Here are 4 healthy FINANCIAL habits you should be practicing

The current economy makes it difficult to practice healthy financial habits in South Africa. But even the smallest step towards your future financial goals is progress. So, here are four healthy financial habits you should get into the habit of.

HEALTHY FINANCIAL HABITS

JustMoney is a financial services group that’s teamed up with Debtbusters to help South Africans find more healthy financial habits, reports Business Tech.

1. DON’T OVERSPEND ON CREDIT

Try not to overuse store accounts and/or credit cards. Getting into debt simply means you delay saving and investing and that’s not a healthy financial habit. Try pay with cash and start investing and saving your money as early as you can. Interest on savings can be a powerful thing and you’ll be able to purchase so much more once it has accrued.

2. SAVE, SAVE & SAVE

One of the best healthy financial habits is saving your money. A lot of people think they need a big sum of money to save. You don’t, even the measliest amount you have left over at the end of the month is worthy of stashing away for savings to accumulate. Don’t live beyond your means and you can save every month.

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3. THINK ABOUT YOUR RETIREMENT

You’re probably still young and want all the good things in life. But JustMoney says you should start planning for a formal retirement fund as early as you can. Even discretionary investments like the savings we just spoke about are insufficient for your retirement needs. Start contributing to a retirement annuity (RA) as soon as possible. They’re tax-free, which is an added bonus.

4. BE FEARLESS ABOUT YOUR FINANCES

This might sound strange, but it’s hard to not fear your money. Banks and financial systems can be intimidating, and financial education in South Africa is poor. Read up as much as they can about healthy financial habits and fill the gaps. You’ve only got one life to live, so make the most of it.

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This article is for informational purposes only and should not be construed as financial advice Be sure to share your thoughts with our audience in the comments section below. And don’t forget to follow us @TheSANews on Twitter and The South African on Facebook for the latest updates.