Phew! It’s finally pay day again – feels like it’s been ages since there was money in the bank account!
Now what? Well, the challenge is to spend this money wisely …
Remember to save – savings are the bedrock of your future financial plans. See more about savings here.
(PS, did you think about our 52 week challenge? If you haven’t started yet, it’s not too late – remember, start saving as early as possible so you can make your money work for you with compound interest).
Also, try to avoid some common pitfalls:
Don’t be tempted to go on a splurge
It can be tempting to give in to your wants and spend your money without planning or budgeting. When you’re tempted to do this, think about your hourly rate. For example, you earn R70 per hour and you want to buy a dress for R300. If you buy the dress, you’ll be spending five hours of your hard earned money.
Don’t feel pressurised to spend your salary
Don’t always listen to people who want to sell you stuff. Family or friends may also want money from you. Don’t feel pressurised by anyone to open an account or to buy anything you’re not sure of. Before you agree to anything, do your own research and get advice from someone you trust.