It's never too late

Reflecting on things that can make us panic.  It is never too late to rethink where you have been and decide where you are heading, especially when the economy has given you a jolt.  What do you mean?

Life tends to throw us off balance every now and then.  How?  Illness strikes, down-turn in employment, interest rate rises, global recession, and so on.

The present pandemic from Covid19 has highlighted how vital it is to avoid living from pay to pay and the importance of putting aside cash (readily available), investments, etc as security for that "rainy day".

To avoid panic my advice is:-

• Purchase the necessities only
• Do not use the credit card as a stop gap
• Have a regular savings plan, e.g put aside 10% of your wages, no matter how small the wage, or what age you are
• Strive to have a reasonable deposit to minimise your loan repayments
• Borrow for a home or secure investment, not for depreciative items, e.g new motor vehicle
• Do not borrow to "pamper" yourself

 Chapter 4 gives ways of accruing a surplus.