Get Ahead Of The Pack: Five money lessons for getting ahead financially

Ever heard the saying ‘ahead of the pack’? This saying refers to a person who starts doing something before others do, and this head start gives them an advantage or a lead over others. By getting started early or sooner than others, you can put yourself ahead of the rest and boost your chances of success.

With 18 years’ experience in financial coaching and training, many of our clients have shared that they have simply too much month and too little money. But when it comes to financial matters, getting ahead of the pack is easier than you may think. There are many tried and tested money lessons that apply all throughout life and under all circumstances.

Implementing these money lessons will certainly put you ahead of millions of other South Africans who have yet to get started.

Five money lessons to get ahead

  1. Know your numbers
    Make an inventory of your finances: list all your income and expenses; as well as your assets and liabilities – including all loans, credit cards and store accounts, noting for each loan, credit or store account: how much is still outstanding; how much interest you are paying; and how much longer you need to pay. 
  2. Spend less than you earn
    Whatever you earn, spend less! Living below your means by spending less each month than you earn is a crucial step to getting ahead financially.
  3. Pay off your debt
    Debt – especially short-term debt like credit cards, store accounts and quick loans – is very expensive and a certain way to keep yourself stuck financially. Avoid making new short-term debt at all costs, and start paying off your existing debt as a matter of priority, beginning with the debt with the highest interest.
  4. Save, save, save
    Before you spend a Rand of the Income you receive – whether this is your monthly salary, a bonus or unexpected income – put some of it away in a savings account or your retirement fund. 
    In addition, save towards an emergency fund for unforeseen circumstances that will cover your monthly expenses for 2 to 6 months. You should also save for your retirement and put away money for your financial goals and dreams, such as a deposit on your own home or a dream holiday.
  5. Create goals
    Write down just one short-term goal for the next 1 to 5 years and one long-term financial goal for the next 5 to 20 years, making sure they are both achievable and motivating. 

Get ahead now!

These tried and tested savings and money-management habits can be used by anyone, and no matter what your financial situation looks like right now, you can start at any time. Of course, there is no better time than right now!

“The secret of getting ahead is getting started.” – Mark Twain          

The easiest way to get started is to reach out for friendly, professional help from your financial coach, who is ready to help you get ahead today.  

Join our challenge!

Are you ahead or behind with your personal finances and goals? Give yourself a rating out of 10 for how far you are, then share this with your financial coach.

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