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THERE’S A SIMPLE TRICK TO SAVING

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Get out of debt by learning the saving habit.
Get out of debt by learning the saving habit.

DO YOU open your new bills and despair? Does your debt and expenses drown out your joy?

No matter how bad your finances look, there is a way out.

Jo-Anne Bailey, sales director and country manager of Africa at Franklin Templeton Investments, said while it is ideal to start building our retirement savings and investments on the day we start working, reality is often more complex.

“We all come from different places which influence our financial needs. For example, you may still be paying off student loans or supporting your family.

“But money, when invested and spent wisely, creates opportunities, freedom and experiences. Yet how do we get there?

“The best place to start is by building a clear financial picture. Look at your needs and wants, and ask: where would you like to be five, and then 10 years from now, and how will your finances impact on this?

“Once you have set these financial goals, it is also important to put aside enough for your retirement.

“While retirement hardly seems urgent when you’re only just setting out in life, investments do better the longer they’re in the market.

“The younger you are when you start saving, and the more you save, the more your money grows.

“It is also important to consider that the healthier we are and longer we live, the more we need to invest into our retirement.

“Retirement is an especially important for freelancers or contract workers that do not have an employer saving for them.

“While we should take investing and saving seriously, it does not all have to be depressing.

“Once you have a goal, you just need to fall into a saving and investing habit. Anything extra can be used to spoil yourself!” she said.

One critical myth that needs to be destroyed is that financial management and investing is not as complicated as it seems.

Bailey said that she classifies different needs according to basic planned funds, savings for short-term goals and savings for long-term goals.

“With the right investment plan in place and a bit of commitment, you will not only feel secure, but achieve lasting wealth.”

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