Easy as 1,2,3: budget and start building your wealth
A new year is like a clean slate - you get to draw up fresh plans, strategise and set the tone for the next 12 months
Learn to budget and stick to it A budget helps you get a full picture of your monthly obligations and how much disposable income is left after you've taken care of your fixed and variable costs. Once you've drawn up your budget, stick to it. Review it regularly so that you can stay on track. Remember that the aim is to spend less than you earn and, where possible, to save or invest the difference. You can also use apps like 22seven to help you keep an eye on your debit and credit card spending. Get rid of your debt If one of your goals is to eradicate your debt, you should draw up a monthly debt repayment plan. Choose a strategy that will help you remain committed to your goal. If you're concerned that you'll be tempted to spend on your credit card, pay off a portion of the card, then ask the bank to decrease your credit limit. This way you won't be able to spend the money you have paid into your credit card. You'll avoid the trap of revolving credit and pay it off quicker. If it wi...
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