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  Basic Financial Plan Tomorrow is 2024, its also a Monday…so why not start tomorrow!! So here’s your guide to basic personal finance management in 2024! 1.      Draw up a monthly budget We all hate this step, but it is necessary – you can just do it once off to make sure your fixed monthly expenses are less than what you earn. You can always update it when your personal situation changes, e.g., starting a new job with a different salary or having a new expense like a new baby, new car etc. There are so many free budgeting apps available. My personal favourite is 22seven .   2.      Have a debt repayment plan : It’s not necessary to pay off all your debt before you start saving or investing, especially if you can comfortably keep up with your monthly re-payments without getting into more debt. Try and get rid of as much of unsecured debt as possible (credit cards, store accounts, personal loans etc.). The DEBT SNOWBALL st...
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My road to 500k - TFSA

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  Road to 500k – TFSA   It’s been just over 8 years since Tax-Free Savings Accounts (TFSA) were introduced in South Africa. The TFSA program was officially launched on the 1 st of March 2015, as part of the National Treasury's efforts to promote a culture of saving and financial independence among South African citizens. It was introduced under Section 12T of the Income Tax Act from 1st March 2015. As someone who took advantage of this investment vehicle from the beginning, and has maxed out contributions every year, I have just over 5 years left to reach by lifetime limit (even though I am still hoping that the lifetime limit will be revised). This is my TFSA journey so far: My TFSA: Road to 500k Financial Year ending Annual Contribution Cumulative Contribution Dividend Income Portfolio Value Portfolio Growth Percentage growth 2016 R30,000 R30,000 R0 ...
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