Are you sure you're making smart Financial Decisions?

Mar 07, 2016
Author: Ean Barnard

The movie Alice In Wonderland reminds one of childish concepts. However when Alice asked the Cheshire Puss which road to take, she was given a revelation. Alice didn’t know where she was going. So the Cheshire Puss told Alice to choose whatever road she wished since she had no destination in mind.

Many South Africans have the same perspective on financial management.  They have no end goal in mind. Any financial decision will make do.  That isn’t necessarily a smart approach towards financial management.

SMART is an acronym for smart goals. A financial decision must be:


  •         Specific
  •         Measurable
  •         Attainable
  •         Relevant
  •         Timely

Too many South Africans aren’t specific enough when it comes to loans. The sheer fact that so many loan sharks still exist is an ominous sign. Do South Africans actually take the time to identify their needs? Do they know what they are signing?

Any financial manager is constantly measuring decisions. Our decisions should be measured. If your debt is not regularly quantified, how will you know the effect of that decision on your finances? Contact someone that knows how to use a financial calculator. Ask her to assist you in the monitoring of your credit situation.

If a financial goal can’t be attained it remains a daydream. It’s no fun to fall behind with monthly instalments. You should only apply for that loan if you know you will manage the repayment.

A loan must be relevant to the need you are financing. So many online loans exist in South Africa. The success of that loan rides much on the relevance to your need.

Any decision must have a date by which it is implemented. So too it must have a date by which an end result is required. If your debt doesn’t happen in a timely fashion you might end up with bad credit.

Have purpose for your financial decisions. South African spending and earning can determine the overall health of the public’s debt. An insolvent economy breeds more unhealthy debt. A smart economy can change a country and ultimately the world.

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