Saving a small amount every month for two reasons a) emergency fund  b) spoil yourself.

This is not about saving for education or your old age but to look after today and tomorrow so that the debt trap does not sneak up on you. This being said, what’s the use of working and saving hard if you get no ‘YOU” benefit?

• Assurance

There are various policies and products in the market. Research all to ensure you get the correct one for your family and your needs.

It is not about taking the first product that comes your way but to learn more, ask more questions – not just to the Financial Advisor but to yourself and your partner. What are your expectations for the future?  Do you want Baby to go to a private school?

• Information

Be aware and informed on costs of various products, budget for future furniture needs. As a mother of a 5 year old, I have often said… “If only I knew!” Find out from other parents how long they used the cot, the pram, the baby bath… and then see if you really should be spending that money on a NEW …. or if just maybe it is better to buy a second hand cot and just buy a new mattress!

• Need versus Want

We all want the best new product or pram but rather make a list of everything and then start separating the ‘want’ from the ‘need’. We want a brand new baby seat but the infant one gets used for a very short time, so do we really need a new one? We want to dress Baby in many cute outfits but does Baby need to be in more than a nappy and little vest in the heat of summer (at home of course!).

• Best ways to manage debt/having to pay off credit

List all your debt - then list from most to least, the interest due monthly on this debt. Normally your bond has the lowest interest and credit cards the highest. Then you make a new list with only the three highest interest charging ones and your number one to start with is the smallest one. Once that is paid, start with the next one and this is how you slowly make yourself financially independent.

• Practical tips for managing one’s money and budgeting on a monthly basis

The most practical tip to managing your money is to keep it real. We need to buy food and pay bills so stay realistic. Have a monthly budget book, write down your debt, monthly payments to paying them off and control the unnecessary spending by including an allocated amount to sundry then… stick to it.

• Single income families (single moms/parent)

Everything a two income family does, you have to do better. Your best tool is to plan. We can’t work harder as we have to be home with the kids but work smarter.  Work on your support structure – family and friends. Not for financial reasons but for you to feel secure so you can concentrate on your finances. This might sound strange but have a think about it and see how true it is that we struggle to concentrate on work when we are worried who will help with the kids.