Skip to main content

By African Unity Life

Thu, 06 Sep 2018

We all know that becoming an adult requires you to make a few tough decisions. Whether you’re fresh out of high school, starting a family as a young adult or being promoted into a senior position in your company, some of the most important decisions to consider are your personal finance and insurance needs. 

While you might have learned about budgeting and tax during your studies, we constantly encourage our clients to think about the importance of money management and how it’s a skill that needs attention. The minute you start earning a salary, it’s important to commit to a number of financial responsibilities if you want to secure a healthy, successful future for you and your family.

Whenever you’re ready to take the leap, here are a few tips to consider:

  • Learn how to have self-control when it comes to your finances

If you want to save money, you need to learn how to have self-control. The sooner you learn how to keep your finances in order and work towards a goal, the reward will be bigger and more meaningful the minute you achieve it. Most impulse purchases happen in-the-moment and on credit. Before you commit to such a purchase, consider the interest you’re going to be paying back on something you could have saved for and bought with your hard-earned cash. If you make a habit out of touching your savings the minute you’re running out of money or leaning on your clothing accounts and credit card to be able to complete the purchase in your online cart, you’re going to be left repaying this money in years to come. Always try to keep track of your spending and think realistically before making an impulse purchase. 

Do not rely on family members, friends or even financial advisors to make financial decisions for you. We are just here to help you, but the ball is in your court. The money you make is the money you’ve worked hard to achieve. The older you are, the more you’ll need to make difficult decisions about your finances, so best you start young. 

It’s important to learn about the different financial options out there by educating yourself, whether you choose to contact someone, do your research online or read a book. Before you meet with someone, you need to have a clear understanding of what your needs and expectations are. 

Once you know more about the variety of AUL offerings available to you, you will be able to make smarter financial decisions. An example of this is not splurging on expenses that exceed your income. 

  • Start an additional savings account 

A savings account can also be seen as an emergency account. This ‘not to be touched’ fund is for those moments when you’ve found yourself in a difficult situation and need financial support to help you. With young professionals already struggling to get through the month and survive on their current salary, this is not always possible. And because it’s seen as ‘impossible’ to achieve for the younger generations, individuals disregard the need to save for their future. No matter how much income you earn, you need to budget for unexpected events that may crop up when you least expect it. 

  • Learn about tax and what it means to you 

The reality is that the more you earn, the more tax you will pay. It’s important to understand how tax works and how it will affect your budgeting strategy. Be it to work out whether the correct amount of tax is being deducted from your first paycheque or to apply for a tax return on your medical expenses, knowing how much of your salary is deducted for tax will help you work towards a financial goal.

  • Prioritise your health 

We are committed to helping our clients apply for the right medical coverage to suit their needs. We know that financial times are tough, and as it is, it’s difficult to contribute to additional funds when you’re struggling, but at African Unity Life, we are able to tailor a package to suit our everyday heroes’ needs. We treat our clients as we do our family, and we always go the extra mile to help our clients build a better future. 

We know that applying for the correct medical coverage can be a time-consuming process that requires planning and preparation. And much like saving towards an emergency fund and investing for retirement, looking after your health is something that cannot be compromised on. When you’re young and inexperienced, do not ignore the value of applying for medical insurance or some sort of health coverage. 

Gather a couple of quotes before you make an impulse decision. You can save money by weighing up your options according to your needs. It’s also important that you consider cover such as funeral cover from African Unity Life's funeral insurance options. Another point to consider is simply looking after your health. Sure, you’re young and healthy, but the decisions you make now will impact your health in the future. Try to eat healthy foods and exercise every day, if possible. These small steps to a healthier lifestyle will benefit your pocket in years to come.

We support everyday heroes in everything we do 

Speaking to a professional about your financial needs will give you the advice you need to apply for the necessary coverage as a young professional. Take African Unity Life funeral cover, for instance. We will be able to provide you with an unbiased solution for your current needs. When you have more responsibilities, it’s critical to make smarter decisions for your future. 

If you need help reaching your financial goals, contact African Unity Life today. With our unique range of affordable insurance products and exceptional client service, we’ll help you live your life to the fullest. Our dedicated team make it their mission to live our values and help our clients build a better future.