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Strive for financial wellness this festive season

Debt counselling is the best way to ensure your financial wellbeing if you struggle to repay your monthly debt.
Image: Shutterstock

The festive season is here and many South Africans are immersed in debt and their financial prospects look bleak. Life does not always turn out the way we plan, and things can change within the blink of an eye.

Just like the Covid-19 pandemic changed the world overnight. Such events can also affect your financial wellbeing. Unemployment, retrenchment, unexpected illness, a death in the family and major life changes can change your life and financial situation.

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How can you enter the festive season without the stress and guilt brought about by debt? If you are having trouble paying your bills and settling outstanding debt at the end of the month, debt counselling may be the answer for you.

Debt counselling is the best way to ensure your financial wellbeing if you struggle to repay your monthly debt. Take care of your financial wellbeing this festive season.

What is financial wellness?

Financial wellbeing is the overall health of your finances. This is the interaction between your finances and your physical, spiritual, and social wellbeing. Research shows that when you are concerned about your finances, it affects your productivity, adds strain on your relationships and can lead to depression. It is your relationship with money and your finances and the influence it has on your everyday life.

When is one financially healthy?

  • When you can cover your monthly and day-to-day expenses without worrying about it.
  • When you can make additional purchases without struggling financially afterwards.
  • When you can settle emergency bills or accounts without worrying about it.
  • When you can choose where you want to live, whether you want children and whether you can buy what you want within limits.
  • When you can set future financial goals and follow a plan to achieve those goals. It may be to buy a house, to save for university fees or to save for your retirement.

Five tips to improve your financial health

  1. Spend less than you earn. It is going to be difficult to pursue future financial stability when you spend more money than you earn.
  2. Stick to a budget.
  3. Pay off your credit card, loans, and accounts.
  4. Set up a savings plan.
  5. Invest your money – do sufficient research and be 100% sure before investing any money.

Martin Snyman is a registered debt counsellor.

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Debt counselling ONLY deals with debt !! What you need to do is review all those inflationary increases on your “policies!” Many people have policies that go up by 10% (15% older policies.) They get a 2 % raise if any at all.So if you die, get a dreaded disease. or become disabled you are covered. If you don’t get this stuff (death inevitable) YOU ARE BROKE! Now we have hospital cover, animal insurance etc… How about divorce insurance?????????? No one has thought of that yet????? Why does your life cover payment go up every year and the cover DOES NOT??????? Why does your car insurance go up every year and your car gets older? Why does your house contents insurance go up and your “stuff” gets older?????????????? Educate yourself !! Dr. Debt

Basically, no one will write off your debt.

Taking on debt to finance consumer goods takes the borrower down the following path.
One man’s debt is another man’s asset. If you haven’t got your own plan, you are part of someone else’s plan. This financial mechanism called debt is a conduit that syphons off the value of your labour, into the pocket of someone with a plan. Debt is a mechanism that takes the future value of your labour to build another person’s assets now.

Debt is the modern form of feudalism. The debtor is a wiling serf to the lender Barron. This financial mechanism allows people who do not understand compound growth to enslave themselves to people who do.

Compound interest. “Those who understand them earn them, and those who do not understand, pay them.” — Albert Einstein.

Then, on the flip side, we find productive debt, also known as financial gearing or leverage. Borrowing to fund education, a house, or a cheap secondhand car to take you to work, can be seen as good debt. If the value of the debt rises faster than the value of the assets, the equity goes down to the point of bankruptcy.

The South African government borrows to finance consumption, not productive assets. The ANC forces the entire nation to work for European and American pension funds. The average citizen voted himself into serfdom. A government bond is a new form of colonialism.

No army or oppressor forces it upon them. They use the financial system to invite the new colonialist to exploit the assets of the nation. The average voter pawns the future of his children to support the pension of a European retiree. The entire South African GDP has already been transferred to local and foreign pension funds. Our economy belongs to the new colonialists – the lender Barrons, and the average voter fights in the streets to support this process.

It is clear which group has a plan, and which group is clueless.

Very well articulated. Your ability to stretch one’s perspective is something i do not take for granted. Thank you for your comment. Keep well!

Much appreciated King Khan. Best wishes for the Festive Season.

End of comments.

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