Please note:

These are general guidelines on how you can take practical steps to help you reach your money goals. This should not be taken as financial advice. We encourage you to seek financial advice from a qualified financial advisor to help you find the right fit.

Time to go back to the drawing board
Did you know that 70% of South Africans are stressed about their finances and 52% of us run out of money before month end? When you feel like there is more month than money, it can be tempting to tap into the "How to" schemes that promise to make you a lot of money in a few days. However, before you find yourself in even more financial trouble, try going back to the drawing board.

Going back to the basics of setting your financial goals and a timeline by which you would like to achieve this can make finding the means to do this less daunting. Speaking to a financial advisor can assist you in creating realistic goals that match your current financial situation so that you don't overextend yourself.

Start planning on how to earn online

Starting a side hustle can seem daunting, especially when you are employed full-time. However, with so many businesses operating in the digital space, it is possible to find something that is flexible and can earn you money on the side. Before you sign up for remote jobs or online surveys to start streaming in an alternative form of income, make sure that the site and employer are legitimate. Start small and slowly build towards taking on more to avoid being overwhelmed. Focus on what you have around you and how you can use it to earn an additional stream of income.

Protect what you already have

Your number one valuable asset you have right now is your ability to earn an income. Having this placed at risk could destroy any means of increasing your income. Therefore, protecting your income by having policies such as income protection, disability insurance, life insurance, medical aid or life insurance as part of your basic financial protection portfolio can come in handy when you need it the most. You may not have all of them but starting with one and gradually building your way to getting all of these is crucial.

Start looking for a new job

Each person's situation is different. While some people have the means to cut back, sell pre-loved items or even start a side hustle to help boost their income, you may be faced with the choice of switching jobs. In an economy where things can be risky, it could be riskier to stay at a job that does not competitively match the interest rate when it comes to salaries. While it is possible for some industries to reward employees with a 5.5% increase or more, it may be time to start looking for alternative places to work at.