The new year has arrived and it’s time to get back to the grind of life. Weather it’s Januworry or Janoworry, it’s time to #BeFinanciallySmart with Eunice Sibiya's smart transacting techniques that you can use to reach your financial goals this year.
Sibiya kicked off the show with some questions that both Azania and the general public wanted to know.
Why should we transact smarter?
Sibiya says that if you look at the numbers, you can examine the landscape and see where you place in those statics. She adds that 44% of South African households have a budget, and of that percentage, 43% struggle to budget. That means only 1% of households don’t struggle to budget says Sibiya.
We discovered that most people have a very complicated relationship with money.— Eunice Sibiya, Head of FNB’s Consumer Education Program
What are the smarter transacting techniques?
Sibiya says that it’s the things we know, which we tend to shy away from. She adds that South Africans aren’t disciplined, and we need to do a better job to understand and respect money.
1. You need to sit down and look at your transactions because it mirrors your spending patterns says Sibiya.
You need to look at your bank statements and examine every transaction. Every cent matters.— Eunice Sibiya, Head of FNB’s Consumer Education Program
2. Look at a goal based financial planning approach and include your short, medium, and long term goals.
Understand your financial situation, set your financial goals and write them down where you can see them.— Eunice Sibiya, Head of FNB’s Consumer Education Program
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