  Enhance your knowledge – Knowledge on personal finance management will always help you live a financially secured life. You must work towards enhancing your knowledge. Go ahead and buy books that will help you do that.

Knowing the basics of proper finance management and applying them wisely is going to make you financially secure. This is exactly what you need to be in order to live a debt free life. It is never wise to have assets worth more than your affordability. You may get momentary pleasure, but you have no idea how difficult you’re going to make things for yourself. Do your homework well for a debt free and peaceful life.

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