Navigating today’s complex world can be challenging, and acting in an effective manner can help you to thrive in our current reality. However, research has shown that many people are not thriving in modern times or feeling fulfilled. Every individual has the potential for greatness but, in order to excel in our environment, we may need to change our mindsets, and develop new skills and habits.

Stephen Convey’s best-selling book, The 7 Habits of Highly Effective People, is based on principles of fairness, integrity, honesty, and human dignity; and it has been inspiring people to solve an array of problems for 15 years.

This thought leader’s message is simple — to find success and meaning, we must maintain solid principles. He teaches that “there are three constants in life: change, choice and principles.”

Let’s take a brief look at the habits summarised in his international bestseller to see what behavioural techniques can be developed and applied in a financial context. You may find it useful to practice some of these habits to improve your behavioural patterns, so that you can successfully reach your financial goals. Don’t hesitate to arrange a meeting if you’d like a bit of help along the way.

1. Be proactive

You may not always have control over what happens to you, but you do have control over how you choose to react to your circumstances, and that is often most the battle. You make your own choices, and every situation provides a new choice — so be proactive about taking responsibility for your life.

The book teaches that “proactive people recognise that they are response-able” and know they can choose how to behave. Whereas, reactive people are often easily affected by environmental conditions and find external sources to blame.

Problems, challenges and opportunities tend to fall into two areas — a Circle of Concern and a Circle of Influence. Proactive people focus their time and energy on things they can control, such as their physical and mental well-being, their family or their work. This is referred to as a Circle of Influence. On the other hand, reactive people tend to focus their efforts on a Circle of Concern, which is to say the things over which they have little or no control, such as politics or the weather.

Your greatest power lies between the stimulus and your response. Remember you are free to choose how you respond, so evaluate what issues you can control, then work out how to be proactive in doing so. For example, you know you can look after your family by taking simple steps, such as making sure you have adequate life insurance and income protection; and you can prioritise your health by making sure you have sufficient medical aid coverage.

2. Begin with the end in mind

The book offers the belief that all things are created twice — firstly as a mental creation, and secondly as a physical creation.

Are you who you want to be? If not, make a conscious effort to visualise what you want yourself and your life to look like. Take some time to reflect on what you believe to be your personal set of morals. Begin each day or task with a clear vision of where you want to be, then be proactive in taking the steps to get there.

You may find that writing a personal mission statement helps you to put your goals in focus and reaffirms who you are. Once this is all clear in your mind, you can set about securing the future you envision by taking appropriate measures, such as saving sufficiently for retirement.

3. Put first things first
Strive to live a balanced existence by recognising that you don’t have to do everything that is put in front of you. Be careful not to overextend yourself, but rather focus on your priorities.

It’s a question of managing your life in a way that will make you happiest. Decide what you value the most, then manage your time and choices to be in line with these personal priorities.

4. Think win-win

For many of us, our self-worth is based on comparisons. It’s easy to think about success in terms of someone else failing — if they lose, you win (or the other way around).

It would arguably be much healthier to view life as a cooperative arena, rather than a competitive one. Train your mind to always look for mutual benefits in all human interactions, so that everyone can win and feel satisfied.

This approach exercises integrity and maturity, as well as a mentality of abundance. It is a question of moving away from thinking in terms of “either/or”. You can be both nice and strong. Practice this balancing act between courage and consideration, and develop your sense of empathy as well as confidence.

5. Think first to understand, then to be understood

Good communication is one of the most important skills we can learn in life. However, there is often a tendency to focus on speaking, rather than listening.

One of the biggest communication problems is listening to be able to reply, rather than to understand. Sometimes we do this because we filter everything we hear through our own life experiences, so we think that we already know the answer. Many of us are also guilty of seeking primarily to be understood ourselves.

However, as a result, we often end up ignoring what someone is actually saying and missing their point entirely. When we listen ‘autobiographically’, we tend to respond in one of four ways — (1) We make a judgement that leads us to either agree or disagree; (2) We ask questions solely from our own frames of reference; (3) We rush to give unsolicited advice or incorrect solutions; (4) We analyse motives and behaviours based on our own experiences.

To understand things as they actually are, and to properly connect with another human being, we need to start listening properly — without judgement or bias, but with an open mind.

6. Synergise

To follow on from the last point is the habit of creative cooperation. This is understanding the importance of teamwork and finding new solutions to old problems. If you view your life and financial situation as a process, you can appreciate that external experience and expertise can help you to produce far better results than you could on your own.

No man is an island, and sometimes we need a little help from outside sources to achieve the optimum solutions. By committing to genuine interactions and remaining open to other people’s influence, you can gain valuable insights.

It’s important to be aware that you may not always know best, and you can exponentially improve your situation by valuing other people’s differences and what they have to offer.

7. Sharpen the saw

Protect and continuously develop your well-being by having a balanced approach in four main areas — physical (eat well, exercise and rest more) social/emotional (make meaningful connections with other people), mental (keep on learning — teach yourself and others), and spiritual (spend time in nature, expand your being with practices such as meditation or service to others).

By consistently trying to improve yourself in these areas, you may find yourself growing as an individual and naturally making changes in your life. You may also find it easier to handle any challenges that come your way. Take the time to work on yourself on a daily basis, as every day provides a new opportunity to recharge your batteries and avoid hitting a wall.

The empowering seven approaches of this highly-acclaimed book transcend socio-economic, religious, political, generational and gender differences. The principles can be recognised in every society and can be notably applied in a context of wealth creation.

The World Health Organisation (WHO) was founded on 7th April 1948, and this date is celebrated every year as World Health Day, with the goal of drawing attention to a specific global health concern.

Last year, the focus of the campaign was to mobilise action with regards to depression, and the theme for this year will be “Universal Health Coverage: everyone, everywhere.” The slogan and hashtag behind the 2018 drive is #HealthForAll, and the aim is to encourage and support countries to provide quality Universal Health Coverage for all citizens.

It is vital for leaders to understand the importance of investing significantly in human capital, as access to quality care not only improves people’s health and longevity, but it also prevents outbreaks of epidemics, and creates jobs, which in turn alleviates poverty and drives economic growth.

The World Health Organisation supports the principle that all people should have the right to live their life in good health. According to the organisation’s website, the Director-General said that “no one should have to choose between death and financial hardship. No one should have to choose between buying medicine and buying food.”

As WHO is also celebrating a notable rite of passage this year — its 70th anniversary — it is calling on world leaders to follow through on the pledges they made in 2015 when they agreed to the Sustainable Development Goals. From a South African perspective, it is important that we now commit to taking the concrete steps necessary to protect and ameliorate the health of all citizens.

Turning the spotlight on South Africa

Although South Africa does have a public healthcare system, it would be fair to say that it is severely lacking and is often unable to provide the quality of care, equipment, skill and service that citizens need and deserve. And unfortunately, the country still has issues with deadly outbreaks of diseases such as malaria, HIV, rabies and, most recently, listeriosis. These diseases particularly affect the poor, and highlight systemic failures in providing secure shelter and proper sanitation to many South Africans.

Having some form of private medical cover in South Africa is, therefore, still an arguably unavoidable and expensive necessity if you wish to have access to quality medical treatment if the need arises. According to statistics released by the Council for Medical Schemes (CMS), by the end of 2016, there were 82 medical aid schemes operating in South Africa, with a total subscription of just under 8.9 million members; and Discovery remains the country’s largest medical aid provider, with currently over 2.7 million members.

According to an article published on Business Tech, “over the past decade and half, the average year-on-year increase of medical scheme contributions has been 7.6%”. However, due to the country’s recent political and economic turmoil, many people’s salaries have not increased in line with this each year, and many citizens are feeling the financial strain of keeping up with their contributions.

As a result, some people have started looking for cheaper options, which is known as ‘buying down’, and the popularity of hospital plans is on the increase due to its affordability. However, this could have a significant impact on your health and future well-being, as certain schemes do not cover patients in full. Even if it is stated that hospital procedures will be covered 100%, this may mean that you will only be paid out in full for the tariffs that are specified by your scheme, rather than 100% of the actual treatment costs.

For example, if a specialist charges more than your scheme specifies, which is common, you will have to pay the balance yourself, which can be financially crippling. As a result, many South Africans also opt to pay for Gap Cover to cover any differences in rates, and this is yet another cost that must be budgeted each month.

A brighter future

However, the future is looking bright for South Africa now that Cyril Ramaphosa has been elected president and Jacob Zuma has left the building.

According to an article published by Eyewitness News, Ramaphosa has spoken frankly in the past about the country’s ailing health system and “has urged the Treatment Action Campaign (TAC) to take on government, and challenge officials to do more to improve the healthcare system.”
Now that he is president, it is essential that he doesn’t neglect the issue of National Health Insurance (NHI), which is an important implementation that would improve the lives of millions. The urgency of structural change to resolve the country’s crushing inequality should be at the forefront of our new leader’s objectives and, as citizens, it is up to us to collectively push for the right of everyone to have access to quality healthcare — #HealthForAll.
In the meantime, take the time this global awareness day to ensure that you understand the benefits and potential implications of your medical scheme. Rather than opting to ‘buy down’, research your options and don’t skimp on appropriate coverage if you can afford not to.
Don’t hesitate to arrange a meeting to discuss how you can ensure that you and your family are always fully protected in the event of any unfortunate circumstances – get the best advice and make the right choice..

Human Rights Day is celebrated annually in South Africa on 21st March, and is arguably one of the country’s most important public holidays. The commemoration of this day serves as a reminder to all citizens of the country’s struggle for democracy, and the sacrifices that were made on everyone’s behalf to attain the basic rights of dignity, equality and freedom.

As well as being a remembrance of the suffering that was endured in the days of apartheid, this national day is also a celebration of the rights that everyone living in the RSA now enjoys (and often takes for granted).

One of the most notable celebrations is the Cape Town Festival, which aims to promote tolerance and understanding of diversity through performances, workshops and various artistic endeavours. While other events around the country are designed to draw attention to current human rights concerns, such as racism and police brutality.

A bit of background

Back on 21st March 1960, thousands of unarmed South Africans gathered in a township called Sharpeville to peacefully protest against the atrocious apartheid government and its pass laws, which required indigenous adults to carry a passbook with them everywhere (this allowed the regime to control travel and dictate the duration for which black South Africans could stay in white areas).

However, as the crowd grew in size, tensions increased along with the police presence. 150 armed reinforcements and four armoured personnel carriers arrived, and the police eventually opened fire on the crowd, murdering 69 people and injuring 180 more.

This massacre became a turning point in the struggle for human rights in South Africa, which finally came to a head on 27th April 1994 when Nelson Mandela was elected as president. Shortly after his election, Tata Madiba announced 21st March to be Human Rights Day, in order to pay tribute to the people who fought for the freedom of all South Africans.

Know your rights

The South African Constitution protects the human rights of all its citizens. These rights were previously denied to the overwhelming majority of the population, and Human Rights Day thus serves as an important reminder to us all to reinforce our commitment to the Bill of Rights that is specified in the Constitution.

These hard-earned rights stipulate that everyone is equal before the law and thus has the right to equal protection and benefit of the law. The bill also includes the right for inherent human dignity to be respected and protected; the right to freedom of movement and residence anywhere in the country; the right to participate in the cultural life of choice; and the right to peaceful protest.

Financial rights?

Likewise, being financially secure and having access to a certain standard of living is also an important goal that all South Africans should strive for. Knowing how to make your money work for you can greatly relieve stress, as well as improve the quality of your life and afford you the freedom of choice.

Protections and benefits come in different forms, and there are ways to make the most of your earnings so that you can live comfortably and look after your family — even after you’ve gone. The key is to be aware of your entitlements, so that you can maximise your benefits and ensure you are protected in the event of any unforeseen circumstances.

The battle against the oppression of apartheid may have been won, but we still need to fight for the right to financial security. Don’t hesitate to arrange a meeting if you wish to discuss any legislative rights that could help to improve your financial situation.

Being unable to temporarily – or permanently – work as a result of a serious illness or injury can put a serious strain on your financial well-being. In this day and age, an income protection policy can, therefore, prove vital, as it ensures that you will receive tax-free monthly payments if you ever cannot work. Basically, income protection (sometimes called ICB – Income Continuation Benefit) is designed to replace lost income, so that you can maintain the same lifestyle that you enjoyed whilst working.

Whether you’re self-employed or formally employed, protecting your earnings should be considered a critical component of your financial planning portfolio. An income protection policy will help you to remain financially secure, no matter what unforeseeable life event occurs.

It essentially offers the peace of mind that you will always be able to meet your financial obligations and take care of your family, especially given as many employee-sponsored schemes will not provide sufficient cover.

What are the benefits?

Income protection benefits can replace income, service debt and monthly obligations (thereby indirectly protecting your credit rating), provide cover until retirement, and protect you in the event of permanent and temporary disability. As opposed to the traditionally-preferred lump sum disability benefit, income protection benefits are notably easier to claim, involve shorter waiting periods, and allow you to make multiple claims.

As income can be inflation-proofed, one of the benefits of income protection is that it will allow you to maintain your standard of living, rather than need to adjust it to fit a lump sum.

What’s best for you?

Although income protection is often argued as a more desirable option than lump sum disability cover, ultimately these policies are designed to meet different requirements. It is advisable to never rely solely on a lump sum disability benefit to cover an income need, but we may feel that a suitable scenario for you is a combined approach. This should always be discussed, in person, in a proper planning meeting where your full lifestyle financial plan can add valuable context to this decision.

It is also worth noting that any changes in tax legislation may require adjustments, so be sure that you stay informed and understand any implementations that could affect your payments and benefits.

Income benefits have come a long way since the days when only 75% of a client’s income would be covered if they couldn’t work. Recent additional product benefits can include holistic protection against several eventualities that could threaten your earnings, such as family responsibilities and retrenchment.

It is important that your income protection meets your specific needs at a premium that you can afford (while also not placing you at risk of being under-insured), so don’t hesitate to arrange a meeting to discuss your options and ensure you understand the claims criteria. Remember, nothing on our website constitutes actual financial advice, but is aimed to bring context and supporting information to the fore.

Arguably, one of the best things about spring in South Africa — apart from the pleasant weather and the abundance of Easter eggs — is the public holidays!

Many people in South Africa work very hard. Legislation regarding the Basic Conditions of Employment dictate that employees are entitled to 21 consecutive days of annual paid leave, which equates to only 15 working days per year if you work a five-day week, and 18 working days per year if you work a six-day week.

Unfortunately, this isn’t very much compared to many other countries. You may be interested to know that most employees who work a five-day week in England are entitled to at least 28 days of paid annual leave per year, which is equivalent to 5.6 weeks of holiday. However, there’s no use crying over our lot, and there’s not always much we can do about South African legislation. We simply need to make the most of our entitlements, and we can start by being savvy when it comes to how and when we take our leave.

17 DAYS FOR 8
The good news is that there are more public holidays in South Africa than many other countries. And the steady flow of national days in March, April and May make for the perfect excuse to unplug and step away from the daily grind. Already a quarter of the way through the year, you’re in luck if you feel in need of a long break because you can start getting ready for a 17-day holiday that will only use up about half of the basic annual leave.

With a bit of forward thinking, you can really make the most of the sunshine and public holidays at the start of spring. Combined with weekends, Human Rights Day on Wednesday, 21st March, Good Friday on Friday, 30th March and Family Day on Monday, 2nd April mean that if you leave on the evening of Friday, 16th March and return on the evening of Monday, 2nd April, you can turn on your Out-of-Office for 17 glorious days, whilst only needing to apply for eight days of leave. You can start back fresh at work on the morning of Tuesday, 3rd April, with a contented grin on your face, knowing you’ve managed your time and entitlements well.

10 DAYS FOR 4
Don’t despair if you have children and need to fit in with school holidays, as you can still get a good run by going away on the evening of Thursday, 29th March and returning to work on Monday, 9th April. This will make use of Good Friday and Family Day, giving you a 10-day holiday, while only needing to take four days off from work.

5 DAYS FOR 1
And if that weren’t enough, you can also make the most of a lovely long weekend at the end of April — perhaps this could be spent as a romantic couple’s break that would give you and your loved one the chance to spend some quality time together. This year, Friday, 27th April is Freedom Day and Tuesday, 1st May is Worker’s Day, so if you take the initiative to book Monday, 30th April off work, you can kick back and enjoy a five-day break, while only needing to use one day of annual leave.

If you use the time wisely, you stand to get 22 days off work in March and April for just 9 days of annual leave! Once you’ve had the nod of approval, all that remains is to decide where you want to go – or if you even want to go anywhere. Although it is possible to find some great last-minute deals, you could stand to save money and precious holiday time if you make a few preparations and bookings beforehand. So pack your slops and start planning!

(Article ideas from all4women.co.za and iol.co.za)

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.

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.

The temperature is starting to climb and it’s almost safe to leave your scarf at home. Spring is in the air and, as flowers bloom and citizens emerge from hibernation, it’s the perfect time to start afresh with some spring cleaning. Once you’re done dusting the shelves, take a look at your finances and see where they could do with a polish too.

This summary of a five-step guide that was published on Clark will help you to clean your financial cobwebs to start the spring season with vigour.

1. Evaluate your financial situation
First things first — you can’t make any changes until you know what you’re dealing with. Start with the big picture by looking at your assets and liabilities, then work your way down to the nitty gritty by reviewing your monthly expenses and budget. Do you manage to keep to your budget every month or is it unrealistic? Your budget should be life-centered – allowing space and provision for the priorities that you have set.

Ask these kinds of questions for all your money matters to work out if your financial processes are working for you or not. A healthy financial situation is simply one that fits your needs and goals — if it’s not working for you, fix it.

It’s also worth taking a few minutes to review your bank statements to make sure everything is in order and there is no fraudulent activity, overdraft fees, or charges for services you don’t use anymore.

2. Cut any unnecessary costs
Lifestyle inflation is hard to avoid and it’s easy to get sucked into the trap of spending way more than we need to. This spring, take the time to review whether anything unnecessary has creeped into your budget and become more of a burden than a bonus. Decide what you really need to live a happy life within your means, and cut back on anything that isn’t helping you to lead a carefree existence. If you can’t cut some costs completely, see if you can at least reduce them a bit.

Also review your debt payments to ensure you’re not paying more than you have to. If you have a credit card, for example, try to look for a 0% balance transfer card. Then try to keep paying the same amount on the card each month so that you can clear your debt quicker.

3. Check your investments and insurance
As life changes, so do our needs with regards to investment and insurance. Make sure that you’re aware of what your insurance covers and that everything is up-to-date if you’ve had any major changes recently. Also make sure that your beneficiaries are listed correctly and that everything is clear in the event of an emergency.

Do similar checks for any savings plans. Investigate any contributions, asset allocations or fees that are unclear in your investment portfolio, and arrange a meeting if you’re unsure as to how anything works. Ensure that everything is still in line with your risk appetite, and don’t hesitate to ask questions if concerned.

If you have time, it’s also worth getting a credit report to check that everything is correct, and consider investing your tax refund if you were given one so that you won’t be tempted to spend it.

4. Organise any clutter
Are you not quite sure where all your tax returns are hiding? Can you dispute an incorrect charge by locating your statements at the click of a finger? If not, then it’s time to keep track about all aspects of your financial situation for ease and efficiency.

A little organisation goes a long way, and this could be as simple as dedicating a filing cabinet to all your paperwork, or creating folders on a computer or in a cloud for different aspects of your financial regime. It doesn’t have to be fancy, it just has to work for you; and it will save you a lot of hassle in the long run.

5. Reconnect with your goals
Financial goals and priorities can shift for reasons in and out of our control, so it’s important to check in with yourself to see if you’re on track to to achieving what’s important to you.

If you’re way off path, don’t worry — just review your goals and make sure that they’re SMART (specific, measurable, actionable, realistic and timely). Rethink your priorities and reconsider your plan of action if need be.

Make a habit of checking in with yourself so that you can achieve your financial goals and make them a reality. Put a spring in your step and get cleaning in any financial nook or cranny that you’ve been leaving to gather dust for too long.