MONEY
C O N T E N T PA R T NE R S H I P
BUDGETING WISELY IN TIMES OF CRISIS
I
n a low-interest environment, such as currently experienced in South Africa, it can become
more and more difficult to live on a fixed income basis. There are, however, ways in which one can manage one’s money more effectively in order to optimise its value. Here optimisation does not necessarily mean taking more risk with your money or investing in other asset classes. The route is much easier and much simpler than one might think. The secret lies in planning, and the core to the success of planning effectively lies in self-discipline. Careful planning and taking cognisance of spending habits
planning your day than they are
weeks and weekends will allow
can lead to a level of financial
about financially budgeting for
you to plan each week and each
freedom that can be enjoyed by
your week or your day. Effectively
weekend well ahead of time, giving
all. This starts with budgeting
planning your week and your day,
you the comfort and peace of mind
realistically on a monthly basis.
especially your weekends, will
that what you have planned is
The first priority is always to take
allow you to prioritise and plan
within your financial reach. This
care of your basic human needs
your spending habits for that
will allow you the freedom to enjoy
and to make sure you have enough
week or day. For example, if you
the precious moments that matter
money available to fulfil those
are planning an outing with the
most, instead of worrying about
needs. But budgeting is not just
grandkids, decide beforehand
your financial concerns. After
about basic human needs – it is
what you want to do, where you
all, quality time is really the most
also about living the life you have
want to go, and how much you
precious thing in life.
planned for yourself. In order to
are willing to spend. You can then
achieve this level of budgeting, it
review that decision measured
your money wisely and effective
becomes very important to not
against your monthly budget and
budgeting, Finbond Mutual Bank
only look at monthly expenses but
decide whether it is affordable or
has recently released its latest
to break them down into weekly
not. If you see that it is not, you
version of the book Spend Wisely,
needs, and daily needs and wants.
still have time and the option to
i.e. Your guide to budgeting in times
do something else or to pick a
of crisis by consumer activist and
achieve but most things that
more affordable activity with the
financial expert Ina Wilken. To
are worth it, aren’t. Weekly and
grandkids.
get your free copy today, please
This is not always easy to
daily needs budgeting are more about planning your week and 18
SILVER DIGEST // WINTER 2021
Breaking up your budgeting and planning for the month into
For more insights on spending
contact us at 012 460 1438. www.finbondmutualbank.co.za
