Saving and investing are two crucial financial skills that can have a major impact on one's financial well-being. While both concepts are often used interchangeably, they are distinct in nature. Saving refers to the act of setting aside money for future use, while investing is the act of putting your money to work in order to generate more money. In this blog post, we will discuss the importance of saving and investing, and why both skills should be a part of everyone's financial toolkit.

How To Get Money Savvy In 10 Easy Steps

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Managing your money is a skill that you can learn. Even if you think you know enough, there is always something new to learn about growing your wealth. 

What do you think you need to start a business? Most people say things like “money”, “a business plan”, “an idea” while you do need an idea and a plan and no money is not a necessity to start a business, that is not the answer I’m looking for.

Do you feel like you're stuck in a cycle of overspending and not having enough money to cover your bills? Are you ready to take control of your finances and achieve your long-term goals? If so, our 12 Budgeting Tips E-Book is exactly what you need!

2021 is the best time to become savvy with your money. We learnt the hard financial lessons last year and now it is time to use those lessons to build a better financial future.

Step 1 of becoming money savvy is to get clear on where you are now. This requires you to be honest with yourself. This exercise may bring up different emotions and that is okay. It is important that you feel those emotions and ask yourself why. For many people looking at their finances brings up negative emotions and can leave them feeling guilty, regretful and frustrated. Do not let this deter you. Take the time to recognize how you are feeling. This is an important step in your money journey.

12 Top Tips to Help You Understand Tax

How the Work-from-Home Culture Impacts Your Tax Return

The shift to a work-from-home culture due to the pandemic has brought up new questions about taxes, expenses, and deductions. In this article, we'll explore how the new work environment affects your tax return and what you need to know to stay on top of your taxes.

When it comes to naming your business, is your first thought to use your name, child’s name, initials, or joining your nieces’ names? I ask this because 70% of young people I mentor want to use one of the previous ideas to name their business

Life is like a game of snakes and ladders. You never know what the next roll of the dice is going to give you. It could be a snake(threat) that could cause you to regress in your financial life. Or it could be a Ladder (Opportunity) to take you to the next financial level of success.

So, if life is so uncertain and the world, we live in now is so uncertain how do we mitigate the risk or the snakes in our financial future?

We have been through a tough 2 years emotionally and financially after the global epidemic that had us all scared and behind closed doors. In the months that followed South Africa was hit with flooding, riots and an ever increasing electricity crisis, throw in the war that started in 2021 and you will find a large number of working class people struggling to make it through each month.

 What is branding, exactly? Contrary to popular belief, branding is far more than just a logo. Your customers’ first impression of your company is formed through your brand. Therefore, your brand experience should be encapsulated and epitomised in your branding.

Gone are the days when the mom stays home to take care of the kids while the dad goes to work. I was fortunate when I was younger because my mom stayed at home. She on the other hand was totally unfortunate. When her and my dad divorced at 40, she had to start her life with nothing, never having worked and having no real skills.

Creating Money Savvy Kids for the future.

Ask any child what they want to be when they grow up and you will hear things like; “I want to be a doctor”, “I want to be a pilot”, “I want to travel the world” or “I want to save the whales”, but dreams cost money and if dreams cost money why are we teaching our children to live the life of their means and not live the life of their dreams?

When you are ready to start your new business venture, you need to think about all the ways this product or service can make you money. How many sources of income can you get from this one business? Can you build multiple income streams and make those income streams passive income streams?

South Africa is a buy-now, pay-later society. The effects on young people’s financial literacy are thus characterised by the same behaviour patterns as parents and society. These are high credit and high consumer behaviour with very little savings, and in turn high social risk behaviour. Money Savvy is working to change this disastrous pattern. 

Are you looking to start your own business, but finding that the process can be overwhelming? From sales, marketing, and operational teams to budgets and cash flow, there is quite a bit that goes into starting one’s own business.

Creating Cash Flow
When I started my first business, I considered the financial side of things as “boring accounting stuff” – something I was not keen on initially. My feelings on the matter soon changed. Financial structures in your business are much more than mere accounting practices. As important as it is to manage your income and expenses, there is a lot more to setting up your financial structures than you may expect.

The first time I ever did a value exercise I was 38 years old. It was an interesting experience because I had no idea what I valued in life or in my financial life. My top value at the time was family. What was scary was I was not living up to my core value in any way, shape, or form.

The term “emergency fund” refers to money put away that people can use in times of financial distress. The purpose of the emergency fund is to improve financial security by creating a safety net to help cover unforeseeable, high-cost expenses which, in its absence, could have catastrophic effects on your financial situation.

What do you think I mean if I have to ask you the question; “Is your business compliant”? Most new business owners don’t understand what compliance is required in their type of business. Compliance will be different for different industries and income brackets.

The first time I set a financial goal was when I was 32 years old. It was a skill I needed to learn. I needed to formulate a plan to achieve my goals and I can honestly say that goal setting was one of the biggest drivers in changing my financial situation. I still set goals for myself each year because Goal setting gives meaning and direction. Setting financial goals helps us focus on our finances.

Setting goals marks the beginning of financial planning to help you achieve your goals and objectives at various stages in your life.