Be Financially Smart with FNB

Learn the art of effective debt management

For most South Africans money management is a challenge that we'd rather ignore. We are so focused on earning an income to pay off our debts that we struggle to truly enjoy life.

This week on #BeFinanciallySmart FNB Head of Consumer Education Program gave us tips on how we can learn to manage debt effectively and be well on our way to financial freedom.

Financial challenges never stop and they come unexpectedly. That's why we need to be careful with how we spend our money

Eunice Sibiya, FNB Head of Consumer Education Program

According to Eunice, the best place to start with managing your debt effectively is taking a sober a look at your monthly bank statements and really paying attention to all the transactions, loans and credit cards. By doing this, it will give you a clearer understanding of the following:

  1. The total outstanding balance on loans to understand what target you need to reach.
  2. The terms of your loans to know to know how much you must repay and for how long.
  3. The interest rate on loans as they have a massive impact on your repayments
  4. The total monthly (or once off) fees that you are paying on your loans.

Once you have paid off an account or loan, take that money and put it towards other debt so that you can shorten the lifespan of your debt.

Eunice Sibiya, FNB Head of Consumer Education Program

Eunice Sibiya also mentions that before you get into more debt by taking another loan, consider these four tips:

  1. Assess your reason for the loan and whether it is a need or want.
  2. Make sure you can afford the repayments on the loan.
  3. Commit to understand the terms and conditions of the loan
  4. Stick to your end of the deal as this is an agreement between you and the financial services provider.

Listen to the full interview with Eunice Sibiya below


Recommended

by NEWSROOM AI
Read More
3 types of loans that can help you grow wealth

3 types of loans that can help you grow wealth

Loans are supposed to help you, not get you into trouble. FNB expert Eunice Sibiya sheds some light on loans that can be used for good.

Here's what you need to know before you take out a loan

Here's what you need to know before you take out a loan

Head of FNB’s Consumer Education Program Eunice Sibiya says that in SA, we have a combined consumer debt of R1.7 trillion.

Smart techniques to use when borrowing money

Smart techniques to use when borrowing money

FNB's Eunice Sibiya says SA Human rights Commission reports more than 50% of credit-active consumers have impaired credit records.

Follow these tips and be well on your way to building wealth

Follow these tips and be well on your way to building wealth

FNB's Eunice Sibiya looks at transacting techniques that you can implement to turn your focus to building your wealth in 2018.

Understanding the importance of living within your means

Understanding the importance of living within your means

In this week's #BeFinanciallySmart feature, FNB's Eunice Sibiya discusses the importance of living within your means.

Popular articles
Ramaphosa unveils statue of Madiba at UN headquarters

Ramaphosa unveils statue of Madiba at UN headquarters

The 1.9 metre statue is said to be a gift from South Africa to the international community.

KZN Metrorail services suspended due to vandalism

KZN Metrorail services suspended due to vandalism

Metrorail KZN Regional Spokesperson Zama Nomnganga says a build up of events led to the decision.

WC DA leader refuses to hand over electronic devices as party probes media leak

WC DA leader refuses to hand over electronic devices as party probes media leak

Western Cape DA leader Bonginkosi Madikizela confirmed that he was asked to hand over his devices but he says that he refused.

[LISTEN] 'Molewa was an activist in her own quiet way'

[LISTEN] 'Molewa was an activist in her own quiet way'

Environmental Affairs spokesperson Albi Modise pays tribute to Minister Edna Molewa who passed away on Saturday morning.

Ramaphosa's new advisory team has 6 months to draw up national land reform plan

Ramaphosa's new advisory team has 6 months to draw up national land reform plan

Land researcher Prof. Ruth Hall says the panel faces an exciting challenge to see how government can fix the land reform process.

[LISTEN] Opinion: 'Thuma Mina dares not fail'

[LISTEN] Opinion: 'Thuma Mina dares not fail'

Breakfast Show host Bongani Bingwa says skeptics are right to question whether Ramaphosa will succeed in his mandate as president.