It has become quite common for people to take a sabbatical to travel the world or to simply take a break from work, for pleasure or studies. Irrespective of the reason, one needs to have enough financial muscle to carry them through the sabbatical. “While it’s refreshing to take a break from work to pursue other interests, you need to ensure that you have prepared yourself financially so that you can continue meeting your financial obligations. A sabbatical must be planned well in advance to … [Read more...] about Financial tips ahead of a sabbatical
Eunice Sibiya
Reasons why you could be struggling to save
Procrastinating to save can derail you from achieving your financial goals. People who have a healthy relationship with money understand that saving has very little to do with the size of your bank account, it all depends on your relationship with money. Eunice Sibiya, Head of Consumer Education at FNB, says “Most people would like to save because they understand the financial benefits of having a safety net. However, saving usually takes the back seat simply because of the hesitation to … [Read more...] about Reasons why you could be struggling to save
Financial tips to survive the holiday season
The summer holidays are about to kick-off and people will be winding down their work commitments to spend time with family and friends in various parts of the country. While most people can hardly wait for the holidays to start in earnest, this time of the year also comes with a heavy financial burden for many consumers. “In spite of the holidays being a period for people to recharge and reflect ahead of the New Year, it is always characterised by excessive spending. Generally, most people … [Read more...] about Financial tips to survive the holiday season
Financial Advice for Single Parents
Education, groceries, clothes and entertainment are some of the costs that parents must provide for their children. However, for some single parents the weight of expenses can be immense because they only have one income. Eunice Sibiya, Head of Consumer Education at FNB, says “As a single parent, it would be helpful to have a plan that can help you during times of distress, primarily because all the expenses that would ordinarily be split between two parents will be handled by one person. … [Read more...] about Financial Advice for Single Parents
Finances should be a joint effort in a household
Who manages your household finances? The management of finances should not be seen as the job for a man or woman in a household, but a joint effort between partners. “Partners need to work together in order to achieve their family’s financial goals. Being equally involved in household financial matters makes it easy for partners to plan and work towards a common goal such as securing comfortable retirement,” says Eunice Sibiya, Head of Consumer Education at FNB. Sibiya says in most … [Read more...] about Finances should be a joint effort in a household
Don’t let money end your relationships
What’s the best way to manage family loans? Be careful not to get into serious debt trying to help a family member, it’s important to set clear rules about how money is treated in the relationship. There’s always a risk that because of the family connection, repaying may be deemed unnecessary. Eunice Sibiya, Head of Consumer Education at FNB says, “We’ve all heard of or have experienced helping a family member financially. In some instances, the only option to be able to help is to get a … [Read more...] about Don’t let money end your relationships
How to save during tough times
Challenging economic conditions often come with a lot of uncertainties, and consumers will find themselves hard-pressed, but it’s still important to make room for saving and continue practicing prudent financial habits. Eunice Sibiya, Head of Consumer Education at FNB says “with the continuous rise in basic living essentials such as food and electricity, consumers need to relook their budgets and cut off unnecessary expenses in order to avoid over stretching their finances. As the cost of … [Read more...] about How to save during tough times
Money mistakes to avoid
Young people should make wise financial decisions early in life to ensure they are not impacted by financial missteps committed in youth. Eunice Sibiya, Head of Consumer Education at FNB, says “There’s nothing as exciting as getting your first salary and realising that earning an income opens up many possibilities. However, this should also be the time to step back and start thinking carefully about your finances and what you want to achieve from earning an income. During this stage, every … [Read more...] about Money mistakes to avoid
Six ways to stretch your electricity budget this winter
Many cost conscious consumers who have converted to prepaid electricity to cut their energy bills, are still spending excessively in winter. Shadrack Palmer, Chief Commercial Officer at FNB Service Provider says FNB customers spent on average 12% more on prepaid electricity purchases during the 2016 winter period than the period after. This was subsequent to a 9.4% average price increase in April 2016. This year, the national energy regulator has approved a 2.2% average price increase … [Read more...] about Six ways to stretch your electricity budget this winter
Four Point Guide to Managing your Debt
If you find yourself relying on debt and not your income to survive every month, it is a sign that you need to evaluate your finances to get financial stability. Eunice Sibiya, Head of Consumer Education at FNB says “it may seem hard at the beginning to make changes to your daily routines, but looking at the end goal is encouraging. Therefore, you should carefully re-evaluate your budget and prioritise paying off debt as quickly as possible.” For consumers who are battling with debt, … [Read more...] about Four Point Guide to Managing your Debt
Are you teaching your kids bad money habits?
Teaching kids of all ages about the world around them isn’t an easy task, and when it comes to finances, the habits that children learn will most probably follow them through to adulthood. “In my interaction with children of different ages and backgrounds all around the country, it is clear that some parents may unintentionally be teaching them bad money habits,” says Eunice Sibiya head of consumer education at FNB. “While we all want what’s best for our children by ‘protecting’ them from the … [Read more...] about Are you teaching your kids bad money habits?
Determining if you spent your money wisely this year
Not many people take the time to review their finances at the end of the year; however analysing the way that you managed your finances can help you form the basis for your financial plan for the upcoming year. Eunice Sibiya, head of consumer education at FNB outlines a few ways to measure if you were successful at managing your finances in 2016. You paid off some debt Most consumers need debt at some point in their lives and not all debt is bad debt. However, according to the National … [Read more...] about Determining if you spent your money wisely this year
Plan now for your year end expenses
It is spring and the end of the year is not far away, along with the expenses that come with entertainment, festivities and holiday time. "You may be shaking off the winter blues and enjoying the start of spring, but now is the best time to start planning for the year end," says Eunice Sibiya, head of Consumer Education at FNB. "With enough time and planning you will be able to get over the festive season without the stress of adding more debt." The festive season is the time that most … [Read more...] about Plan now for your year end expenses
Take time to reassess finances this Women’s Month
Women are more in control of their finances than ever before. This Women's Month is a great time to assess your finances, pin-point where you want to be and refine your financial focus. "Women have come a long way when it comes to control of money and finances," says Eunice Sibiya, head of Consumer Education at FNB. According to FNB data, women make up 35% of FNB's Housing Finance book, which is the bank's affordable housing options; they also have the lowest default rate. Further, FNB … [Read more...] about Take time to reassess finances this Women’s Month
What kids should know about money this youth month
16 June 2016 - In order to have a good long-term relationship with money, there are few key understandings kids should have before they reach adulthood. "Finance is a big part of an adult's world but it is not given the attention it deserves during childhood," says Eunice Sibiya, head of consumer education at FNB. The influencers for children will be the adults in their lives, so this Youth Month, take extra care to not only teach, but also demonstrate good money habits. Emotion and … [Read more...] about What kids should know about money this youth month
