Residents get tips on how to avoid ‘budget busters’

Top stories

By  Caxton Publishers.

Updated: ago

JOBURG - As 2016 firmly sets in, Nitesh Patel of Standard Bank, offers residents advice on how to stick to a set budget for the new year and avoid activities that could derail their financial plans.

 

The head of customer financial solutions, personal banking explained that the reason many people struggled to keep to a budget was because they often set unreasonable targets for themselves.

“Setting goals that are too big to be achieved in a reasonable timeframe can lead to frustration and, eventually, resignation,” he said.

Patel offered tips on how to stick to a set budget and save more; firstly by reducing money spent on entertainment, especially during the weekends.

Another way to increase money saved was to start saving with an amount that is easily affordable and then increasing it over time.

“If you allocate a huge chunk of cash each month and an unexpected expense presents itself, you may get derailed,” he pointed out.

Patel concluded by urging residents to consider the tips, as they could significantly improve their financial situation over time.

“Choose one area to focus on, then when you have mastered it, move to the next one on the list. You have nothing to lose and everything to gain.”

Other tips to stick to a set budget include:

  •  Avoid constant weekend blow-outs: After a hard week at work, weekends provide a welcome respite. However, a trip to the mall or the garden centre can relieve you of R500, which can easily be saved for future use.
  •  Don’t ignore changes in your financial situation: Budgets should be adjusted when your financial situation changes; if you settle a bill, get a salary increase or add an expense – the outcome of your budget will change.
  •  Dealing with a spendthrift spouse: For your budget to successfully contribute to your financial security and prosperity, you and your partner must reach consensus on your spending and saving habits.
  •  Have an emergency plan: Try to build up an emergency fund of at least three to six months of living expenses in case of financial emergencies.

 

 

Caxton Publishers.

Comments

Community Toolbox

Sandton Police Station: 011-722-4200
Bramley Police Station: 011-445-4100
Fire and ambulance emergencies – 10177 (landline) or 112 (cellphone).

more

Sandton CPF – (011) 722 4317 (Tue / Wed / Thu) or 
admin@sandtoncpf.co.za / 
chairman@sandtoncpf.co.za

Bramley CPF – 011-440-8013

 

more

Sandton Chronicle 9 December 2016

Jhb’s father of the year, 9 December 2016

Leisure Options DECEMBER 1 – 15, 2016

VACAY VIBES DECEMBER 1 – 15, 2016

Your name:
Your email address:
Your telephone number:
Your message:

Your name:
Your email address:
Your telephone number:
Your message:

Sandton Nonprofit Organisations
Sandton People
Sandton Places

Network News

Steyn’s bail hearing postponed

ago

read more

WATCH: Mother abuses child in Fourways restaurant

ago

read more

Think twice before driving drunk today

ago

read more

Man critically injured in rollover accident on the R21

ago

read more

Woman dies in Mandeni house fire

ago

read more

Car carrier truck overturns on N3

ago

read more

Woman raped and strangled at Alkantstrand

ago

read more

Still no holiday home – R5,5 million later

ago

read more

Uber driver takes woman for ‘joyride’

ago

read more

Abandoned dog chained to tree – left to die

ago

read more

Ugu strike – which areas are affected?

ago

read more

Planning a trip on the N4 this festive season?

ago

read more

Brakpanner wat sy eksvrou skiet, spring tronkstaf vry

ago

read more

‘n ‘Dare’ ontaard in sosiale media-nagmerrie

ago

read more

Hawks arrest traffic cop

ago

read more

Storm wreaks havoc in Ladysmith and surrounding areas

ago

read more

Surprise Sunday Umdloti beach baby

ago

read more

Murder-accused twins part ways

ago

read more

Top
Next Story
StormersplayersSiy_42010
Apply for 2017 scholarships