Saving Tip of the Week

By admin
30 August 2013

Every week we give you tips on how to save. Financial adviser Warren Ingram says the most important thing is to keep debt to a minimum.

Financial adviser Warren Ingram says the most important thing is to keep debt to a minimum.  “Stay as far away from debt as you can,” he says.

In his new book, Become Your Own Financial Adviser, he warns against those offering you debt.

“All those shop accounts are attractive. The moment you earn your first salary these offers of credit appear at every turn and it’s difficult to ignore the power of attraction of that pair of shoes or watch you’ve wanted for so long.”

Warren suggests you build up a cash safety net – save as much money as you’ll need to cover living costs for three months, preferably six months. Then you’ll have a safety net for any unexpected expenses that might come your way.

If you have enough money at your disposal you won’t need to borrow money or become overdrawn and so fall behind as a result of debt and unnecessary interest.

-Elna van der Merwe

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