Keep your wallet in check

Whether in the school, work or home, the 21st century South African student lives a life of stress and perpetual problem solving. We need to know how to prepare for these challenges by equipping ourselves with the relevant knowledge – it all starts with a good budget.
Unfortunately, in a country plagued by economic woes resides a generation of entitled and assumptious millennials. We have allowed the struggles of our predecessors to go in vain by contributing to the decay of the country and the spread of ignorance.

Something needs to change. The country’s economy is in constant fluctuation, with several events having impacted its trajectory in the past few years. From economic downgrades and increased living expenses, to the exposure of the “Zupta” dynasty, we need to be able to take into consideration various scenarios that’ll impact our wallets. A nifty trick to use when budgeting is the 50/30/20 plan: the gist of it is that 20% of your income should go to your savings and debts, while 50% should be dedicated to your needs, and the 30% to your wants. Don’t find yourself falling victim to the “I’m broke” adage. Instead you should try to live by the motto of “Millionaire before 30”.

By Lebogang Mashego

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