{"id":251647,"date":"2023-03-02T17:53:48","date_gmt":"2023-03-02T15:53:48","guid":{"rendered":"https:\/\/mypr.co.za\/?p=129198"},"modified":"2023-03-02T17:53:48","modified_gmt":"2023-03-02T15:53:48","slug":"the-benefits-of-having-a-budget-and-managing-your-budget-for-the-year-ahead","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/the-benefits-of-having-a-budget-and-managing-your-budget-for-the-year-ahead\/","title":{"rendered":"The benefits of having a budget and managing your budget for the year ahead"},"content":{"rendered":"<aside class=\"scaip scaip-1 \">\n<aside id=\"republication_tracker_tool-2\" class=\"republication_tracker_tool clearfix\">\n<h5 class=\"adtitle\">Republish for Free<\/h5>\n<div class=\"license\">\n<p><button name=\"Republish This Story\" id=\"cc-btn\" class=\"republication-tracker-tool-button\">Republish This Story<\/button><\/p>\n<p><a class=\"license\" rel=\"noreferrer license noopener\" target=\"_blank\" href=\"http:\/\/creativecommons.org\/licenses\/by-nd\/4.0\/\"><img decoding=\"async\" alt=\"Creative Commons License\" class=\"lazyload\" src=\"http:\/\/www.myza.co.za\/press\/wp-content\/uploads\/2023\/03\/the-benefits-of-having-a-budget-and-managing-your-budget-for-the-year-ahead.png\"><\/a><\/p>\n<p><img decoding=\"async\" alt=\"Creative Commons License\" src=\"http:\/\/www.myza.co.za\/press\/wp-content\/uploads\/2023\/03\/the-benefits-of-having-a-budget-and-managing-your-budget-for-the-year-ahead.png\"><\/div>\n<div class=\"message\">\n<p>Republish our articles for free, online or in print, under a Creative Commons license.<\/p>\n<\/div>\n<\/aside>\n<\/aside>\n<p>A South African Reserve Bank report states that about 75% of the average working professional\u2019s monthly salary goes toward repaying debt. According to the National Credit Regulator, almost 40% of credit-active consumers have damaged credit records. These shocking figures paint a bleak picture of the financial sustainability and the realities many South Africans face.<\/p>\n<p>With the cost of living at soaring heights, inflation, and exorbitant fuel prices, many of us cringe at the thought of putting a few bucks aside for a rainy day. Let\u2019s be honest. Budgeting is difficult. And remaining disciplined in the savings process is a challenge. While we are focused on living in the present, we find ourselves in a financial rut when the festive mode is in full swing.<\/p>\n<p>Get into the budgeting groove<\/p>\n<p>Wikus Olivier, the founder and managing director of CreditSmart, is a pioneer for healthy financial habits and is an advocate for budgeting. In his view, a small saving can go a long way. Maintaining a budget will certainly be tedious, but you will reap the benefits of your sacrifice.<\/p>\n<p><strong>He has shared insights to help you create a sense of financial security:<\/strong><\/p>\n<p>Set a realistic budget.<\/p>\n<p>Create a weekly spending cap for daily essentials such as bread, milk, and petrol.<\/p>\n<p>When heading out to the shops, stick to a shopping list to avoid spending money on unnecessary items.<\/p>\n<p>If you find yourself in a position where you are unable to save for a particular month due to unforeseen circumstances, try saving extra in the following month. For example, if you can\u2019t save X amount in June, save double the amount in July.<\/p>\n<p>While many want to maintain a certain social status, it\u2019s important to refrain from living above our means. If it doesn\u2019t fit your pocket, don\u2019t do it.<br \/>Set money aside for entertainment and stick to it.<\/p>\n<p>Here\u2019s how including a small savings to your budget can change your outlook for year end. You will have R6,000 at the end of the year if you sacrifice around R500 a month starting in January. As for how much money you should save, there is no golden rule, as it depends primarily on your ability to afford it. A small amount goes a long way, whether it is R100 a month or R1000 a month.<\/p>\n<p>Budgeting may seem challenging, but it doesn\u2019t have to be with the right discipline. \u201cBudgeting is a habit which you need to exercise. If you do it regularly, it becomes a habit. Habits are things we do naturally, things that we almost do without overthinking. Budgeting needs to become a habit,\u201d adds Wikus.<br \/>Make wise money habits a part of your lifestyle and encourage others to do the same. Perhaps you and your family should consider saving small amounts of money together. Your budget will provide a framework to manage your finances and reach your financial goals.<\/p>\n<p>With a focus on credit, debt, and financial management, CreditSmart assists consumers with every aspect of their credit, debt, and finances. Get budget smart with CreditSmart.<\/p>\n<p><a href=\"http:\/\/mypr.co.za\/contact\/featured\/\">CLICK HERE to submit your press release to MyPR.co.za for free<\/a>.<\/p>\n<p> <span class=\"post-views-icon dashicons dashicons-chart-bar\"><\/span> <span class=\"post-views-label\">Press Release Views since 1 July 2022:<\/span> <span class=\"post-views-count\">71<\/span> <\/p>\n<div class=\"entry-pagination pagination\">Pages: <span class=\"post-page-numbers current\"><span class=\"screen-reader-text\">Page <\/span>1<\/span> <a href=\"https:\/\/mypr.co.za\/the-benefits-of-having-a-budget-and-managing-your-budget-for-the-year-ahead\/2\/\" class=\"post-page-numbers\"><span class=\"screen-reader-text\">Page <\/span>2<\/a><\/div>\n<p><a href=\"https:\/\/mypr.co.za\">Source: MyPR.co.za<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Republish for Free Republish This Story Republish our articles for free, online or in print, under a Creative Commons license. A South African Reserve Bank report states that about 75% of the average working professional\u2019s monthly salary goes toward repaying debt. According to the National Credit Regulator, almost 40% of credit-active consumers have damaged credit [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":251648,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[9021,1],"tags":[3257],"class_list":{"0":"post-251647","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-mypr","8":"category-south-africa","9":"tag-mypr","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/www.myza.co.za\/press\/wp-content\/uploads\/2023\/03\/the-benefits-of-having-a-budget-and-managing-your-budget-for-the-year-ahead.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/251647","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=251647"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/251647\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media\/251648"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=251647"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=251647"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=251647"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}