Almost every business has a downtime, as a business owner or leader you should not allow bad times to consume your hard-earned savings.
According to Ernst and Young’s 2015 Africa economics report there are indications that a more conservative approach is going to become more essential in our personal financial planning to navigate what could be some volatile years ahead.
Here is how you can take control of your finances;
A careful balance of your income against your expenses can be beneficial not only in the short-term, but also in the long-term. It is prudent to take a smart approach of identifying what you have versus what you really need. By identifying what you cannot simply live without, you are able to prioritise your spending and ensure that money can be used elsewhere and for better purposes.
Cut down costs
We all have service contracts that are essential for our everyday lives but do we really know the minute details? By carefully assessing your contractual agreements – and monthly billings – it becomes easier to identify the unnecessary add-ons and still receive a service that covers your basic needs. This is one way to cut down effectively.
Monitor your credit report
Sometimes it can be a tough month and we can easily slip up on a monthly payment. While it is advisable to notify the credit provider as soon as possible and see if a payment agreement can be made, it is also important to regularly check your credit report using services which allows you to ensure your credit report it is up to date and accurate. This will help you to protect your credit reputation, which is beneficial in the long-run when you are ready to apply for credit for a purchase as substantial as a home loan.
Moneylenders usually look at a consumer’s repayment behavioural trend as part of their decision-making for granting credit. Your credit report is also a way for you to keep an eye on your existing credit accounts so that you can identify any unusual activity, and ultimately protect yourself against identity theft.
Author: Gesture Chidhanguro