THIS upcoming Father’s Day and Youth Day, ask the question: who among you has a finance mentor?
Matthys Potgieter, debt expert at DebtSafe, said young people must make it a priority to get financial guidance.
We asked Potgieter, who is a debt counsellor, to share five money tips.
You’re only young once
Even though you are young, the decisions you make now impact your future.
“Save as soon as possible and as much as you can, even if it is a hundred rand at first.”
Incorporate short-term, medium-term or long-term savings goals – holidays, car payments and retirement savings, respectively.
Pressure on the youth
Many young people are coming to grips with their independence and are starting a career but there is a pressing need to buy cars and houses as soon as possible.
There is no need to go and attempt to buy everything at once – this may leave you in a terrible debt swamp.
You need to take it easy and build your own little nest. Add the items you need bit by bit.
Change your mind
An important part of being young is that you get to change your mind about what you want and need out of life.
One way is asking yourself how to change your mindset so it is the best for you and your finances.
You can start by educating yourself and get into good financial habits as soon as you can. Start with money-smart principles in your daily activities. Read about finance in books, on the internet or get training from a finance coach.
You’re only getting older
As much fun as you’re having now, the truth is that you are getting older every day. Suddenly you’ll realise you’re 40 years old and all those years of opportunity are gone forever. Now you’ll realise you need to save for retirement.
Don’t wait. Do your homework properly and set up a retirement plan now.
Wisdom is always valuable
Does anything associated with “financial” sound overwhelming? No need to worry, you are in a world full of financial gurus and professionals who can translate all the intimidating buzzwords into regular, every day vernacular.
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