Connect with us

Personal Finance

Stop Spending!

Four reasons why you need a budget.

Andrew Padoa



Importance of a Budget

“HAVE A BUDGET!” Many finance experts have been saying this for many years and most people have more than likely had enough of hearing it.

However, creating a budget is the first step in sound financial planning. Budgeting is especially critical in difficult economic times where salaries are not increasing in line with grocery bills, petrol prices and school fees.

Remember, it’s not how much you earn, but how much you spend that causes financial distress. The points below should highlight some important reasons as to why following a budget is vital.

1) Keeps you focused

Budgeting helps keep you focused on the goal. For example, if your goal is to save R 5 000 per month, working your budget around this R 5 000 per month saving should prevent you from spending money on items that are not allocated in your budget.

You will never be able to save up for a home or car if you just spend money aimlessly without a plan.

2) You will find money that you could not account for

Budgeting should enable you to track every Rand spent and help you see where adjustments need to be made.

3) Identify bad spending habits

Building a budget forces you to take a close look at your spending habits. You may notice that you’re spending money on things you don’t need. Maybe the daily cup of coffee from the local café is actually costing you R350 per month or R4 200 per year.

4) Prevents you from spending money that you don’t have

Previously, people would live within their means as they only paid with cash. Nowadays, with debit cards and credit cards, it’s easy to overspend and get into a spiral of debt without realising it. Having a budget should help you calculate how much you can afford to spend each month.

Everyone is unique and therefore it would be best to find a budgeting system that works for you.

You could use an excel spread sheet or use the envelope system (where you have envelopes for various spending categories and the allocated money is put into these envelopes at the beginning of every month).

Just because you have a gym programme doesn’t mean that you are fit and healthy. You also need to consistently follow that gym programme.

Budgeting is exactly the same. Once the budget has been created, it now needs to be followed consistently and adjustments need to be made where necessary.

[box style=”grey map rounded shadow”]

Calculate your lifetime income. This is how


Personal Finance

10 Tips To Become A Millionaire This Year

Becoming a millionaire requires changing your mindset and implementing some changes.

Murray Newlands



Prev1 of 11

Becoming a millionaire may seem out of your reach, but it’s possible with the right attitude and guidance. The fact of the matter is your income can only grow as quickly as you do, so you need to change your mindset to achieve your goal of becoming a millionaire.

Once you have a millionaire mind, you can’t lose it, no matter what financial or business mistakes you make along the way. To get yourself there, you’re going to need some structure. To help you, I’ve outlined the top ten tips you should follow to become a millionaire this year.

Prev1 of 11

Continue Reading

Personal Finance

If You Think These 5 Things, You’ll Never Get Rich By The Time You’re 30

Five common mistakes entrepreneurs make when starting a business and how to correct them.



Prev1 of 6

Last week, I had lunch with a millennial who wanted some advice about a business he’s starting. After the usual small talk, we got down to discussing his business plan. Within a short time, it was clear that his business idea was great, his plan for executing was fairly solid and he had gathered together a strong team to help him make it happen.

So far, so good. But, to be frank, this guy has no chance of being successful with his current mentality. What it takes to be rich (or successful in any measure) has a lot more to do with your mindset than your ideas and plans.

From the time we started in business at the ripe ages of six and seven, our Grandpa Joe taught my brother Matthew and me many lessons about the details of running a profitable business. Over the years, we learned about how to create a business plan; how to market our products and services; and how to take care of customers, vendors and employees. All this knowledge has been invaluable to us in creating and running successful businesses. But, what our grandfather taught us about attitude and mindset trumps all other lessons.

Without calling out the specific individual I spoke with recently, below are five “hypothetical” attitudes that will get you nowhere in your journey to success – and the attitudes that should replace them.

Prev1 of 6

Continue Reading

Personal Finance

5 Habits That Lead To Millionaire Business Success

You need the right habits if you’re going to succeed.

Timothy Sykes




What do all millionaire businesspeople have in common? Well, a lot of things.

I found from a recent study that 80 percent of all millionaires still go to work every single day. They’re working people just like me. But, they have to keep themselves in work or it all grinds to a halt. So what are the habits you need to make your business a success?

1. Patience

Nothing is ever going to come easy. You can look at the likes of Steve Jobs and Bill Gates, as well as the other usual suspects, to realize that success didn’t come with their first venture. Many of them failed time and time again. It took patience for them to become successful.

I read an article recently about 36-year-old teacher Andrew Hallam who became a self-made millionaire on a teaching salary. But, in his spare time he invested smart and lived frugally.

It proves you don’t have to inherit lots of money or become an instant success to make a millionaire business.

Related: 4 Ways To Become A Millionaire Even When You Start With Little

2. Dedication

You have to be dedicated to your craft if you’re going to become successful. Going back to Bill Gates again, he started his business in the back of his garage. Now that’s dedication.

It’s what I tell all my students. If they’re not dedicated to this, then they should leave. You need to be able to push through the barren periods if you’re going to reach the oasis of success.

3. Ambition and big dreams

Have you ever heard the quote, “Shoot for the moon. Even if you miss you’ll land among the stars”?

I take that to heart because even if you aim to become a billionaire and miss you still might be a millionaire many times over. Take the Wright Brothers as an example. Not content with creating a successful glider in 1902 they went on to create the world’s first airplane in 1903, making four brief flights in Kitty Hawk. It demonstrates the importance of dreaming big because you never know what you might achieve.

Related: 12 Millionaire Habits To Start Making Serious Money Soon And Build Wealth In A Hurry

4. Learn from mistakes

Every good businessperson will mess something up. It’s inevitable. What’s important is how you learn from your mistakes over time. Do you adapt after making your mistakes?

Millionaire businesspeople always set some time aside to reflect. Then they create a plan of action for ensuring that it doesn’t happen again. Most failed businesspeople put it down to “bad luck.”

5. Focus on niches

This important! Try to take over a whole industry at once and you’ll inevitably get swallowed up by the competition. Start small and control your own niche before moving into another niche. When you master your small area, you can push on and expand.

Related: 21 Choices Millionaires Make That You Aren’t Making But Should Be

You’ll be amazed at how much easier it is to expand after you master your own niche/audience first.

Do you have what it takes? That’s the question I always ask novice businesspeople. You need a plan and you need the right habits if you’re going to succeed.

This article was originally posted here on

Continue Reading



Recent Posts

Follow Us

We respect your privacy. 
* indicates required.


FREE E-BOOK: How to Build an Entrepreneurial Mindset

Sign up now for Entrepreneur's Daily Newsletters to Download​​