Personal Finance and financial management

Personal finance is the application of the principles of finance to the monetary decisions of an individual or family unit. It addresses the ways in which individuals or families obtain, budget, save and spend monetary resources over time, taking into account various financial risks and future life events.

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Organising your finances

STEPS TO ORGANISING YOUR FINANCES 1. CREATE A BUDGET Income – write down all the ways you earn income each month – whether that be salary, investments, rent etc…. – whatever comes in goes here.

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Budgeting

#1: Budget for the income you receive, not what you’re supposed to get This budgeting tips is important, especially if you receive income from things like alimony or child support. If your ex doesn’t pay what they’re supposed to pay, then it can throw off your budget. You can’t depend on that money to cover expenses if isn’t consistent.

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Credit Score

What is a credit score? A credit score is a statistical number that reflects the information in your credit report. The score summarises your credit history and helps lenders predict how likely it is that you will repay a loan and make payments when they are due.

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Reckless Lending

A credit agreement is reckless where; At the time that the agreement was made, or at the time when the amount approved in terms of the agreement is increased, other than an increase in credit limit.

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Types of Debt

Bank loans: A bank loan is the most common form of loan capital for a business. A bank loan provides medium or long-term finance. The bank sets the fixed period over which the loan is provided (e.g. 3, 5 or 10 years), the rate of interest and the timing and amount of repayments.

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Warning Signs of Debt

How do you know when you need help managing your money and debts? There are some definite warning signs which may indicate that you need assistance with debt management.

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Consumer Credit Act

THE Consumer Credit Act of 2016 empowers the Financial Services Regulatory Authority (the Authority) to licence Debt Counsellors. A Debt Counsellor can be a company or body corporate or natural person licensed by the Authority subject to Section 37 of the FSRA Act, 2010 and Section 61 and 62 of the Consumer Credit Act of 2016 engage in the business of; a) Evaluating a consumer for over-indebtedness;

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Reliable Information

You can find anything on the web, but it might not always be the best. We have selected credible resources that provide solid, useful information to support you on issues on credit, debt, investment, events.

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