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    Limited Game Time Compels Seakanyeng to Quit UAE-Based Outfit 

    Limited Game Time Compels Seakanyeng to Quit UAE-Based Outfit 

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      Limited Game Time Compels Seakanyeng to Quit UAE-Based Outfit 

      Limited Game Time Compels Seakanyeng to Quit UAE-Based Outfit 

      Debswana sponsors BFA’s National First Division League with P3.9m 

      Debswana sponsors BFA’s National First Division League with P3.9m 

      Ditlhokwe Tipped to Excel at Kaizer Chiefs

      Ditlhokwe Tipped to Excel at Kaizer Chiefs

      BCF Aims to Resuscitate Chess this Year

      BCF Aims to Resuscitate Chess this Year

      Tebogo’s Move to US on Hold

      “Don’t Panic,” Tebogo is advised as He Transits to Senior Level

      NSAs decry Absence of School Sports 

      NSAs decry Absence of School Sports 

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      Home Columns On the money

      Become financially fit in 2022 with 10 simple steps

      “To achieve remarkable things tomorrow means taking small steps today.” says the Head of Sales at Old Mutual Life Botswana, David Matlhagela

      mm by Old Mutual
      February 1, 2022
      in On the money
      Reading Time: 3 mins read
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      Become financially fit in 2022 with 10 simple steps
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      The festive season left many facing the New Year with financial hangovers, a long January, and the reality that their money problems could last well into 2022. But, says Old Mutual, taking 10 steps to get personal finances back in shape could make things look a lot better.

      The art of making financial resolutions that work lies in moving as quickly as possible and taking the steps needed to build a sustainable financial future, says David Matlhagela, Head of Sales at Old Mutual Life Botswana. The steps needed to improve your financial health are:

      Knowing what you owe

      “Taking action to get financially fit cannot begin until you understand what your debts are. Listing loans, credit card debt, account balances and other debts is the step that identifies how big the job ahead will be,” says Matlhagela

      “This stage is vital because it can help avoid debt having a long-term impact on your credit rating. Also, until you resolve the problem, the chances are that you will not be able to make savings plans.”

      Stopping all unnecessary spending and accounts

      Once your level of debt is known, you should stop spending on items you do not need. Closing unnecessary accounts will ensure that your spending is reduced even though there could be fewer comforts in the house.

      Paying off debts

      Attack debts by paying off those with high-interest rates first (some stores charge as much as 21 percent interest on accounts). As these are paid off, the money used to settle these accounts can be used to pay off lower interest debts at a faster rate.

      Consolidating your debts

      Consolidating your debt in a single account means simplifying payments. In addition, as debts will be paid off as they are pulled together to form a single debt, interest payments will be reduced. This means that the size of the overall debt also reduces.

      Downscaling your lifestyle

      Changing your financial habits will involve taking tough decisions. However, deciding to keep your car for another year, cutting back on restaurant visits and reducing spending on luxury items will have immediate benefits.

      Seeing bonuses in a different light

      It is tempting when a financial windfall comes your way to see the income as ‘extra’ and spend it. However, any bonus or gift you receive will work for you if it pays off accounts or kickstarts a savings plan.

      Becoming a poly-jobber

      “More Batswana are using their skills to create second incomes,” says Matlhagela. “These poly-jobbers often take on projects or side hustles to diversify their income. The advantage is that the time required for the task and the rewards offered are negotiated upfront.

      “Again, improving your financial status means using money from this source to reduce your debts rather than spending it on niceties. Once you are debt-free, the income can be used as you wish.”

      Not panicking

      The worst thing to do is panic. By cancelling life and insurance policies, liquidating savings, or investments, you could be damaging your future security. Life, funeral, and short-term policies protect you and your family from the unexpected. Raising your personal risks by using the money to pay debts could bring only short-lived advantages.

      Becoming a saver

      To become financially fit, you should be a saver. Starting to save should be easier once your debt levels reduce. Developing a new personal budget will ensure that additional money can be paid into accounts. You will then have funds for emergencies, as well as short, medium, and long-term savings plans.

      Getting expert financial advice

      When making a fresh start, expert knowledge and advice can make a difference. A personal financial adviser will assist by reviewing your budget and developing strategies to help you meet your financial goals. As these strategies will be reviewed regularly and adapted, you can be sure that your savings and investments will continue to grow. “The key to changing bad money habits and becoming financially fit depends on financial education,” says Matlhagela.

      “The more you know about the right way to preserve and grow your money, the better your future will be. The time for change is now. To achieve remarkable things tomorrow means taking small steps today.”

       

       

      Tags: Daniel Matlhagela

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