Welcome to the Santam Insure Your Future Money Bootcamp with Maya Fisher-French and Mapalo Makhu. This series is designed to guide you through essential financial topics, helping you make informed decisions for a secure future.
In this episode we help listeners give up the debt dependency by having a savings plan. We look at why we save and what goals we should be saving towards. We also delve into the concept of an emergency fund—why it's essential and how to build it. Contrary to popular belief, a credit card is not an emergency fund!
We discuss practical strategies for setting up an emergency fund and the benefits of having a financial cushion for unexpected expenses. We look at the different type of accounts to use for your emergency fund and debate whether you should use your mortgage as part of your financial buffer.
We explain how to save for school fees and those daily school expenses as well as how to help your parents build a home without taking on debt.
By anticipating these costs and saving in advance, you can avoid the stress of last-minute financial scrambles.