Be Financially Smart with FNB

How to resist the temptation of taking on unplanned debt

How many South Africans currently have quick loans they regret taking? You’ll be surprised to find that more people than you think possible have taken loans that they simply should have avoided say FNB's Head of Consumer Education Program Eunice Sibiya. These loans can be seriously damaging to your financial health, especially over the long-term.

We're also in the middle of the mid-year festive season. There are a lot of public holidays, people going away on vacations and lots of family gatherings. This is definitely the time of the year that we are most tempted to take on unplanned debt in order to entertain family and friends.

Major events that require money come around every year. The secret is to plan. Choose what you will participate in and what you will sit out.

Eunice Sibiya, FNB Head of Consumer Education Program

These are preparatory steps you can take to relieve the financial pressure and temptation for taking on new debt

Speak to your visitors openly and honestly

When you have people coming to your home, plan so you don’t have to pay for everything. Well in advance, discuss your itinerary, anticipated costs and their contribution.

Spend within your means

Try to avoid expensive purchases you do not need. especially those you didn't plan for. If you can’t afford it, find an alternative more affordable entertainment option.

Don’t fall for peer pressure

So everyone else is going on the annual Easter weekend away and you can't afford it? Sit it out this time around. You don’t have to up show your friends; social pressure can have a serious impact on your financial situation. Stick to your financial goals

Set aside money

Save up money for the occasions you know are coming up. This will help take off the financial pressure when special occasions come up because you would have planned far ahead for them.

Small sacrifices can make a big difference and help you stay away from costly new debt. Always remind yourself of your long-term financial goals.

Eunice Sibiya, FNB Head of Consumer Education Program

Recommended

by NEWSROOM AI
Read More
Smart money management techniques to reach your financial goals

Smart money management techniques to reach your financial goals

FNB Expert Ester Osche wraps up the #BeFinanciallySmart feature by highlighting some important techniques you need to adopt to be well on your way to financial freedom.

Saving should be the most important part of your budget says FNB's Ester Osche

Saving should be the most important part of your budget says FNB's Ester Osche

For the past few weeks, the Be Financially Smart experts have been delivering excellent insights on saving and investing your money. It is an essential part of building your wealth

Investing for retirement and the best time to start

Investing for retirement and the best time to start

How much time do you have left before your monthly income stops? The earlier you start saving for your retirement, the better!

How to juggle the stock market smartly for long-term investing

How to juggle the stock market smartly for long-term investing

The Azania Mosaka Show kicks off Savings Month with a discussion about stock markets and long-term investing.

Property investing as a good long-term investment

Property investing as a good long-term investment

FNB Expert Ester Osche discusses how to turn a property into a stable and rewarding long-term investment,

How to spot an investment scam from a mile away

How to spot an investment scam from a mile away

We've all heard stories of people falling victim to poor investment decisions. Here's what you need to look out for.

Popular articles
[LISTEN] Court to rule if state should continue paying Zuma’s legal fees

[LISTEN] Court to rule if state should continue paying Zuma’s legal fees

Former president Jacob Zuma will hear on Thursday whether he will have to foot the bill for his corruption case.

How RMB went from 'too poor to buy a photocopier' to the largest bank in SA

How RMB went from 'too poor to buy a photocopier' to the largest bank in SA

Bruce Whitfield sat down with GT Ferreira, Laurie Dippenaar and Paul Harris, the inspirational founders of Rand Merchant Bank.

10 advertisements that broke the internet in 2018

10 advertisements that broke the internet in 2018

Some were good, some were great, many were just plain awful. They all went viral.

Former school patrol guard acquitted of all sexual abuse charges

Former school patrol guard acquitted of all sexual abuse charges

Johannes Molefe was accused of abusing dozens of children from the AB Xuma Primary School in Soweto last year.

Popular shoe brand Vans ask Ackermans to remove "knock-offs" from shelves

Popular shoe brand Vans ask Ackermans to remove "knock-offs" from shelves

Vans' brand manager says although this is a recurring problem its main concern is that this particular "fake" is a very close copy.

 'Having a senior official call Lindiwe Sisulu a prostitute is undiplomatic'

'Having a senior official call Lindiwe Sisulu a prostitute is undiplomatic'

Mail & Guardian Africa editor Simon Allison says its undiplomatic for a Rwandan official to call Sisulu names.

[Watch the latest adverts] Do you agree? Chicken Licken is the boss of Nando’s!

[Watch the latest adverts] Do you agree? Chicken Licken is the boss of Nando’s!

Chicken Licken’s latest ad flame-grills the most recent one by Nando’s, says Nicholas Kühne of Wunderbrand.

'Evidence is solid. Poor people’s money was used illegally. Shivambu benefitted'

'Evidence is solid. Poor people’s money was used illegally. Shivambu benefitted'

Ray White interviews Pauli van Wyk, an investigative journalist with Scorpio at Daily Maverick.