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Financial education initiative to help manage your finances.
You need to earn a lot to be well-off, right? Not so, says John Manyike, Head of Financial Education at Old Mutual, who explains that wealth is as much about controlling debt and spending as it is about income.
He adds: “It sounds counter-intuitive, but if you earn a moderate salary and are free of short-term
debt, you’re probably in a better financial position than someone who earns a lot of money but
spends it on serving short-term debt.”
Sadly, people who are completely debt-free make up a very small percentage of working South Africans,
“With increased interest rates, higher fuel and food costs and no immediate respite in sight,
South Africans are feeling the pinch, now more than ever. Often during tough times the temptation can be for
people to get into debt, like making day-to-day purchases on credit, but it’s at times like these that
minimising your debt should be your priority.”
The first step towards a debt-free future is to understand the importance of managing your personal
finances. Break bad old habits that get in the way of financial stability and establish new, healthier money
Manyike offers five basic actions to implement right now to start a better debt-free life:
Lastly, charging down your debts by paying more than your required monthly instalment can help you
save on interest levied against your credit facility or retail account. This ensures that you are adequately
equipped for possible tough economic times ahead. “It is better to assess and discuss your
impending difficulties than to ignore the problem or wait for creditors to call you wanting to know when you
are going to pay back their money,” says Manyike.
Old Mutual’s free On the Money
programme can help you manage your money better and guide you on how to plan for your
goals. Easy to access and understand, the programme is a great way to learn how to free yourself from debt
and start building wealth.
Money is available in booklets or online workshops in any of SA’s official languages.