Financial detox for women: 10 tips to healthier, happier finances

when you are in an unhealthy financial position, experiencing money problems, being stuck with a high debt record and having regular stress how you are going to make ends meet, you find yourself in a very vulnerable place. Your financial situation(s) and money woes can cause a huge dip in your general health.

Zeeva’s team wants to encourage all women to get to a point where their finances are healthy.

Here are ten detox tips to a healthier (and happier) financial life:

First thing’s first: What kind of debt and how much of it do you have?

Take a good look at your finances by reviewing your bank statements over the last couple of months. If your current debt is more than 20% of your nett monthly income, you know you are skating on thin ice.

Planning and budgeting go hand in hand

Professionals in the financial field are familiar with these processes, but for some individuals, setting up a monthly budget and schedule to repay debts, does not come easy. If you don’t know where to start with a budget, why don’t you make use of Zeeva’s online template or try using a phone app to control your spending; popular apps include 22seven, JamJar, Spending Tracker or Unsplurge. Don’t make excuses, do some research, use what will work best for you and implement your own schedule to start ticking debts off your list.

Get to know’ your credit record / score

Do you know what your current credit profile looks like? If you have no idea, you can find out through TransUnion, XDS or Experian. They offer a free check once a year.

There is nothing better than good self-discipline

To give your finances a good cleanse you have to be involved in the process. Ensure you keep up to date with what is going on with your finances by checking your accounts at least once a week. And don’t forget to give your restaurant or grocery store bills a quick scan to ensure you’re not paying for something you aren’t really getting. This requires discipline on your side but it will be all worth it in the long run.

Set sensible financial goals

Giving your finances a detox is exciting but you should not go overboard with your expectations. Write down your goals and try to reach your ‘smaller’ or monthly goals first. You can add your ‘bigger’ or annual goals to your list, like saving for your holiday abroad, as soon as you reach a few ‘small’ ones, like paying off your clothing account.

Saving for rainy days is a MUST

Life can throw unexpected curveballs at you and if you‘re not ready to handle emergencies financially, your debt will increase. Try your utmost best to put 10% of your income away in an emergency fund before you get the chance to use it.

Take a good look at your current providers

Once a year you should take a look at your current providers and compare them to other alternatives. This includes your gym, bank, short-term insurance broker and cellphone network.

It is also a good idea to compare cellphone packages (pay-as-you-go vs. contract) or different DSTV packages, for example.

This can result in more bucks for your pocket.

A ripe old age

Ask around, it seems that the least favourite thing to save for is a retirement annuity fund. It is indeed very important as time often runs away from you and before you know it, you’re 60 years old. By then it is too late for a wake-up call.

Join your company’s joint fund or search for the best broker and most affordable fund and package options.

Avoid current temptation

The use of credit cards and clothing accounts need to be avoided. Creditors can charge high rates for this type of credit and can only contribute to your debt. Why don’t you commit to cut on extra expenses by avoiding these cards for a whole month? You’ll see that in future you won’t be dependent on this type of credit anymore.

 

So you think there are no financial gurus available…

South Africa has a financial expert around every corner – financial planners, bankers, coaches and debt counsellors. Take a look at your situation and your needs and get the assistance that you require.

 

Zeeva encourages you to erase all the clutter in your finances. This will lead to a healthier and happier financial future. If, however, you currently feel burdened with too much debt and it feels like there is no way a detox can work for your situation, get in contact with the Zeeva team. SMS your name and ZEEVA to 30967 (free of charge). Zeeva is a Debt Management Programme specifically designed for women by women.

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  AUTHOR
Maretha Swanpoel

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