Financial management means less stress
April is international stress awareness month and financial management is one of the biggest stress contributors. Learn how to better manage your money.
For the average, employed South African, it is often a norm to buy costly assets on credit, which can lead to crippling debt.
This, according to a recent study by the Credit Ombud, is one of the biggest contributors to stress, anxiety and depression.
ALSO READ: 8 ways you can help victims of the #kznfloods
According to financial experts, debt can be both good and bad, with good debt being money that consumers borrow to purchase assets that grow in value, like houses, or which may bring a profit in the future.
Bad debt applies to money borrowed to purchase items and consumables that will decrease in value. Financial advisers suggest consumers stay away from accumulating personal debt.
Here are some tips for managing debt:
1. Put together a monthly budget
2. Find and identify the biggest amounts you owe to your creditors
3. Contact your bank and creditors and arrange a payment agreement
4. Pay debts with the highest interest first
5. Pay your accounts on time
6. Decrease your impulsive or unplanned spending
7. Consider debt consolidation
8. Beware of scams
HAVE YOUR SAY
Like our Facebook page and follow us on Twitter.
For news straight to your phone invite us:
WhatsApp – 060 784 2695
Instagram – zululand_observer
