Wednesday, 8th November is National Cappuccino Day in the United States of America. Although this is commonly a time to celebrate the frothy goodness of this popular drink (whose name was interestingly inspired by the colour of the hooded robes of the Capuchin friars in Italy), it’s also an occasion to become aware of our spending habits. We may live a long way from our cousins in the northern hemisphere, but we can all benefit from the same guidelines when it comes to our financial well-being.

In a recent article published by Personal Finance, an investment actuary crunched the numbers to demonstrate how you can boost your wealth significantly in a relatively short period of time, simply by cutting out just one guilty pleasure a day — a cappuccino.

Many people savour the flavour of this power drink each morning, and many caffeine addicts can happily knock back a few in a row. However, calculations show that if you’re willing to give up just one of those daily cappuccinos, you could save nearly R40,000 in five years and over R90,000 in a decade.

With the ominous effects of inflation and the cost of living on the rise in South Africa, it can often seem impossible to save more money without the help of a big bonus or salary increase. However, Hildegard Wilson, a member of the Actuarial Society of South Africa’s investment committee, is quick to ascertain “that you can save without compromising your overall standard of living. With the power of compounding, where growth on your investment earns additional growth, these kinds of ‘breadcrumb’ savings can turn into large amounts over time.”

If you buy a cappuccino from Monday to Friday at an average cost of R25, your coffee habit is costing you roughly R500 a month. If you opt to forego the cappuccinos, you could alternatively commit to investing R500 a month in a multi-asset high-equity unit trust fund. Over the past decade (calculated up until March 2017), high-equity funds have delivered average annual returns of 8.2%. Although this figure offers no guarantee of future performance, if your investment were to achieve an annual average return of 8.2%, you would have just over R37,180 after five years and R93,130 after 10 years.

So, by foregoing just one cappuccino a day, you could generate a significant lump sum, which could make a serious dent in your debts, or top up an education or retirement fund.

Giving up a cappuccino is just one example of how you can make a difference to your savings. This doesn’t mean you can’t do anything if you don’t drink cappuccinos. The idea is to consider giving up certain little luxuries or vices to help you in the long run. Consider which lifestyle changes you are willing to make — particularly if they’re not good for your health anyway, like smoking — and start taking the small steps towards achieving big financial goals.

December is often the busiest time of year for businesses, and the season comes with increasing demands for both employers and employees. It is also the time of year when many South Africans take the opportunity to take a well deserved break. However, as exciting (and much needed) a holiday may be, this does often create added pressure — both personally and professionally speaking — and many people find it difficult to juggle all their commitments.

As overwhelming as it can sometimes seem, it’s important to try to stay ahead of the competition during this time and to not let your work fall into disarray after your break. In order to prepare yourself and your business for your leave, and avoid any unnecessary stress when you return in the new year, here are five tips, published on Small Business Trends, that can help you get everything in order before the kids finish at school and Christmas is upon us.

1. Track your workload
Your success as an employer or employee this holiday season will depend on whether you’re still able to provide your customers or clients with what they want, when they want it. It is, therefore, important to stay one step ahead and plan adequately in advance. This may involve starting with an inventory list if you sell a product, or a to-do list if you sell a service.

Take a look at last year’s sales to see which products were most popular, or gauge how much you will need to do by looking back at the previous year’s records. That way, you will have a good idea of what stock or work is generally in high demand during this period, which will help you to budget your expenses and time. And if files or figures don’t give you a sufficient idea, put a plan in place to track sales and workflow this year so that you can be better prepared next November.

2. Minimise back-office work
Everyone is busy at this time of year, and managing the back-end of a business can easily fall to the wayside — especially if you have customers making urgent appeals that can’t be avoided.

Luckily, we now have a variety of technology at our fingertips, which can ease the burden of doing tasks such as billing, accounting, collecting customer data, and automating business transactions. If possible, make the most of these advancements to save yourself a lot of time and effort. A little investment in certain areas can make your business life much more efficient and profitable in the long run.

3. Stay on top of expenses
The pace at work may have stepped up a notch, which can make it challenging to stay up-to-date with daily tasks (at a time when you need to stay on top of things more than ever). This can, unfortunately, result in spending even more time than usual trying to reconcile checks and balance sheets when you finally do have the chance to get around to cranking the numbers.

However, it’s important to stay on top of expenses, as tempting as it may be to put this off for a later date. There should be no Rand unaccounted for at the end of the season as otherwise, by the time the new year rolls around, you’ll have forgotten the nitty gritty and find yourself wasting time working backwards. If you are having trouble keeping abreast on your own, certain products, such as the Ink app from Chase, can eliminate office drudgery by giving instant notifications of sales and purchases, and tracking receipts so that they’re not lost in the end-of-year hustle.

4. Develop a marketing strategy
Along with bright lights and Christmas carols, endless marketing gimmicks are also used during the festive season to entice customers. Try to stand out from the crowd during this period by offering promotions that are specific to your products or services.

If you have a robust contact directory, e-mail marketing can have a high conversion rate and be an effective means of making people aware of any special loyalty offers. Social media is also a useful tool, and it’s worth paying for promotion on some platforms. Ad campaigns through a search engine, such as Google, can be effective, and don’t be shy of offering in-store promotions if you have an actual shop.

Whatever you choose to do, don’t forget to gather customer data so that you can make people aware of future offers. It’s important to build an email list and a customer base, so a promotion that offers a discount for an email address can be a valuable exchange.

5. Maintain momentum
If you prepare in advance and manage your workload efficiently in the run-up to the holidays, then you’ll hopefully have less on your desk to contend with when you get back. Organisation, proper tracking and planned strategies are key, so that you can enjoy your leave and hit the ground running when you come back fresh in 2018.

If you ever find yourself at a loss and in need of advice, don’t hesitate to arrange a meeting to discuss how you can prepare yourself for the future.

“Have yourself a merry little Christmas, let your heart be light. From now on, all our troubles will be out of sight.” — Frank Sinatra

In the wise words of Sinatra, make sure your Christmas is as stress-free as possible so that you can focus on and enjoy the important things that the festive season brings, such as spending time with family and friends.

It’s easy to get carried away in the consumerist whirlwind of the silly season and find yourself in unnecessary debt in the new year. It’s also sometimes challenging to pay for Christmas expenditure with December’s pay packet alone, so it makes sense to save up as much as you can beforehand. Christmas may still seem like weeks away, but it’ll come around faster than you can sing Rudolph the Red-Nosed Reindeer, so it’s best to start saving as soon as you can.

There is a trend for South Africans to spend far more on their credit cards over the month of December than during other months of the year. However, it’s advisable to try to avoid borrowing money for the holiday season, as this may come with interest and fees that could set you back on achieving your financial goals and responsibilities in the new year. So here are four handy steps, published on The Money Advice Service, that will help you to save in the countdown to Christmas.

1. Set a budget
First things first, set yourself a realistic budget that includes food, presents, travel, decorations, and general festivities with friends. If need be, curb your enthusiasm in some areas — it could be worth sacrificing one night at a restaurant to be able to splash out a bit more on a loved one or some Christmas day aperitifs.

To begin on your budget, make a list of who you want to buy presents for, and allocate an amount for each person. If you are hosting Christmas lunch, then get confirmation for how many people will be coming over so that you can work out how much you will need to spend on food and drink. If you are tight on cash, consider sharing duties — so one person brings dessert, while another is in charge of salad.

2. Work out how much to save each week
Treat saving for Christmas in the same way as you would put money aside to pay a bill. By committing to saving a regular and manageable amount each week from now on, you’re far more likely to set yourself up for a Christmas win.

Start small if need be, by placing just R10 of loose change in a jar a day, or a R100 note each week. And, if that works, try putting aside a bit more from the start of December.

3. Start some new, affordable traditions
Consumer confidence in South Africa is currently quite low due to many financial pressures, such as elevated inflation, weak economic growth, a rise in interest rates, and an unstable political environment. However, many people still feel under pressure to please loved ones at this time of year, and to especially give children the “perfect Christmas”. This causes people to overspend and lose sight of the spirit of the season, which is to love our fellow man and spread goodwill.

Consider starting some new Christmas traditions that the whole family can do together. These may not only save you money, but will also help you to shift the focus to what Christmas is really about.

Get creative and make your own decorations, crackers or even presents. Offer sentimental gifts that may not cost much, but are highly valuable to the receiver because of what they represent. It’s also worth deciding as soon as possible on what you want to buy someone. Shopping for items in advance can help to spread the cost and save you from panic-buying goods just for the sake of it. A bit of planning may also enable you to find second-hand gifts that are as good as new and would still be adored.

Furthermore, it’s worth embracing the digital age and emailing Christmas messages to save on cards and postage costs. There are lots of free websites nowadays on which you create your own personalised cards, which are environmentally friendly, as well as affordable.

4. Put your savings in a safe place
If you’re only in a position to save a small amount each week, then it may be best to simply store it in a jar or tin in a secret spot. However, if you’re saving an amount that will quickly become a tidy sum, then it’s worth transferring the money on a weekly basis into an instant-access savings account if you have one. Try to see this as a separate savings pot specifically for the festive season, and be strict with yourself by only dipping into it if it’s for something Christmas-related.

While the December holiday period is a great time to simply enjoy life with family and friends, make sure that you don’t stretch your spending beyond what you are able to pay back. Follow these basic steps and don’t hesitate to arrange a meeting to discuss any financial queries or worries you have. Then have yourself a merry little Christmas now.

1st November 2017 marks National Stress Awareness Day in the UK, and the South African government even declared the whole month of October to be Mental Health Awareness Month, “with the objective of not only educating the public about mental health but also to reduce the stigma and discrimination that people with mental illness are often subjected to.”

Even though there may not be a public holiday to mark the event in South Africa, stress is clearly an issue that needs to be addressed in the country throughout the year, as a study by Bloomberg revealed in 2013 that South Africa was the second most-stressed country in the world, following Nigeria.

This could be contributed partly to the results of a global study by Ipsos and Reuters that revealed that more than half of South Africans do not take their annual leave, which is only equal to 15 working days in the first place. Comparatively, in Europe, the average worker takes five weeks of holiday a year.

With all this in mind, here are five tips to help you to manage workplace stress and focus on prioritising stress management in your life.

1. Watch out for signs
If you start to develop any symptoms that may cause you to become less productive at work, such as anxiety and depression, loss of interest, insomnia, fatigue, speak to someone or try to address the possible causes. Ask yourself what the potential correlation could be between your stress symptoms and tasks you do on a daily basis. It could be worth trying to keep a diary for a few weeks to spot trends and pinpoint issues.

Some factors may be beyond your control, but if there is a problem that could and should be corrected, then it’s up to you to determine if and how you can make a change. If the cause of your stress is something that violates your basic rights then it should be raised with the appropriate higher authority. This could be anything from bullying, to an unhealthy work environment or offensive colleague habits.

2. Take care of yourself
It’s important to take care of your physical and emotional health to build up your internal resilience against stress. Regular exercise and eating healthily can help significantly. Try to consume less oil and sugar, and eat more fruit and vegetables. Drink lots of water, and be sure to get enough sleep every night. You can enhance these aspects of your wellbeing by taking meditation breaks at work, walking during lunch, or standing at your desk for periods of time instead of sitting.

Work out a way to always take a time-out each day. Time away from your desk for lunch and regular breathers should help to alleviate stress, and planning holidays at evenly spaced intervals throughout the year can also make a big difference. It’s important to make an effort each day to disconnect from the stresses of your job, so try to set yourself boundaries by not taking work home with you, or working too much overtime, or postponing holidays.

Often we don’t prioritise managing our stress as it’s easy to justify that there’s something more urgent to do. However, the less we manage our stress, the more inefficient we can become. As a result, it’s important to set aside time to do things for our greater good, such as exercising, reading, meditation, or connecting with friends and family.
Try to be firm in your resolve and stick to prioritising your needs, even when other pressing matters arise. Cognitive restructuring and mindfulness are two techniques that can help you to do this. Cognitive restructuring is a way in which to recognise and change any irrational thinking patterns, such as negative self-talk. Mindfulness teaches you how to live in the present moment and be liberated from any future-oriented thinking or angst from any events that happened in the past.

3. Be organised
Managing your time well can help to reduce stress. It could be worth investing in an online project management platform or a time management app on your smartphone. Or just do simple things like make a list, set realistic time scales, prioritise your workload, and even delegate tasks. Focus on achieving a balanced schedule that does not put unnecessary pressure on you — work smart, not hard so that you can leave work on time and give yourself breaks during the day.

4. Work on your Emotional Intelligence (EQ)
How you deal with external stimuli can impact your daily stress levels and self-control. Learn to communicate with your colleagues in a way that reduces tension and encourages everyone to solve problems proactively as a team.

Notice when you or other people are stressed, and try to give and receive feedback compassionately. Make use of your support network and learn to talk about your feelings with family, friends, health professionals, or even your manager or supervisor. Simply talking about difficult situations and your feelings can help to relieve stress and help those around you to be aware of any triggers you may have.

5. Take a Stress Quotient™ assessment to measure your stress
TTI Success Insights South Africa aims to help organisations to diagnose stress and uncover the causes. A Stress Quotient assessment can show you how to explore seven common causes of stress in the workplace, and to make a plan to address problem areas and lower stress levels.
If your financial situation or future goals are stressing you out, then don’t hesitate to arrange a meeting to address any issues that are causing your anxiety. Don’t suffer on your own in silence when solutions can sometimes easily be found.

A smartphone may be considered to be a pricey accessory, but it could actually save you money in the long run. According to this article published on Essentials, having a smartphone could be just the device you need to help you manage your financial situation and save you Rands overall.

1. Comparison-shopping app
Nowadays, most prices and product information are available online, so it doesn’t take much more than a few clicks of the mouse to do a bit of research and comparison-shopping. However, things start to get a bit trickier when you’re actually in the shop and not sure whether an item is fairly priced or available elsewhere.

Luckily, Price Check — South Africa’s leading price comparison app — gives you a retail shopping search engine in the palm of your hand. Thanks to this app, you can research a range of consumer goods, and even flights, using keywords or bar code numbers, and the app surveys a long list of retailers to find the best price available.

2. Budgeting app
When times get tough, you may need to put yourself on a good old-fashioned budget. However, this doesn’t have to be a painful experience. Your smartphone can make budgeting simple with an expense-tracking app, such as Pennies, Spending Tracker, Personal Finance or Saver. It may seem contradictory to spend money on an app to help you to save money, but it really can help you to streamline your expenses and review your financial situation clearly.

Each app offers something slightly different so you’ll have to decide which one suits your own habits and needs best. However, the general idea is that these apps give you the chance to enter your monthly spending allowance, then enter the amount of every purchase and assign it to an expense category. As the month goes on, you will see how much you have left to spend, and statistics will show you your daily spending average and top expenses. After a month of tracking your transactions, you should have an informative idea of your spending habits, which will allow you to work out where you can cut back.

3. Social entertainment app
The Entertainer is an app that initially requires an upfront annual fee of ZAR395+, but if you like to dine and drink out, go on holiday, or enjoy a healthy fitness and beauty regime, it can end up saving you money over the course of the calendar year that is valid.
This app gives you access to almost 2,000 buy-one-get-one-free offers, from restaurants, spas, hotels, activities and even some retail stores. There is currently an app for each of the following areas in South Africa — Cape Town, Johannesburg and Pretoria, or Durban — and the price of the app varies for each place. So if you live or go out frequently in one of these cities, then it’s worth buying the area-specific app to start enjoying savings while being social.

4. Energy-saving app
There are even smartphone apps that can help you to control the energy consumption and costs of your home or business. By downloading an energy-saving app, your commitment will not only be to the environment, but also to your bank account, as a good way to start cutting energy costs is to keep tabs on how much energy you consume in the first place.

Watching your electricity meter rise and seeing how much money you burn every month is a great motivation for making small changes, such as unplugging appliances and turning off lights when not needed. So, get a grip on your monthly energy costs by using an app, such as Meter Readings or Wiser, on which you can record your meter readings and get estimates on your monthly energy consumption. Turn energy efficiency into an enjoyable challenge with an app that gives you energy-saving tips and notes your achievements, then save cash while saving the planet.

5. Fuel-tracking app
Many people’s budgets are feeling the pinch of the high price of petrol and diesel nowadays. So it can be very useful to track on a Fuel Log app how much you’re spending and how far your money is taking you. Every time you fill up at the petrol station, use the app to record your current odometer reading, litres and total price. As time goes on, you’ll be able to track your fuel consumption and find out whether you’re being as cost-efficient as possible.

6. Loyalty card app
Keeping organised is key to managing your household budget, and while loyalty cards can be a great way to save money, it can be annoying to keep a wad of them in your wallet. Luckily, apps like Stocard for Android phones and Wallet for iPhones have been designed to help you to digitally store your loyalty cards and say goodbye to all those loose bits of card and plastic that are causing clutter. These apps are not to be sniffed at as loyalty cards can allow you to save a sizeable amount when you tally up all your cashbacks and freebies.

As with all aspects of financial health, a smartphone is just one way to help you to save money. It can help you to be organised, maximise discounts and offers, and to avoid making foolish expenditures. However, it’s all part of a balanced financial diet, and if you wish to review your financial situation and discuss other ways to save money for your present and future, then don’t hesitate to arrange a meeting.

According to a 2016 Fin24 interview, Nicola D’Elia, the managing director for Airbnb Africa and Middle East, noted that Airbnb hosts in South Africa earn on average ZARR28,000 a month by letting their property on a short-term basis through this popular rental website. Furthermore, Nested released an encouraging report that found that South Africans could recuperate their house value quicker through Airbnb than via traditional rental options.

With such prospective returns, it’s clear that Airbnb can potentially offer an exciting income stream. However, an interesting article on Maya on Money analyses whether it’s worth the investment.

The article highlights that it is important for South Africans to not just see Airbnb as a get-rich-quick scheme, but to do careful research before buying a property if it’s intended to be used specifically for this purpose. It’s important to be aware that the average income in South Africa will be skewed by properties in popular locations. If you wish to achieve a near full-occupancy, you should look to invest in a place that is well situated near the heart of busy tourist hubs, and is also close to landmarks of note. The same property in a less central location might only be able to get bookings over the peak periods.

Depending on where you buy the property and the state it is in, as well as your own financial capacities, it’s also important to understand that there is a lot of extra work involved in running an Airbnb property compared with having a long-term tenant. As a result, the co-founder of Property Fox, Ashley James, advises setting “a goal of securing at least 60% more income from an Airbnb property than you would from a long-term tenant. Anything less than this, and you should consider very carefully whether it is worth it.”

If you are considering investing in a property to let on Airbnb, then it’s advisable to study its feasibility before you make any commitments. Start by researching what’s already available online. Websites like AirDNA provide area-specific Airbnb information, with details on the number of rentals in the vicinity, occupancy rates, the average price per listing type, and price shifts according to seasonality.

Spend some time on the Airbnb website learning about the area in which you wish to buy. While researching, act as though you are a potential renter and select the ‘check availability’ option to look at calendars over an extended time period. This will give you an idea of occupancy levels and any seasonal dips to expect. Also have a look at the map alongside the listings to see where there are clusters of rentals, so you know which places are popular or where there is too much competition.

If you do decide to invest in a property to let on Airbnb, there are ways to maximise your returns, such as adjusting your rates to suit low and peak periods, and uploading a short video to show off any attractions in your area. Find a few places that are similar to your prospective property and chart what each place offers in terms of amenities and prices. You can then determine what price will undercut your competition and what extras will set you apart.

Take into consideration that you will also need to budget for a regular cleaning service and welcome gifts for guests. Nice decor, modern amenities, secure parking, unlimited WiFi and special little touches will all help you to get referrals and great reviews.

Before making any decisions, pay close attention to all the expenses and legalities involved. Your accommodation needs to comply with zoning restrictions, and you may need to apply for permission from the city if you wish to buy an entire property for short-term lets. If your property is in a sectional title block or development, it is also important to check whether Airbnb and short-terms lets are actually allowed.

Airbnb does provide host protection insurance, but it’s advisable to understand what this entails and to be prepared to pay for extra coverage if necessary. In terms of tax, you will also need to declare your new revenue and understand any tax implications this investment may have. Deciding to buy an investment property is an exciting and potentially financially rewarding step, but there are lots of elements to consider before making any choices. If you wish to discuss any issues before committing, don’t hesitate to arrange a meeting.

Many South Africans are unfortunately ill-prepared for retirement, and it’s an unsettling prospect that so many citizens of this developing nation may not be able to support themselves in their golden years.

However, the beauty of compound interest means that if you start saving from an early age, investing in your future doesn’t have to be the heavy financial burden that many people fear (and thus postpone). The power of compound interest actually makes saving from an early age much cheaper and less stressful than if you were to put off saving until you’re older.

Albert Einstein referred to compound interest as “the greatest mathematical discovery of all time”, and he declared it to be “the eighth wonder of the world. He who understands it, earns it … he who doesn’t … pays it”.

In a recent article published by CNBC Africa, the power of compound interest is explained with the following example.

“Based on a growth rate of 10% per annum, if one saves R1,000 a month, the capital amount after 20 years would be R759,300. If one saves R1,000 per month for 40 years, the value would be R6.3 million… The total contributions for the client who saved for 20 years was R240,000 and the contributions of the client who saved for 40 years was R480,000, yet the difference in their values at retirement was a massive R5.5 million.”

This is because compound interest is the interest calculated on the initial principal, compounded with accumulated interest. It is essentially the result of reinvesting interest so that interest is then earned on the principal sum and previously-accumulated interest combined. To put it simply, it can be thought of as ‘interest on interest on interest,’ and it will make a sum grow at a faster rate than simple interest, which is is calculated only on the principal amount.

The company that you work for may make monthly contributions to your retirement either in addition to your wage or through salary sacrifice. According to the article, if “you begin with your company retirement fund at age 25, then 19% of your salary should be sufficient should you continue with this for the next 40 years and not cash-in your funds on resignation or retrenchment, but rather preserve them. Should you start working later, then you would need to invest a higher percentage of your salary to compensate for your lack of compound growth in previous years.”

Time is of the essence when it comes to taking advantage of the effects of compound interest to build a healthy savings pot that will provide for you in your autumn years, as well as potentially allow you to support your children with their financial goals. The bottom line is that the longer you wait to start saving, the more money you will need to save to achieve the same financial goal. And this is particularly the case when it comes to retirement savings, as this could benefit from a 40-year saving term.

The power of compound interest lies not in saving vast amounts, but instead when you start saving. Don’t underestimate its power, and don’t hesitate to arrange a meeting to find out how much you need to save per month to reach your retirement goals. Calculations will be based specifically on your current age, desired retirement age, and future requirements, so don’t delay in making compound interest work for you.

Please note that all figures in this post are average examples and don’t represent an actual financial plan. Each plan is unique and needs to be tailored inside of a host of influencing factors.

It may not be a nice topic that we wish to think about or discuss very often, particularly as it can be a sensitive subject if you know someone who has suffered from breast cancer or a scare. However, the disease’s prolific nature is exactly why we need to talk about it — and why a whole month is dedicated to increasing awareness about this malicious malady that so many women are bravely fighting on a daily basis.

As many as one in eight women experience breast cancer in the United States — every two minutes a woman is diagnosed and it is the second leading cause of death among women. According to the World Health Organisation, breast cancer is the most common cancer among women worldwide, and it affects those in countries at all levels of modernisation.

Although it cannot be prevented yet, it can be detected early in order to give women the best chance to lead a full life. October is Breast Cancer Awareness Month and, as part of this annual campaign, here are just a few of the ways you can help to give the women around you the life-saving information and compassionate support that they need.

1. Host a fundraiser
2. Share educational content on social media to spread awareness
3. Download the free breast health guide by the National Breast Cancer Foundation — What Every Woman Needs To Know
4. Make a once-off or regular donation to the National Breast Cancer Foundation or to a local cancer organisation. By donating to the National Breast Cancer Foundation, you will be helping to distribute copies of the aforementioned eBook to women, so as to give them the opportunity to be proactive about their health. Your donation(s) will also contribute towards helping women who have been diagnosed with breast cancer to overcome the fears and misinformation surrounding the disease through the foundation’s Beyond The Shock and Patient Navigator Program initiatives, and it will make sure that every woman who needs a mammogram receives one through the National Mammography Program.

Early detection, education and support are three key ways that we can curtail the effects of this pernicious affliction. Fortunately, death rates from breast cancer have been declining since the end of the 20th century, which is partly thanks to better screening and early detection, continually improving options for treatment, and increased awareness.

If you are a woman reading this, be aware of the need for regular check-ups and ensure you have appropriate medical cover in the event of any such misfortunes. And if you are a man reading this, with women in your life whom you care about, encourage them to do the same. Also don’t be too complacent yourself because everyone is born with some breast cells and tissue that have the possibility to develop into cancer. Breast cancer in men is usually detected as a hard lump underneath the nipple and areola, and although diagnosis is rare, there is a higher mortality rate for men than women because awareness among men is less, which results in greater delays in seeking treatment.

In South Africa, it is important to be correctly insured to ensure that you have access to the services of detection and treatment that you deserve. Take the time this month to read carefully through any current health insurance policy that you may have, to update it if need be, and to organise one if you have been meaning to. Don’t hesitate to arrange a meeting if you would like to make this a financial priority and discuss any elements of your financial health at the same time.

You may be familiar with the 10% savings rule.The idea is that, as soon as you are financially independent, you should save approximately 10% of your income for retirement, and it is a general guideline that gives you a starting point for your savings early on in life. If you consistently save 10% of everything you make from your early 20s, you should be all set for a happy and healthy retirement.

However, you may need to go the extra stretch if you only start giving serious thought to your retirement later in life. Everyone’s financial situation is different and has its own considerations, depending on age, income, family obligations, and lifestyle choices. The 10% savings rule may not apply to everyone, but saving 10% of your salary, or any amount regularly, is certainly better than nothing.

If you’re unable to save 10% of your income, don’t be discouraged — the important thing is to set a savings goal that you can achieve. You can always increase this amount when you are in a position to do so. Alternatively, if you have a luxury lifestyle and have always been used to earning a healthy wage to support it, then you may want to consider saving much more than 10% of your income to maintain your way of life.

However, there are also different options, such as downsizing or changing some of your spending habits after retirement instead. These are all aspects that can be discussed in a meeting, so that you can weigh up your priorities and make decisions for your future accordingly.

In many cases, it can take around 90% of your energy and income to make ends meet, and the last 10% is where you can build your wealth. Think of it like doing exercise — the first 90% is just the warm-up and the last 10% is where the real workout happens for you to make progress.

Some people argue that this 10% is not just about savings, but it’s also a question of how you apply your energy. If you want to go the extra mile in achieving financial success, you may want to use your last 10% of energy each day to improve your financial intelligence and control expenses. Basically, accumulating wealth requires putting in that extra 10% of hard work that takes us past just being comfortable. You may not want to spend your evening after a day at the office reading investment strategy articles or fixing the leaky faucet to keep expenses down, but these are the type of small contributions that will accumulate towards your future financial freedom.

The principle is that wealth is built at the margin, and most people can only dedicate 10% of their hours towards their financial freedom. But by reviewing how much of your effort is spent maintaining current lifestyle needs versus achieving your future financial goals, you can look to refocus your energy where possible. The higher the percentage of time that you can dedicate towards your financial freedom, the bigger the impact on your future. A series of incremental changes can multiply your gain, thereby creating financial success at the margin.

If you want to discuss how you can best make small changes and save for your future, do not hesitate to arrange a meeting for some personal training to help you get on track. Think of it like starting a work-out regime — you just need an appropriate fitness programme to guide you towards good financial health.