Sixteenth century philosopher Francis Bacon said "money is a good servant but bad master". Fast forward to the 21st century and those words are still very relevant today.
But managing a healthy budget can be difficult, especially during these difficult financial times, and many South Africans feel that their money controls them. Luckily, we have some practical money tips from Old Mutual to help you master your finances.
Save and embrace the power of compound interest
Financially successful people plan and prepare for the future even if that means putting aside just a few hundred rand every month. Saving a fixed amount over a certain period allows you to grow your money through compound interest — that is you earn interest on your interest, enables diligent savers to grow a nest egg with even modest monthly savings. The longer you leave money in a savings account, the more interest it accrues, so it really helps to start building your savings early.
Get smart about budgeting