DURBAN – For many South Africans, a regular monthly cycle starts with having their salary deposited in your bank account followed by the first few days of splurging and then anxiety of trying to cover monthly expenses with the leftover money.
Tristan Naidoo, Legal Advisor at Old Mutual said "Budgeting doesn’t have to be difficult. In fact, no matter your level of financial literacy, income or education anyone can start using and benefiting from budgeting".
He added that regular budgeting empowers people because it gives people control over their spending behaviour.
In addition, it helps people to identify any corrective action that would need to be taken in order to focus the expenditure towards the things that are important to their family.
No matter your how much you earn or how many expenses you have, the ABCs of a budget is simple. Naidoo breaks down the science.