Page 23 - Waterfall City Issue 3 March 2024

“Some of the fundamental
principles needed to put this plan

into action include diligently
tracking your spending and not
allowing impulsive decisions or the
need for instant gratification to

detract from your focus on the long-
term goals that have been set.“

Fear is one of the most common pitfalls in personal financial In a business, one of the greatest challenges is managing
management and is something that can be counteracted cash flow. For individuals, doing the same is just as important.
by implementing a solid and well-informed financial plan. Therefore, apart from tracking spending and being able to
Once that plan has been created, sticking to it takes a meet financial obligations, it’s also important to prioritise
generous amount of discipline and consistency. saving. This objective can be met by saving diligently towards
establishing an emergency fund that can cover unforeseen
Some of the fundamental principles needed to put this plan expenses, as well as choosing the right investment product to
into action include diligently tracking your spending and maximise your savings in line with your retirement goals.
not allowing impulsive decisions or the need for instant
gratification to detract from your focus on the long-term Effective money management is never a one-size-fits-all
goals that have been set. arrangement. Rather, every individual’s financial plan and
the course of action that they embark upon to achieve their
In addition, consistently paying bills on time is essential goals will differ and need to be tailored to their individual
to maintaining a clear overview of your responsibilities and needs. The journey of gaining control over your money,
its alignment with your broader financial plan. Doing so will rather than allowing it to control you, begins with one
also ensure that you maintain a healthy credit score, which simple step – reaching out to an adviser, asking for help,
will have positive implications in the future with getting and being open to making the small changes that will
access to credit and other financial products. ultimately make a big difference.

Waterfall City Issue 3 2024 21