TIPS TO REDUCE YOUR STRESS LEVELS

MOMENTUM Metropolitan’s Claire Klassen offers some pointers to reduce financial stress:

◆ Take advantage of lower interest rates on debt and decreased spending as a result of Covid-19, and use the money freed up to pay off your smallest debt. It’s the easiest to eliminate, and this success will increase your motivation to tackle further debts.

◆ When financially stressed, you are more likely to make emotionally charged purchases – buying treats for a boost, or eating out instead of cooking at home. Consider whether this will serve you in the long run.

◆ We think we are not wealthy enough to save. But R50 a day takes you to R250 in a five-day week, with which you can build an emergency fund.

◆ Improve your financial literacy by accessing the wealth of information available – even through Google – but be careful of get-rich-quick schemes.

◆ Start a side hustle.

◆ Provide for retirement. A financial adviser can help you to calculate how much you need.

◆ Include an implementation plan – the actions you need to take within specific time frames – in your long-term financial goals. According to the Unisa-Momentum report, this will help to increase your financial literacy levels and guide your emotions in uncertain times.