slay your financial goals.

You might be gearing up to slay all your fitness goals as we approach the second quarter of the year, but have you taken a moment to check your numbers? And no, we don’t mean the ones on the scale.

“Having basic financial skills is one of the most important things you can do to live a healthy, happy and secure life”

if there was ever a time to review your financial health, it’s now during these financial times. You may have also heard the term personal finance but don’t see how it relates to you and your relationship with money. Investment professional Prudence Makololo explains that personal finance means managing your money to meet your individual or household financial needs.“this also includes budgeting, insurance, tax, savings and retirement planning, to mention a few. How you manage your money depends on your income, expenses, lifestyle, desires and goals, and how you plan to fulfil those needs within the constraints of your finances,” she adds. Consider the role of personal finance on your quest for financial independence. “It’s about knowing how to manage your personal or household finances and, most importantly, actioning your plans,” says Prudence. Here, she shares her insight to help you slay your financial goals.

Why is Personal Finance important?

I believe that having basic personal financial skills is one of the most important things you can do to live a healthy, happy and secure life. Money is easy to mismanage, and your level of understanding around the basics of budgeting, saving, debt and investing will impact you in many ways. It can also mean the difference between prosperity or poverty.

What’s the first step?

It all starts with taking it one step at a time. It’s worthwhile to note that some of the wealthiest people we know today weren’t rich to begin with. They understood the importance of personal finance, and that they needed to manage and control their saving and spending habits.

Practically, how do I get started?

• Create a simple budget, even if you may not want to. If your expenses are more than your income, then you need to reduce them. Don’t spend more than you earn!

• Write down all your debt, even if it’s really bad. Use your budget to plan to reduce your debt where possible. If you’re in arrears on your debt, talk to the relevant provider about potential arrangements for you to catch up.

• Create an emergency fund to ensure you set money aside for unexpected expenses such as medical bills or a big car repair.

• Use credit cards wisely, only when you need to. Plan to settle your debt, preferably within 55 days when it’s still interest-free.

• Monitoring your credit score regularly is crucial as it determines whether a credit provider will loan you money and how much interest they’ll charge you.

Prudence affirms that understanding the basics can help you better control your finances and prepare for future success. “This will help you to differentiate between good and bad advice, and to make smart financial decisions.”

To explore your options, speak to a financial adviser who’s certified and registered with the Financial Sector Conduct Authority (FSCA).