{"id":119436,"date":"2018-08-02T04:53:18","date_gmt":"2018-08-02T02:53:18","guid":{"rendered":"http:\/\/www.myza.co.za\/womens-month-2018-how-to-develop-a-thrifty-money-psychology\/"},"modified":"2018-08-02T04:53:18","modified_gmt":"2018-08-02T02:53:18","slug":"womens-month-2018-how-to-develop-a-thrifty-money-psychology","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/womens-month-2018-how-to-develop-a-thrifty-money-psychology\/","title":{"rendered":"Women\u2019s Month 2018: How to Develop a Thrifty Money Psychology"},"content":{"rendered":"

Women\u2019s Month 2018: How to Develop a Thrifty Money Psychology<\/a>: <\/p>\n

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Develop a Thrifty Money Psychology Photo: DebtSafe<\/p>\n<\/div>\n

South African women don\u2019t only tackle their daily schedules hands-on; they are also known as providers, chauffeurs, caretakers and so much more. It is therefore fair to say that women need all the support they can get \u2013 even if it requires financial guidance along their way.<\/p>\n

Since women endure and take care of various tasks and bills, DebtSafe\u2019s debt adviser, Carla Oberholzer, says: \u201cthey should be notable for their uniqueness and also deserve a few pointers on how to embrace who they are, while developing a thrifty money psychology.\u201d<\/p>\n

DebtSafe shares some tips and what a few South African women have to say about their current money behaviour and mindset:<\/p>\n

\u201cI like to live in the moment and love spending time with my friends, especially when going out for some girl-time shopping.\u201d
Cindy (mid-twenties & from Gauteng)<\/p>\n

SHOPPING \/ SPLURGING TIPS
To Cindy and all the social butterflies out there – keep on being unique, but do take note:
\u2022 Try not to get caught in an \u2018over-shopping\u2019 epidemic or culture. A once in a while impulsive buy can be good for the soul, BUT, the question is, is it in line with that budget? Don\u2019t spend just because others are splurging during certain outings.
\u2022 Only buy what is really needed and make sure shopping trips are properly planned beforehand. Do thorough research where the best buys are, and also compare prices before rushing off to the nearest store.<\/p>\n

Remember: it is always best to not only stick to a budget, but to also have a monthly \/ weekly shopping list within reach.<\/p>\n

\u201cSaving is not easy, I have to be honest BUT I always try to save a bit of money each month and whenever I can.\u201d
Karabou (52 years old & from Limpopo)<\/p>\n

SAVING TIPS
Well-done to Karabou and all the frugal savers. Here are some extra saving tweaks to consider:
\u2022 Try and stash a certain amount (small at first) away before other deductions creep in. In other words \u2013 women have to \u2018pay themselves first\u2019. This can put them in a new way of thinking about their finances while getting a financial habit going.
\u2022 Saving goes hand in hand with a timeline and financial goals. Women have to therefore, outline short- (Christmas holiday), medium- (a new car) and long-term (retirement) goals and see what their bigger savings picture involves.<\/p>\n

Remember: There are various savings women can get going, but, an emergency fund is a crucial savings buffer that can come in handy.<\/p>\n

\u201cI love my phone. I usually make use of my calendar and different apps to make my life a little easier.\u201d
Nadia (31 years old & from the North West)<\/p>\n

FINANCIAL PHONE APPS
Like Nadia \u2013 women tend to be lost without their phone these days. There are countless financial phone apps available; here are a few to consider:
\u2022 22Seven: Money consolidation \u2013 consolidate accounts to get the bigger financial picture.
\u2022 Moneysmart: Managing money and spending.
\u2022 FillApp or Fuel Log3: Keeping track of fuel expenditures.
\u2022 Money Mammals Save for a goal: Practical app to teach children about saving.<\/p>\n

Remember: Women should find an app or apps that will work for them and their own situation. Do some research and give one or two a try for a few months.<\/p>\n

\u201cLife is expensive. I can barely keep up with debt repayments because of the 2018 VAT and regular fuel increases.\u201d
Indu (46 years old & from the Western Cape)<\/p>\n

CREDIT & DEBT TIPS
Life sure happens and it can be really tough for Indu and other women to continually try and keep the fort going. Here is advice about debt and credit agreements:
\u2022 Women need to service their credit agreements as best they can. And, where possible \u2013 they should pay more than the minimum required fee or payment. They can consider alternative ways to help them achieve just that.
\u2022 Credit is not a bad thing, but women should not apply left, right and centre for it. Having spending boundaries is a good start OR ELSE they may fall in arrears and sit with the devastation of becoming over-indebted.<\/p>\n

Remember: Women are in control of their own money. When things get tough they should first try and negotiate with their creditors. In worst cases, women should consider Debt Consolidation.<\/p>\n

August is #WomensMonth and it\u2019s about time for a proper shout-out. Remind women to \u2018own\u2019 their money psychology by keeping their financials thrifty and manageable.<\/p>\n

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