South Africans urged to find multiple income streams

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Money coach, Busi Selesho is advising South Africans to look at ways of creating multiple income streams in 2024, with the aim of becoming more financially secure. She was speaking to SABC News as the notorious month of Januworry hits many families causing financial strain.

As the wallets recover from holiday splurges, many find themselves navigating the challenges of paying bills, school fees, stationary and restocking necessities. Her advice is to look at your skills set and the talents to start a side hustle in the new year.

“For us to do better in a year, we need to ask ourselves this year, ‘how am I increasing my income?’ If you are expecting your employer to give you an increase, that is not going to happen, we all know what’s going on in the world. You have to sit down with yourself and say, what skills do I have? What in me can create more value. At the beginning of the year, it’s a time to say, how do I earn more this year, we do not need to sit with one income stream. You can have hundreds of income streams. You could write an e-book and put it online, create a product and sell on Takealot.”

Meanwhile, financial literacy expert Gerald Mwandiambira says starting a healthy savings journey now can mitigate against the Januworry blues. Budgeting strategies and a smart saving technique top the list of recommendations for starting off the year on a positive financial footing.

Mwandiambira says those who start saving with smaller more realistic goals are likely to achieve results.

“The keyword is planning. To plan you need to sit down with someone that is more knowledgeable than yourself. Make your resolution maybe just to be accountable to someone with your finances. This means, get a financial planning professional. Once you have the plan and set your goals, make sure they are achievable. Small goals are the best to go for. Like I’m going to pay more than the minimum payment of my credit card or home loan. That alone is a behaviour that will change your financial attitude. If you are going to save don’t start with R500, start with R100, or R200 a month. Do it via debit order.”