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Zanele Ntulini | New year, new financially savvy you

Zanele Ntulini | New year, new financially savvy you
19-12-22 / Shelly Nxumalo

Zanele Ntulini | New year, new financially savvy you

Durban - It’s been a stressful few years. First, Covid-19 turned our world upside down. And now, interest rates are rising as fast as the cost of living, making it more difficult than ever to have financial peace of mind. So, how do we reduce our financial stress levels as we enter 2023?

The first step is to understand why you might be feeling anxious about your finances. For some, it’s an overwhelming debt burden. For others, it’s not having a financial safety net for when things go wrong. Or you could simply be battling to pay your bills every month. But once you know why you’re stressed, you can start planning to fix the problem, says Zanele Ntulini, Chief Marketing Officer at life insurer Bidvest Life.

Get out of debt

“It’s easier said than done. But the road to stress-free finance starts with a plan to reduce debt, especially short-term debt with high interest rates,” says Ntulini. Set a budget, and stick to it. And then discover the magic of the Debt Snowball: pay the minimum balance owing on every account, and put any extra money you can into the smallest debt until it’s paid off. Then take the amount you were paying for that debt, and apply it to the next biggest debt. And so on.

Create a financial safety net

The pandemic showed us how fast life can change. Start building up an emergency fund to help you deal with life’s curveballs. The earlier you start saving and investing, the more financially healthy you will become. Put the right insurance in place to protect your loved ones and your most valuable assets should disaster strike. And make sure you have a last will and testament together: it’s these small actions that give you more control and allow you to rest easy.

Protect your income

“Speaking of assets, your biggest one by far is your ability to earn an income. Ask yourself: if you lose your income due to injury or illness, how long will you be able to meet your financial obligations?” says Ntulini. “Income protection should be the number one priority for every working South African. It provides security when we need it the most. It pays all your other insurance, medical aid, household expenses and school fees when you can’t earn.”

Speak to a financial adviser

“A financial adviser is one of the most valuable allies you can have. They will partner with you on your financial journey, and guide you on achieving your financial goals with a sound savings and investment plan,” says Ntulini. “They help you choose the best options to suit your pocket and your needs. They make sure you have the right investments to meet your goals, and the right insurance to protect you and your loved ones. I can’t imagine my financial life without an adviser.”

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