Do you have financial freedom or are you tied up in debt?

Retirement annuity compared to a pension fund
April 4, 2016
Trusts
April 4, 2016

A3Ah! Financial freedom! The dream of having an abundance of money, which is supposed to set you free from your financial woes and support a lifestyle of a king.

Well think again! If you’re battling to manage your finances now, the reality is you will continue to battle no matter how much money you have.

Statistically 86% of South Africans are in debt. The South African average household spends 70% of their income servicing debt. This is a very dangerous situation for the consumer as well as the country, as living standards are lowered and prices continue to rise.

What can you do to regain control over your finances?

  1. Create a budget – This will give you a picture of where you are spending your hard earned cash;
  2. Eliminate any budget items that are not necessary;
  3. Stick to your budget and review regularly;
  4. If you are still not managing to meet your financial commitments, speak to your creditors to see if they can provide you with alternatives with regards to your monthly repayments;
  5. As a last resort, consult a debt counselor, who will assist you in making alternative arrangements with your creditors. Please be aware that there are costs associated to the debt review process and it could take you longer to rid yourself of the debt.

For more information, or if you would like assistance, please contact me.

LesleyLesley Field
Executive Assistant
FPM Risk & Wealth Management (Pty) Ltd

lesley@fpm.co.za

011 778 9300

This article is a general information sheet and should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice. Errors and omissions excepted. (E&OE)

SRA
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