Taking control of your money

Making sure you have control over your money and not letting your money manage you may seem like the most sensible thing in the world.

According to African Bank’s executive for sales and marketing, Alfred Ramosedi, money management begins with knowing where your money goes. “Good money management revolves around making choices – living within your means, saving for rainy days, managing your credit and repaying monthly instalments.”

Read: Saving is essential

Having too much debt can negatively impact your finances, so it is important to follow some simple guidelines:

  • Make a list of all your debts with their monthly instalments. The trick is to try and pay off all the small debts as soon as possible while maintaining monthly payments on the rest of the debts
  • Remember that certain assets can be repossessed, so it is important to make car and house payments on time
  • Be disciplined and keep to a budget and maximise savings
  • Use your cards responsibly
  • Always be cautious when you borrow money and make sure you consider your options through authorised financial services providers that are registered with the National Credit Regulator.

Debit orders are great, provided you have enough money in your account to cover the debit order. “You will pay a penalty fee for a returned debit order,” he said. Cash payments make sense, but again payments must never be late as this will reflect on your credit bureau status.

Finally, internet transfers are very popular and beneficiaries can be loaded on your internet banking profile. “It is a great way to pay retail accounts and credit cards, as you avoid standing in long queues to pay cash,” he said.

Read: Consumers schooled on benefits of collective savings

“Remember, banks do require written notification, and when you require changes regarding the date or payment amount of a stop order, you need to notify your bank and sign a new instruction form that mandates your bank to do so.”

Getting your finances on track is not an overnight thing. It is an ongoing process that you must approach with determination, diligence and discipline, with support from your creditor, he said. “It is certainly worth maintaining a good credit record.

“Not only does it improve your ability to obtain credit in the future but it saves on any additional fees and charges and provides you with the potential to be offered lower interest rates in the future.”

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