Transnet Benefit Counseling

When you invest, you must beat inflation. This is why South Africans can't afford to put their money under the mattress.

We are talking about anything that you have financed including a car, bond, or loan. Together you can create a plan to cope with this uncertain time.

Feeling overwhelmed? Let’s go through how your retrenchment package works and how much you will be receiving so that you can plan for every cent.

Many families avoid talking about life insurance and estate planning. This is an opportunity to explain your decisions, so that no one feels hurt due to a misunderstanding.

Families can use everyday 'teachable moments' to set their children up for financial success

Times are tough – but you need to take control. The decisions you make today define your financial life ahead – make sure they are clear, thorough, and thought-out.

Don't feel like you have let your family down. Retrenchment can be challenging but remember what matters most – you and your loved ones. Be open and honest with your family. Together you can plan, manage expectations, and support one another through this time.

You will probably receive a large payout from your employer. Don’t spend money, pay off debt or start that business without gathering all the facts, creating a clear plan of action, and fully understanding all the consequences.

Your debts and monthly installments might be paid for a certain period by an insurance already included when you take out some financing packages.

Here are 5 things to consider.

Life can take unexpected turns. A budget is always crucial, but it is needed now more than ever. Find out what your essential living expenses are and plan accordingly.

Don't be tempted to cancel, downsize, or change your cover when money is tight. There might be implications you haven't thought of.

If you are married with kids, life is all about competing priorities. Between your demanding job, chauffeuring the kids and having a social life, there is not a lot of space to plan your financial present - never mind your future.

At this stage of life, you might feel pressure to not only provide financially for your children and your parents, but also to look towards your own future retirement and the financial legacy you’re likely to leave behind. It’s a lot to think about. It’s time to take stock and make sure that your money is working for you.

The joy of raising children comes with a large responsibility, especially when it comes to finances. Being a single parent means carefully balancing everyday needs with future goals – easier said than done in today’s economy!

Financial planning doesn’t end when you retire. It’s more important than ever to stay in control of your finances. Your retirement years are an opportunity to put your years of experience to good use and make the most of your accomplishments.

It's hard to know where to start. There are so many choices from investments to insurances … not to mention crypto and forex trading. On top of it is all the information (and disinformation) on social media. It's no wonder that many young professionals haven't yet planned for their financial future.