Saving in South Africa: Why Financial Planning needs to Improve

Levels of personal indebtedness in South Africa are stretching the country to its limits. A World Bank report has declared South African consumers the ‘world’s biggest borrowers’, with statistics suggest that South African’s are struggling to manage their debt responsibly.

In the final quarter of 2016, there were 24.31 million credit-active consumers, of which, 9.76 million had impaired records. That means 40 percent are paying more for credit than they need. The trouble is that the bigger car, bigger house lifestyle is still very much alive in South Africa, particularly among the middle classes, and this is threatening the financial stability of millions of consumers.

Not enough savers in South Africa

The only way to reduce this reliance on credit is to improve the understanding of the importance of saving. However, a recent poll has shown that the proportion of South African households that are saving for the future and engaging in long-term financial planning is actually falling. In fact, only a quarter of South African consumers admitted to having funds set aside for emergencies, while less than half have saved anything in the last 12 months.

Levels of saving are particularly low among the younger generation, with millennials (those aged between 25 and 35) at risk of making worse mistakes than their parents when it comes to planning for the future. A survey of the saving habits of young South Africans found that only 35 percent of millennials are currently investing for the long-term. With only 6 percent of South Africans currently able to retire comfortably, it seems the attitudes of younger people have not changed, with most preferring to take home a bigger salary than make a higher contribution into their savings or retirement funds.

Making little changes every day

The important message is that wholesale changes do not need to be made to start planning for the future. With taxation and inflation on the rise in recent years, consumers need to make day-to-day adjustments to make their after-tax income go further.

The personal loans provider Wonga recently put together a list of simple financial changes consumers can make to help kick-start the savings process. However, there are also plenty of reputable and importantly, free sources of advice out there that can lead to improvements.

It’s not just down to low salaries

Low salaries and the high cost of living is often the reason cited by many South Africans for their low levels of savings, but data from the Financial Service Board (FSB) shows this is not necessarily a justifiable excuse. South Africans manage to save just 17.3 percent of GDP, which compares to 50 percent in China and 30 percent in Brazil, both of which have lower average wages than in South Africa.

In response to these findings, the FSB has said South Africans need to do more to adjust their lifestyles so they can contribute a part of their income to a savings scheme. Saving simply means spending less than you earn, but currently, this is … Read More

Trading With Foreign Exchange

The times of technology have changed every aspect of our lives, communities and economy. Foreign exchange trading has been changed because of modern technology. At one time in history, this type of trading involved crossing borders into other countries. This type of trading has grew in popularity by how easy traders can invest in foreign exchanges. Technology has made it to where today’s traders are trading with multiple currencies in multiple countries. Often times, this trading can be done from the convenience of one’s own home. Today, anyone, anywhere can be involved in foreign exchange trading.

This type of trading is easy to get into. There are online and even mobile platforms for traders to trade on. Despite the easy access to this type of trading, new traders are prone to many mistakes. Often times this failure dissuades traders from continuing and learning about foreign exchange trading. Forex trading was created for insiders; people who understand the dynamics of this type of trading. Many beginners start off optimistically believing they will not become apart of the masses of those who do not make their money back from foreign exchange trading. However, for rookies that continue to learn and grow with foreign exchange trading, the return can pay off.

Often times beginners fall into the pool of forex trading leverage. At first, forex trading leverage may appear as the best fit for newbies because of the fact an investor can trade with more money than what is in their account. Trading with leverage is something many brokers offer, and beginners jump at the opportunity. Results of returns can be extremely good. But just as good as the gain is, the risk involved can be just as extreme. Often times, this is when beginners begin to end their foreign exchange trading days.

For the remaining 4 percent of traders that stick with foreign exchange trading, there are a few things this small percentage does that helps keep them afloat in their investment. The key to succeeding with this type of trading is having a good grasp on one’s emotions. Forex trading leverage can become tempting. The trader’s emotions may urge him or her to invest more than what’s in the trader’s account with forex leverage. It is key to have a trading plan and make sure to log your progress. Before trading with real money, try to learn with the stimulated forex trading demo platforms offered by many forex brokers such as tradedax and trade 111 and platforms. Try to stay away from believing all the hype online from other forex traders exclaiming to be doing so well with trading. Often times, more people are struggling with forex trading than what they would like to admit.

Technology has made it very possible for anyone to get into forex trading. The results can be amazing but there are definite risks involved. Getting education about this type of trading is a must to see the achievable goals forex trading can deliver. With the right … Read More

Get The Short Term Loans In Easy Terms

People conduct business or go for jobs to earn their living. Some invest money to expand their business and some make money on an hourly basis as per the jobs terms and conditions. But there can be times when people go with a shortage of money and they do not have instant cash on hand to overcome such problems. Such situations can be very drastic and stress full as you get the options lefts is to borrow money through friends or avail a loan from the bank. While availing the loan from the bank, people have to fill many terms and conditions. Moreover, a full file is to be maintained for its approval and there is less possibility that your; loan gets approved at this need of the hour. If you have a bad credit score than just forget about the bank loan as this condition decreases the chances to avail a loan from the bank.

Here, the short-term loans can be the best solution to get instant cash on hand when you need it the most. No matter if you have a bad credit score as they also allow you to fill the application form for applying the same. For this loan, there are various firms which make you able to get the loan at an instant. But Cash Float is the one which is prominent with such services.   You can rely on the services of Cash Float as it offers you loads of facilities and some of the notable services are:

Quick services: People take the loan facilities when they need money to overcome the debts and it’s kind of financial emergency in his or her life. Banks take loads of time in performing the loan approvals and there are fewer chances to get the loan on time. But with Cash Float, you can avail the short-term loans in an instant with easy terms and conditions.

FCA Approved: Cash Float is wholly approved by FCA which is Financial Conduct Authority. This approval makes it the genuine money lending firm and you can easily rely on its services.

Bad Credit Score: People with bad credit score find it very difficult while applying for a loan. But now, you get the option to avail short term loans even if you have a bad credit score with you.

Direct lending: the firm is the direct lender of money and after your loan gets approved, it directly transfers the loan amount to your account.… Read More

Differences Between Stock Trading and Forex Trading

There are two types of trading that we often know in the world of investment that is stock trading and forex trading. Although similar, both have differences. Let’s discuss the difference between stock trading and forex trading.

Trading Stocks and forex are 2 of the many investment products. The meaning of trading here is to sell stocks and forex in a relatively short period of time. With the hope that traders can benefit from the difference in selling and buying prices of stocks and forex.

Although at first glance looks similar, but there are some differences between stock trading and forex trading. Let’s discuss one by one the difference between stock trading and forex trading:

Traded Goods

In stock trading, the traded product is a company’s securities. If in forex trading, the traded product is a currency price contract. In forex trading, you will see a comparison between the price of a currency with another currency. Unlike stock trading, the value of a company’s stock is not compared to other stock products.

Number of Traded Items

In stock trading, there are over 10,000 stocks worldwide. If in forex trading there is not too much choice. For example the Euro against the US Dollar or the so-called EUR / USD. There are only 4 product pairs that are major pairs. This pair is the most powerful currency. In addition, there are 3 other couples named commodity pairs. The movement tends to positively correlate with commodity price 1. But in addition to the product pairs, there are also some other couples. It’s just that the choice of products is still not as much as the products traded in the stock market.

Factors Affecting Technical Analysis

In stock trading, the trader must analyze the factors that affect the price changes in the market starting from the smallest. In the technical analysis of stock trading, the trader will analyze starting from the smallest data. Like the company’s financial statements, then the related sectors of the company. Then the stock trader analyzes the condition of the country. While in forex trading a trader does not need to analyze any company data. Because the trade is directly related to the currency of a country. Then the data to be analyzed is the condition of one country and another country. You can read tradegbp.com for help you to the analytical strategy of them.

Trading stocks and forex trading is at first glance looks similar, in fact, there are many differences between the two types of trading. Both have advantages and disadvantages of each. But there is an equation in both tradings. You need to learn more at fxtrade777.com. In order to find an investment which is more suitable to your needs because they have different characteristics in the investment process.… Read More

Cultural Communication In The Workplace And Beyond

BusinessPrior to you start building your eBay empire, there are a couple of products to take into account in laying a firm foundation for your future income. Even if you don’t strategy on establishing an actual eBay empire, a tiny preparation will go a long way in saving you time, lowering your anxiety level, and possibly even saving you cash. When I started on eBay, I spent a lot of time agonizing over the incorrect particulars although overlooking some of the most critical preparation. To help you keep away from the painful blunders I produced, right here are my top ideas for you to contemplate Prior to you open your eBay account.

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The road to good results is to offer you far more … Read More