The rise in the cost of living is sometimes unforeseen, which can leave many consumers in debt. The first quarter of 2016 has been hard on a lot of people, forcing them to reassess their financial plans.
According to Ester Ochse, channel head at FNB financial advisory.
People need to be realistic about the financial resolutions they can achieve during the course of this year. For instance, if you were planning on buying a new car using a linked interest rate, consider the fact that your instalment could go up once or twice before the year ends. Then you can adjust your plans accordingly.
Ester suggests the following tips for people struggling to cope with the recent spike in interest rates, food and fuel prices:
1. Focus on your most important financial commitments.
2. Focus more on your long term goals.
3. Match your needs to available financial resources.
4. Align the financial goals you want to achieve to a time frame.
5. Consistently monitor how far are you with your financial goals.
