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Tips On How To Make Your Money Grow In 2020

“It’s not about how much money you make; it’s what you do with it.” – Robert Kiyosaki, American businessman and author.

If being financially fit is one of your 2020 resolutions, then this article is for you. Sanlam financial advisor and investment specialist Adele Barnard chats to Go Hustle writer Ondela Mlandu about how we can become better at handling our finances. PS: It’s totally doable too.

1/ What are you doing with your hard-earned moola?

Your budget can help you pay off debt, stop you from making unnecessary instant gratification buys and enable you to invest in the long term. “I can’t stress this enough: you need to see where your money goes every month! Plan, plan, plan – create a financial calendar,” says Adele. Have you calculated how many take-away coffee’s you buy per week, month and year? “Download a budget app, or use an Excel spreadsheet or a good old book. But keep track of those expenses,” says Adele.

2/ Tackle your debts ASAP.

Tackle your debt so you have more money to save for your future self. If you have a credit card, overdraft or personal loan, take note of the interest charged. Look at the breakdown on your statements. “Learn how debt works. You will realise it doesn’t work in your favour. Basically, you’re [stealing] from your future self,” says Adele.

READ MORE: How To Turn Your Side Hustle Ideas Into A Money-Making Business

3/ Start unsubscribing from those retailer emails.

If you don’t see it, you won’t think about it. And soon you’ll stop buying stuff you don’t need. “Know what you own and why you own it. Because all that clutter in your house used to be money. And remember: it’s not a bargain unless you need it. Goodbye sales!” says Adele. Want to make some extra cash? Sell your unwanted items on the various online marketplaces out there. 

4/ Invest as soon as possible.

“Only one in every six individuals can retire comfortably in South Africa,” says Adele. If you’re lucky or disciplined and have no debt, start investing as soon as possible. “If you have existing investments, increase the contributions. Automate your savings and let your contributions be deducted via debit order or schedule an automatic payment,” says Adele. Pay yourself first and never withdraw from your retirement fund.

READ MORE: 7 Ways To Fund Your Start-Up Business

5/ Keep track of your credit score.

Register and view your credit profile at Make money work for you – do something today your future self will thank you for. Now, let’s start ticking these financial resolutions!

Disclaimer: Information contained in this article is intended to serve as general information on the chosen subjects and not as an exhaustive treatment of those subjects. Before making any decision or taking any action based on any info above that may affect your personal finances or business, it is recommended that you first obtain appropriate professional advice.

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