Improve your finances and get to understand how your money can work better for you.

This involves taking into consideration what you know, or what you do not know in order to understand and define your money behaviour.

Your relationship and associations with money can go all the way back to your childhood experiences. This may speak to your emotions about money, be they positive or negative. Society is structured around money and we need to find ways to acquire it, manage it and spend it so that it works for us.

Practical ways to improve your finances.

Once you have taken an honest look at the way you think about and manage money, you should be able to identify some areas of improvement.

  • Record your expenditure for a month and then assess all the things you bought. List the necessities, the impulse buys, the fun items that you feel were worth the expense, the assets you acquired and the things that were a waste of money. Use your list to make wiser spending decisions and repeat this budgeting process until you have a monthly surplus.
  • Always pay financial commitments on time.
  • Avoid taking out too many loans in a short space of time.
  • Only take out a personal loan or other forms of credit with a reputable lender.
  • Check your credit bureau score and review ways to improve it.

Set a monthly budget for yourself, with realistic savings goals and future plans on what you want to achieve with your money.  Focus on small changes that you can sustain and that are realistic, this will help put you in control of your money.

Speak to a Nedbank advisor to help you with a financial plan that will be right for your needs.

This content is sponsored, written and provided by Nedbank Unsecured Lending.