#OFMBusinessHour: Be honest about your money habits
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The key to being good with your money is honesty especially regarding your spending habits. This is according to GCI Wealth Manager, Natasja Hart, who was on the OFM Business Hour, to speak on what good debt is as compared to bad debt. Hart says good debt tends to be an investment for your future i.e. education loan or a home loan. She says bad debt tends to be more short-term for instance using a credit card or clothing account to making short lived purchases. With respect to saving, the GCI Wealth Manager concedes that South Africans are not saving enough and the situation has been exacerbated by Covid-19 and the accompanied job losses/salary cuts. Her advice when it comes to saving money is that “it’s the cents that make the rands”, so start small if need be. It’s all about knowing what you have and allocating money accordingly.
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