Unlock Financial Freedom: Essential Tips For Moms!

This May, we want to put an extra emphasis on mothers and money. The focus will be to equip moms (dads too) with the essential financial tools and strategies to secure your future and your children’s futures. It’s best to be proactive because every mom deserves peace of mind when it comes to money matters.

Below are some tips that will help you become financially secure:

  1. Have a Retirement Annuity (RA): Securing your retirement is crucial. By contributing to an RA, you not only save for your golden years but also enjoy tax benefits. This reduces your taxable income while building a nest egg for the future. Furthermore, you will not need to rely on your children for your basic needs that they label “black tax”.
  2. Maximise your tax-free savings account (TFSA): A TFSA is a great strategy to grow your savings and have zero tax. Take advantage of the TFSA’s flexibility and contribute regularly. The maximum per person is R36 000 per tax year or R3000p/m. Regardless of why you have one, having a TFSA offers tax-free growth on your investments.
  3. Build an emergency account:Life is unpredictable and having an emergency fund will ensure that when those surprises occur, you have money to fall back on. That way, you will not take out unnecessary debt like a credit card or a personal loan when life happens.
  4. Budget, budget budget!: Without a budget you will find yourself spending money you don’t have or money you actually cannot afford to spend. Remember, small sacrifices today lead to greater financial freedom tomorrow. Email us for a budget template.
  5. Educate yourself and seek advise from an Authorised Financial Advisor (Like ThuthukaSA):SA Best Seller, From Debt To Riches is a good place to start. Knowledge is power so take the time to educate yourself about personal finance. We can help you with a personalised plan that will meet all of your goals, even after you are gone.

Everyone should implement these tips into their personal finance plan. They will help you to take proactive steps towards a brighter financial future for you and your family. Remember, financial empowerment is within reach, and with dedication and smart planning, you can achieve your #MoneyGoals4Life.

Share this knowledge with your loved ones