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Are you overwhelmed when asked to think about budgeting, settling debts, saving, investing or achieving your ultimate financial goals? Financial health should not be the source of anxiety. Sound financial advice includes a simple and useful way to get a grip on your fiscal position.

WeBridge are comprised of highly skilled finance gurus with loads of sound financial advice up their sleeves. Here are 7 expert personal financial tips in plain English that you can master in a week!

  1. Kill your Debt
  2. Don’t Go the Extra Mile, Pay the Extra Mile
  3. The Good, The Bad and The Ugly
  4. Savings on Autopilot
  5. Manifest your Goals
  6. Have a No-spend Day
  7. Plan Fast Meals
  8. Kill your Debt

A well-executed ‘murder’ starts with a great plan…Disclaimer: we solely know this through Netflix! The plan starts with making a ‘hit list’ of all your debt and include the interest rate. Once you have your completed list, sort them into highest to lowest.

There are two quick ‘cold killer’ weapons of choice; debt avalanche and debt snowball strategies. The debt avalanche method attacks their highest-interest debt first, which is most efficient mathematically. The snowball method starts with paying the smallest balances first as a way of building momentum. So go ahead and ‘choose your weapon’!

  1. Don’t go the extra mile, pay the extra mile

Don’t go the extra mile for your bank by paying the minimum payment on your credit card. It sounds contradictory, but it makes perfect sense. When it comes to paying your credit card, settling for the bare minimum makes you a victim to interest and the bank wins all the way, which means you lose all the way. Paying more than the minimum doesn’t just lessen the toll of interest. In the case of some loans it can also shorten your repayment term. If you made an extra R500 payment on a R30, 000 balance with 7.00% interest, for example, you’d cut 3 months off your 10-year term.

  1. The Good, The Bad and The Ugly

You’ve probably heard the term ‘good debt’ and ‘bad debt’. Good debt are usually considered to be student loans and home loans. ‘Bad debt’ could be too much ‘good debt’ that put you in a compromising financial situation. When you calculate how much interest is accrued daily, you might find it’s actually all ‘ugly debt’

Use the following formula to estimate your daily interest cost:

(interest rate) ÷ (number of days in the year) x (current principal balance) = daily interest

Say you have R30,000 worth of loans with an average interest rate of 7.00%. Your formula might look something like this:

.07 ÷ 365 x 30000 = R5.75

Calculating daily interest will give you more context about the true cost of your repayment. It might also inspire you to pay off your loans faster if possible.

  1. Savings on autopilot

“I cannot afford to save”…Wrong! You cannot afford not to save and here’s how you do it:

All it takes is setting up an auto transfer from your main bank account to your savings account. Even if it is a small amount at first. Once the automatic transfer is set up, the money will flow directly into your savings. People tend to live according to their income and you will learn to live without that amount in no time. Fasten your seatbelts, you’re about to fly first class!

  1. Manifest your goals

Did you know that simply writing down your goals makes you more likely to achieve them? Yes, Millennials, a digital list works too!

Whether it’s a house, new running shoes, a car, a vacation or an air fryer you suddenly can no longer live without (no one’s judging), it puts your daily purchases in perspective. Adjust your spending habits to attain your specific goals.

  1. Have a no-spend day

Regular retail therapy has short term endorphin benefits but much more serious financial implications. Spending can become a careless impulsive habit without conscious rational effort from your part. And it becomes easier every time you spend.

For just one day a week, commit to a no-spend day. Depending on your average daily spend, you could save a few bucks or perhaps enough to afford that air fryer at last!

  1. Plan fast meals

This does not mean planning a trip to KFC. Eating out once in a while is nice, but it adds up real fast. Rather make restaurant visits and take-out meals a special occasion. With a slow cooker (or the brand new air fryer that you just bought with the ‘no-spend day’ money) you can make meals in advance. This way you avoid the temptation to grab take-out meals on the way home because you’re too tired to cook. This will not only benefit you financially. Planning your meals enables you to include necessary nutrients your making you healthier, less tired and more in control of your life.

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