To all the twenty- and thirty-somethings, with it being Youth Month and Father’s Day that is around the corner, what do you think about a ‘financial father figure’? You heard right – a mentor (just like a father or parent) that will guide you to your future financial independence. And, someone who can assist you in making good financial decisions while you are young. Do you have somebody like that currently or in mind?
Matthys Potgieter, debt expert at DebtSafe, says that it is extremely important for you, as a youngster, to have guidance along your money-way.
As a debt counsellor, Potgieter shares five fiscal tips that can help you, and other young adults, gain financial independence in future:
• You’re only young once
Even though you are still young – the frugal decisions you make now, will impact your financial future. Always try and save as soon as possible and whenever you can, even if it is a hundred rand at first. Incorporate short term (holidays), medium term (car payments) or long-term (retirement) savings in your fiscal plan. If however, you are still a student – do your research and choose the right bank account to set you off in the right ‘saving direction’.
• Getting younger
Home buyers, for example, seem to be getting younger. Do you find yourself in this category – putting a lot of pressure on yourself where you recently left the nest and are now kick-starting your career, trying your best to buy a home AND a brand new car? No need to go haywire and have everything at once. This will only lead to a vicious debt cycle and bills that need paying. So take it easy and build your own little nest and add the things that go along with it, bit by bit.
• Young blood
Play an important part as a younger generation individual, and change the ‘financial mindset’ of the next generation to come. How can you do that exactly? By educating yourself and setting the right example when implementing money-savvy principles in your day to day activities. What about regular reads or input on finance through online news updates, books, blogs, YouTube videos and considering advice from a financial coach? Your options are endless, so get started.
• Not as young as you used to be
Truth is you are getting older by the day. And in the blink of an eye you will have to retire. Strengthen your financial independence by doing your homework properly, set up a retirement plan and get going ASAP. Remember: the sooner, the better.
• Put a wise head on your young shoulders
Does anything ‘financial’ sound overwhelming? No need to worry – you are in a world full of financial gurus. So let the professionals assist you. You can consider a ‘financial mentor’ or ‘father figure’ like a friend or family member in the financial industry, a broker, a financial planner, your banker or, if you are finding yourself already spinning in debt, a trusted and registered debt counsellor can assist with debt counselling.
Do you have a ‘financial mentor’ or ‘father figure’ that currently guides you to make good decisions along your way? Take the above tips into account, ask for guidance and start your journey to future financial independence. If, however, you are feeling the ‘debt whirl’ already, it is time to turn your debt around. Contact the DebtSafe team: SMS your name and INFO to 30898 (at no cost) for a free debt assessment.